Wolters Kluwer announces ProVation Divestiture for $180 million
Global Information services group Wolters Kluwer, which manages a range of information solutions for the accountancy, legal, and healthcare professions (amongst others) has announced the divestiture of its ProVation service. ProVation is a software tool for “empowering clinical data and productivity” according to Wolters Kluwer’s website.
In essence, it’s a procedure documentation and order set management business. And, while it has a fantastic reputation in the industry, it no longer fits with Wolters Kluwer’s evolving vision for its healthcare department: “supporting healthcare providers in delivering improved patient outcomes by offering a broad and cohesive” service. In contrast, ProVation is highly specialized.
Wolters Kluwer’s share price has advanced by 22% over the past year
SOURCE: Yahoo Finance
Wolters Kluwer will divest the business to Clearlake Capital Group L.P. for $180 million in cash. Diana Nole, CEO of Wolters Kluwer’s health division, said: "As we continue to evolve the Wolters Kluwer Health business, we are pleased to have found a buyer for ProVation who has extensive experience in software and technology and is well-positioned to continue delivering superior products to our mutual customers."
Meanwhile, Behdad Eghbali and Pashant Mehrotra, Clearlake’s co-founder and managing partner, and partner, respectively, released the following statement: "We are excited to welcome ProVation as a new platform investment into the Clearlake portfolio. The business has a strong reputation among its customer base for providing mission critical software with the highest degree of customer satisfaction. We are committed to investing in the business and partnering with the ProVation team to help drive the next phase of growth."
Dominion holds Wolters Kluwer in its Global Trends Managed Fund.
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