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Thoma Bravo nears deal for NextGen Healthcare

Illustration of a shadow about to sign off on the health symbol.

Illustration: Maura Losch/Axios

Thoma Bravo is in advanced talks to acquire health records software company NextGen Healthcare (Nasdaq: NXGN), Bloomberg reports.

Why it matters: A successful transaction would imply continued optimism for the state of leveraged buyouts.

What's happening: Thoma could announce a deal this week, Bloomberg reports, citing sources familiar.

  • A final decision has not been made and talks could fall through, per Bloomberg.
  • Thoma is one of a handful of buyout firms that were circling Atlanta-based NextGen, which has a market capitalization of nearly $1.4 billion.

Catch up quick: Reuters reported last month that NextGen was working with Morgan Stanley to explore strategic options, including a sale.

  • NextGen has been a publicly traded company since 1982.
  • The company provides cloud-based technology services used by providers to manage patients' electronic health records

Of note: NextGen's largest competitor is Cerner, which sold itself to Orcale for $28 billion in 2022.

Thoma Bravo and NextGen did not respond to a request for comment.

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