Netsmart Technologies, one of the region’s Top 100 private companies, based on revenues, has a new owner and an expanded mission: The Overland Park-based provider of IT products for behavioral health-care providers is being sold for $950 million to a joint venture between GI Partners of San Francisco and Allscripts Healthcare Solutions of Chicago. The change will allow the company to operate in other health-care venues, including home health and hospice care.
Allscripts is a public company whose shares are traded on the Nasdaq exchange, but Netsmart will remain privately held, as neither member of the new partnership owns a stake of more than 50 percent. San Francisco-based Genstar Capital, another private equity firm, was Netsmart’s previous owner.
While the bulk of U.S. health-care spending takes place at hospitals and in medical pratices, Netsmart focuses on a share that accounts for roughly $400 billion in spending on other providers and services in behavioral health, and it serves more than 24,000 organizations with half a million providers.