Health Catalyst Announces Agreement to Acquire Able Health, a Leading SaaS Provider of Quality and Regulatory Measurement Tracking and Reporting
SALT LAKE CITY, Feb. 18, 2020 (GLOBE NEWSWIRE) — Health Catalyst, Inc. (“Health Catalyst,” Nasdaq: HCAT), a leading provider of data and analytics technology and services to healthcare organizations, today announced that it has entered into a definitive agreement to acquire Able Health, Inc. (“Able Health”), a San Francisco-based company that is a leading SaaS provider of quality and regulatory measurement tracking and reporting to healthcare providers and risk-bearing entities.
The Able Health SaaS application will strengthen Health Catalyst’s existing Quality and Regulatory Measures capabilities. By bringing a growing inventory of hundreds of out-of-the-box measures, along with a scalable and flexible measures engine, Able Health’s solution automates measures reporting, a key competency of healthcare providers and risk-bearing entities’ population health strategies. Health Catalyst’s DOS™ platform will further enhance Able Health’s solution by providing a world-class data sourcing and integration backbone for the measures engine, capable of ingesting data from hundreds of different data sources prevalent in healthcare today.
“Able Health is a mission-driven company with a best-of-breed SaaS application that will further enhance Health Catalyst’s Quality and Regulatory Measures capabilities. Able Health’s measures engine, powered by DOS, will bring great value to our customers by further relieving the massive burden of regulatory measures. Furthermore, this demonstrates Health Catalyst’s ability to integrate and scale software applications on top of our DOS platform,” said Dan Burton, CEO of Health Catalyst. “Of particular importance and excitement is the strong mission and cultural alignment with our respected colleagues at Able Health. We are thrilled to have Rachel Katz, Steve Daniels and their talented colleagues join us. These colleagues bring an incredibly valuable diversity of backgrounds, perspectives and experiences to Health Catalyst, which will directly contribute to fulfilling our mission to be the catalyst for massive, measurable, data-informed healthcare improvement.”
“The combined Health Catalyst and Able Health solution will further reduce the administrative burden of quality reporting and allow care teams to focus on patient care, a key to making value-based care work for providers and patients,” said Rachel Katz, CEO of Able Health. “We are thrilled to join the Health Catalyst family to offer scalable, cloud-based solutions powered by DOS, and to continue to provide a world-class quality measurement platform to our valued customers. The culture alignment we have found between our two organizations has been heartwarming and gives us great confidence in Health Catalyst as a home for our team and customers.”
Health Catalyst expects to fund the transaction using a mix of cash and common stock. The parties expect the transaction, which is subject to customary closing conditions, will close in the first quarter of 2020.
About Health Catalyst
Health Catalyst is a leading provider of data and analytics technology and services to healthcare organizations committed to being the catalyst for massive, measurable, data-informed healthcare improvement. Its customers leverage the cloud-based data platform—powered by data from more than 100 million patient records and encompassing trillions of facts—as well as its analytics software and professional services expertise to make data-informed decisions and realize measurable clinical, financial, and operational improvements. Health Catalyst envisions a future in which all healthcare decisions are data informed.
About Able Health
Able Health is a leading provider of cloud-based quality and regulatory measurement tracking and reporting products for healthcare providers and risk-bearing entities. Serving over 30,000 providers, Able Health is committed to enabling a learning healthcare system by making quality measurement efficient and accessible. With a focus on user-centered design, Able Health develops products that simplify complex requirements and reduce the administrative burden of quality reporting so that care teams can focus on patient care.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements relating to expectations, plans, and prospects including expectations relating to our ability to close, and the timing of the closing of, this transaction and the benefits that will be derived from this transaction. These forward-looking statements are based upon the current expectations and beliefs of Health Catalyst’s management as of the date of this release, and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements including, without limitation, the risk of adverse and unpredictable macro-economic conditions and risks related to closing this transaction and integration of the companies. All forward-looking statements in this press release are based on information available to the Company as of the date hereof, and Health Catalyst disclaims any obligation to update these forward-looking statements.
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