Allscripts said it plans to sell its stake in Netsmart, an EHR solutions and services company that markets a cloud-based EHR for home health and senior living providers, according to Home Health Care News.
Allscripts purchased Netsmart for $950 million in 2016 as part of a joint venture with GI Partners. Now, it intends to sell its 50 percent stake in the company under a deal slated for completion during the third quarter of 2018.
"Seizing on the momentum we've created in Netsmart, during the quarter, we took further steps to position ourselves to unlock value for shareholders through monetizing our investment in Netsmart," Allscripts President Rick Poulton said during a recent earnings call, according to Home Health Care News. "After researching and discussing several possible alternatives, we began detailed negotiations with multiple parties on the sale of our interest. We have signed a letter of intent and buyer diligence currently continues."
During the second quarter of 2018, Netsmart reported 40 new customer acquisitions with its cloud-based platform, and in April, it acquired Change Healthcare's home care and hospice businesses.