Global alternative asset management firm TPG has agreed to acquire Nextech, a leading provider of clinical and administrative healthcare technology solutions for specialty physician practices, from Thomas H. Lee Partners (THL) for $1.4 billion.

TPG—which has headquarters in Fort Worth and San Francisco—said it’s investing in Nextech through TPG Capital, its U.S. and European late-stage private equity platform.

“Our investment in Nextech builds on our thematic focus on healthcare IT solutions that enhance provider productivity and enable high-quality patient care across settings,” TPG’s Katherine Wood and Art Heidrich said in a co-statement. “Nextech’s SaaS and payment solutions are purpose-built for specialty providers and create meaningful workflow and efficiency benefits for its customers. We look forward to partnering with Bill and the Nextech team to expand the reach and impact of the platform.”

Nextech provides electronic medical record and practice management software 

Nextech is a provider of comprehensive electronic medical record and practice management software to specialty physician practices.

Its intelligent, cloud-based solutions are designed to meet the unique workflow requirements of its customers, helping those practices enhance operations and better support patient care and satisfaction using a single, integrated platform.

“Nextech’s goal is to simplify the healthcare experience so physicians can focus on what matters most: their patients,” Nextech CEO Bill Lucchini said in a statement. “In TPG, we’ve found a partner that supports our mission to simplify the process of delivering excellent care and who brings to our organization distinct experience building businesses in the healthcare and software sectors. We’re excited to work together to grow our capabilities and strengthen our position as the end-to-end technology platform for specialty care providers.”

Growing healthcare IT

TPG leverages the insights of its healthcare and software teams and has a long history of backing and growing leading healthcare IT companies. It said, for example, that select investments have included Lyric (formerly known as ClaimsXten), WellSky, and IQVIA.

“Nextech has pioneered first-in-class software that empowers physicians to singularly focus on providing high-quality care to their patients,” THL’s Ganesh Rao and Mark Bean said in a co-statement. “We deeply value our partnership with the Nextech team, and we’re proud of the work we’ve done together to build such a great company. We know that they are well-positioned for continued success as they embark on the next leg of their journey with TPG.”

TPG said the deal, which is expected to close in the third quarter, is subject to regulatory review and the satisfaction of customary closing conditions.

Nextech services more than 11,000 physicians and more than 60,000 office staff members in the clinical specialties of dermatology, ophthalmology, orthopedics, plastic surgery, and med spa.

TPG has $137 billion of assets under management and investment and operational teams around the world. It invests across five multi-strategy platforms: Capital, Growth, Impact, Real Estate, and Market Solutions, and the company said its strategy is driven by collaboration, innovation, and inclusion.

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