While the Centricity brand itself continues to be owned by GE Healthcare, the specific GE Healthcare business unit responsible for its value-based care and financial management assets, which included products under the Centricity line, was acquired by Veritas Capital.
The Acquisition and Formation of Virence Health
On July 11, 2018, private equity firm Veritas Capital completed the acquisition of a significant portion of GE Healthcare's healthcare IT business. This transaction involved the assets related to value-based care and financial management, which encompassed various software products, including those under the Centricity umbrella. Following this acquisition, Veritas Capital established a new, independent healthcare technology company named Virence Health.
The strategic move by Veritas Capital aimed to create a focused entity dedicated to healthcare software solutions. Virence Health was formed to operate these acquired assets, including the operational aspects and development of the Centricity product lines that were part of the deal.
Subsequent Mergers and Evolution
The journey of Virence Health was relatively short-lived as an independent entity. In a subsequent development, Virence Health merged with athenahealth. This merger was significant as athenahealth was another prominent medical software vendor that had also been purchased by Veritas Capital in 2019. The consolidation of these entities aimed to create a larger, more comprehensive healthcare IT solutions provider.
Key Details of the Acquisition
To summarize the transition of the Centricity-related assets:
- Acquirer of Assets: Veritas Capital
- Acquired Entity: GE Healthcare's value-based care and financial management assets (including Centricity product lines, but specifically not the Centricity brand itself)
- Deal Closure Date: July 11, 2018
- New Entity Formed from Assets: Virence Health
- Subsequent Merger: Virence Health merged with athenahealth
| Event | Date / Details | Key Players |
|---|---|---|
| Acquisition of Assets | July 11, 2018 | Veritas Capital |
| Formation of New Co. | Post-acquisition | Virence Health (formed by Veritas Capital) |
| Merger | Subsequent to formation (athenahealth purchased by Veritas Capital in 2019) | Virence Health, athenahealth, Veritas Capital |
| Brand Ownership | Ongoing | GE Healthcare |
This series of transactions demonstrates the evolving landscape of the healthcare IT market, with private equity firms playing a significant role in consolidating and restructuring key players. Despite these corporate changes, the foundational Centricity brand identity remains under the ownership of GE Healthcare.
