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Monday, October 19, 2009
Athenahealth closes $30M buy of Anodyne
By Mass High Tech Staff
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Athenahealth Inc., a provider of Internet-based services for physicians groups, has finalized its $30 million for Georgia-based business software developer Anodyne Health Partners Inc.
Watertown-based athenahealth (Nasdaq: ATHN) paid $22.3 million in upfront cash and may deliver an additional $7.7 million in “consideration” if Anodyne is able to meet certain business goals. Alpharetta, Ga.-based Anodyne remains a separate operating unit now that the deal has closed, according to athenahealth officials. The company also will maintain its current brand and independently sell its products — mostly revenue analyzing software for medical practices.
In August, Todd Park, athenahealth co-founder and board director, was appointed chief technology officer for the U.S. Department of Health and Human Services.
Park resigned from his position as a board director for athenahealth effective Aug. 10, and was required to divest his stock position in athenahealth and certain other financial interests. Park co-founded athenahealth in 1997 with current chairman and CEO Jonathan Bush.
In February, athenahealth signed a deal with its largest client to date, University Hospitals in Cleveland, to provide the community-based health system with on-demand revenue cycle management services.
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