ResMed expands software portfolio

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Tuesday, November 6, 2018

SAN DIEGO – ResMed has signed a definitive agreement to acquire privately held MatrixCare, a provider of long-term, post-acute care software, for $750 million. MatrixCare serves more than 15,000 providers across skilled nursing, life plan communities, senior living and private duty. “The acquisition of MatrixCare is an excellent addition to the out-of-hospital software portfolio that we can offer our healthcare provider customers,” said ResMed CEO Mick Farrell. ResMed already owns Brightree and HEALTHCAREfirst, which serve HME, home health and hospice providers. For calendar year 2018, MatrixCare pro forma net revenue is estimated to be about $122 million, with a pro forma EBITDA of about $30 million, making the deal’s price tag a valuation multiple of 25 times. ResMed will fund the deal, which is expected to close by the end of the second quarter of its fiscal year 2019, primarily with its credit facility.