Private equity firm Thoma Bravo is reportedly edging closer to a deal with NextGen Healthcare Inc (NASDAQ:NXGN), according to anonymous sources familiar with the matter.
While no official announcement has yet been made, discussions between the parties have intensified, potentially culminating in a significant agreement set to be unveiled this week, according to reports.
Representatives for both Thoma Bravo and NextGen Healthcare have remained tight-lipped about the ongoing negotiations, declining to comment on the situation.
NextGen Healthcare, originally headquartered in Atlanta, Georgia, specializes in providing cloud-based technology services designed to assist healthcare providers in managing electronic health records and a range of other vital functions. These services have become increasingly crucial in the modern healthcare landscape, streamlining operations and improving patient care.
The company's annual report reveals that NextGen Healthcare has carved a niche for itself in the healthcare technology sector, drawing interest from several other prominent buyout firms before entering advanced discussions with Thoma Bravo.
This potential deal comes on the heels of Oracle Corporation (NYSE:ORCL)'s acquisition of NextGen's larger competitor, Cerner Corp, in a massive $28 billion transaction in 2022.
Thoma Bravo is one of the most active technology investors within the private equity sector. In recent months, the firm agreed to sell financial software maker Adenza to Nasdaq Inc. for $10.5 billion, and in July inked a $3.6 billion deal to sell Imperva, another software maker.
Shares of NextGen were up around 4.7% following the news, trading at $20.24 on Tuesday morning in New York.