Veritas Capital and Evergreen Coast Capital acquired the company back in November 2018 for roughly $5.7 billion in cash. Motivating it was a “steady deterioration in athenahealth's business” according to Leerink Partners analyst David Larsen. “Following another quarter of weak bookings and disappointing earnings, we believe athenahealth would likely have traded to ~$105-$110 per share without a deal," he said at the time.

In September 2021, the two were rumored to be exploring several options for the business, including a sale or initial public offering. The two were searching for a deal that would price the company at over $20 billion and reached out to half a dozen potential buyers to gauge interest.

athenahealth was founded in 1997 as a practice management company and EHR developer.

Investors in the deal consist of Hellman & Friedman, Bain Capital Private Equity and Bain Capital Tech Opportunities. Veritas Capital and Evergreen Coast Capital will each retain a minority investment in the company. New coinvestors include an affiliate of GIC and a wholly-owned subsidiary of the Abu Dhabi Investment Authority.

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