Scoop: New Mountain shells out $280M for Apixio
New Mountain Capital forked over around $280 million to buy health tech AI business Apixio from Centene, sources familiar with the deal tell Axios.
Why it matters: As health care strategics prune their portfolios, private equity is picking up the clippings.
- New Mountain did not return multiple requests for comment.
Details: Centene expects the transaction to be neutral to 2023-adjusted EPS.
- William Blair and Bass, Berry & Sims offered sell-side financial and legal counsel, respectively.
- JP Morgan Securities was the buy-side adviser for New Mountain, while Ropes & Gray served as its legal counsel.
Flashback: Centene bought Apixio back in December 2020 for an undisclosed price after the company raised significant venture dollars.
How it works: Apixio compiles and analyzes large volumes of unstructured patient information, including medical charts and physician's notes, into insights and curated data.
What they're saying: "Apixio, an AI platform that enables value-based care would be better served under the ownership of New Mountain Capital," said Centene CEO Sarah London in a press release.