Harris Williams & Co. Advises Hearst Health on its Pending Acquisition of MedHOK
Harris Williams & Co., a preeminent middle market investment bank focused on the advisory needs of clients worldwide for 25 years, is advising Hearst Health (Hearst) on its pending acquisition of MedHOK, a portfolio company of Bain Capital Ventures and Spectrum Equity. Hearst is a leading provider of diversified media, information and services. The pending transaction, which is subject to customary closing conditions, is being led by Jeff Bistrong, Sam Hendler, Dan Linsalata and Brennan Igoe of Harris Williams & Co.’s Technology, Media & Telecom (TMT) Group.
“This transaction represents another significant milestone in Harris Williams & Co.’s advisory to Hearst in expanding its vertical software platforms. The combination of Hearst and MedHOK is a clear strategic fit, and will allow Hearst to continue building on its leadership in the patient-centered healthcare market,” said Jeff Bistrong, a managing director at Harris Williams & Co. “We are very pleased to have delivered this compelling opportunity for both companies.”
“Hearst has a compelling vision for delivering technology solutions that enable the ongoing transition to value-based care in the healthcare ecosystem. MedHOK's strong regulatory compliance and population health management capabilities complement Hearst's existing HCIT businesses including, MCG, Homecare Homebase, Zynx and First Databank,” added Sam Hendler, a managing director at Harris Williams & Co.
Hearst is one of the nation’s largest diversified media, information and services companies with more than 360 businesses. Its major interests include ownership in cable television networks such as A&E, HISTORY, Lifetime and ESPN; majority ownership of global ratings agency Fitch Group; Hearst Health, a group of medical information and services businesses; 30 television stations such as WCVB-TV in Boston and KCRA-TV in Sacramento, California, which reach a combined 19 percent of U.S. viewers; newspapers such as the Houston Chronicle, San Francisco Chronicle and Albany Times Union, more than 300 magazines around the world including Cosmopolitan, ELLE, Harper’s BAZAAR and Car and Driver; digital services businesses such as iCrossing and KUBRA; and investments in emerging digital and video companies such as Complex, BuzzFeed, VICE and AwesomenessTV.
MedHOK, a recognized leader in Integrated Actionable Healthcare (IAH), is one of the healthcare industry’s fastest growing software companies. MedHOK provides comprehensive care, quality and compliance solutions for Health Plans, ACOs, PCMHs and PBMs utilizing a single, integrated cloud-based system. Its innovative, patient-centered software allows healthcare organizations to take control and manage care based on national quality standards. The company’s IAH platform enables real-time information sharing across the continuum of care to close gaps in care, improve care management and quality scores and ensure worry free compliance with state and federal mandates.
Bain Capital Ventures partners with disruptive business-to-business founders to accelerate their ideas to market. As data and the cloud transform entire industries, Bain Capital Ventures brings over 30 years of experience and access to an unmatchable global network to help their companies grow. The firm is focused on high-growth enterprise software opportunities across functions and industries, including infrastructure software, SaaS and data services, marketing tech, fintech and healthcare. Bain Capital Ventures invests in great founders, with investments ranging from $1 million of seed capital through $100 million of growth equity.
Spectrum Equity, with offices in Boston and San Francisco, is a leading growth equity firm providing capital and strategic support to innovative Internet, software and information services companies. For over 20 years, they have partnered with high growth companies across the information economy. Spectrum Equity is currently investing the firm’s seventh fund with $1 billion in capital.
Harris Williams & Co. (www.harriswilliams.com), a member of The PNC Financial Services Group, Inc. (NYSE:PNC), is a preeminent middle market investment bank focused on the advisory needs of clients worldwide. The firm has deep industry knowledge, global transaction expertise and an unwavering commitment to excellence. Harris Williams & Co. provides sell-side and acquisition advisory, restructuring advisory, board advisory, private placements and capital markets advisory services.
Harris Williams & Co.’s TMT Group advises leading private and public companies, entrepreneurs, private equity firms and venture capital firms on mergers and acquisitions and capital-raising transactions worldwide. The TMT Group has deep domain expertise in the Software/SaaS and Internet & Digital Media segments, with particular emphasis on specific verticals including education, energy technology, fintech, public sector and supply chain/logistics and has a dedicated healthcare technology (HCIT) practice. Across verticals it also advises technology services and networking solutions businesses. For more information on the TMT Group and its recent transactions, visit the TMT Group’s section of the Harris Williams & Co. website.
Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business.