Harris Williams & Co
., a preeminent middle market investment bank focused on the advisory needs of clients worldwide, announces the sale of Milliman Care Guidelines LLC (Care Guidelines), a leading provider of evidence-based clinical decision support software solutions to the healthcare industry, to Hearst Corporation (Hearst). Harris Williams & Co. acted as the exclusive financial advisor to Care Guidelines. The transaction closed on December 3, 2012, and was led by Jeff Bistrong, Sam Hendler and Kojo Appenteng from the firm’s Technology, Media & Telecom (TMT) Group in Boston and Todd Morris and Andy Dixon from the firm’s Healthcare & Life Sciences (HCLS) Group in San Francisco.
“The acquisition of Care Guidelines by Hearst illustrates the strong, continued demand from large diversified technology and media companies for leading edge HCIT businesses, particularly those with differentiated content and SaaS delivery solutions,” said Jeff Bistrong, managing director at Harris Williams & Co.
“Care Guidelines’ solutions are a key enabler of the transition from fee-for-service to fee-for-value taking place within healthcare,” said Sam Hendler, a director in Harris Williams & Co.’s TMT Group who leads the firm’s HCIT practice. “These are fundamental software tools for both payers and providers as they navigate the ongoing transformation of the healthcare ecosystem and the expansion of Accountable Care Organizations (ACOs).”
Care Guidelines, based in Seattle, WA, is a wholly-owned subsidiary of Milliman Inc. The company is the leading provider of evidence-based clinical guidelines and software that deliver the most efficient and effective plan of care for patients in need of healthcare treatment. The company’s platform, used by more than 1,900 clients, including more than 1,200 provider organizations and seven of the eight largest U.S. health plans, provides decision support to help payors and providers manage risk and deliver high quality care at the lowest possible cost.