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Global asset firm buys Tampa company in $1.4B deal

Veronica Brezina

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Nextech's HQ is based in the Corporate Center III building at International Plaza in Tampa. GoogleMaps.

Asset management firm TPG has purchased Tampa-based healthtech company Nextech in a $1.4 billion deal.

Earlier this year, TPG (NASDAQ: TPG) announced it was planning to buy the company from premier private equity firm Thomas H. Lee Partners, which reportedly bought Nextech in 2019 for $500 million.

Nextech provides electronic medical records and management software to physicians.

The company serves more than 11,000 physicians and over 60,000 office staff members in the clinical specialties, according to Nextech’s website.

“Nextech’s goal is to simplify the healthcare experience so physicians can focus on what matters most: their patients,” Nextech CEO Bill Lucchini, previously said in a prepared statement. “In TPG, we have found a partner who supports our mission to simplify the process of delivering excellent care and who brings to our organization distinct experience building businesses in the healthcare and software sectors. We’re excited to work together to grow our capabilities and strengthen our position as the end-to-end technology platform for specialty care providers.”

TPG, which was founded in San Francisco and has $139 billion of assets under management, invested in Nextech through TPG Capital, its U.S. and European late-stage private equity platform. 

“Our investment in Nextech builds on our thematic focus on healthcare IT solutions that enhance provider productivity and enable high-quality patient care across settings,” TPG’s Katherine Wood and Art Heidrich said in a prepared statement. “Nextech’s SaaS [software as a service] and payment solutions are purpose-built for specialty providers and create meaningful workflow and efficiency benefits for its customers.” 

The closing comes after Nextech recently debuted its newest software solution Nextech Med Spa, which automates streamlining workflows by providing a single, comprehensive platform for business and client/patient management.

The platform provides owners with end-to-end visibility and management capabilities to optimize their business processes and elevate care, from the front desk to consultations in the exam room and beyond.

In 2022, Nextech acquired TouchMD, a visual consultation, marketing and imaging software platform for plastic surgery, med spa, dermatology and ophthalmology practices.

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