3 Firms Guide Health Tech Tie-Up Valuing HMS At $3.4B

Law360 (December 21, 2020, 2:58 PM EST) -- Health care analytics company HMS said Monday it will be acquired by private equity-backed health tech company Gainwell in a deal that values HMS at $3.4 billion and is steered by Latham, Schulte Roth and Covington.

Gainwell Technologies, which is backed by private equity firm Veritas Capital, will pay $37 in cash per share to take HMS Holding Corp. private, the announcement said. Texas-headquartered HMS provides technology and analytics services to health plans, government agencies and employers.

Ultimately, Gainwell will take on HMS' Medicaid-focused services, while another Veritas portfolio company, Cotiviti Inc., will acquire HMS' commercial, Medicare and federal businesses, the...

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