BOSTON--(BUSINESS WIRE)--Harris Williams & Co., a preeminent middle market investment bank focused on the advisory needs of clients worldwide, announces the sale of Milliman Care Guidelines LLC (Care Guidelines), a leading provider of evidence-based clinical decision support software solutions to the healthcare industry, to Hearst Corporation (Hearst). Harris Williams & Co. acted as the exclusive financial advisor to Care Guidelines. The transaction closed on December 3, 2012, and was led by Jeff Bistrong, Sam Hendler and Kojo Appenteng from the firm’s Technology, Media & Telecom (TMT) Group in Boston and Todd Morris and Andy Dixon from the firm’s Healthcare & Life Sciences (HCLS) Group in San Francisco.
“The acquisition of Care Guidelines by Hearst illustrates the strong, continued demand from large diversified technology and media companies for leading edge HCIT businesses, particularly those with differentiated content and SaaS delivery solutions”
“The acquisition of Care Guidelines by Hearst illustrates the strong, continued demand from large diversified technology and media companies for leading edge HCIT businesses, particularly those with differentiated content and SaaS delivery solutions,” said Jeff Bistrong, managing director at Harris Williams & Co.
“Care Guidelines’ solutions are a key enabler of the transition from fee-for-service to fee-for-value taking place within healthcare,” said Sam Hendler, a director in Harris Williams & Co.’s TMT Group who leads the firm’s HCIT practice. “These are fundamental software tools for both payers and providers as they navigate the ongoing transformation of the healthcare ecosystem and the expansion of Accountable Care Organizations (ACOs).”
Care Guidelines, based in Seattle, WA, is a wholly-owned subsidiary of Milliman Inc. The company is the leading provider of evidence-based clinical guidelines and software that deliver the most efficient and effective plan of care for patients in need of healthcare treatment. The company’s platform, used by more than 1,900 clients, including more than 1,200 provider organizations and seven of the eight largest U.S. health plans, provides decision support to help payors and providers manage risk and deliver high quality care at the lowest possible cost.
Milliman is among the world's largest providers of actuarial and related products and services. The firm has consulting practices in healthcare, property and casualty insurance, life insurance and financial services, and employee benefits. Founded in 1947, Milliman is an independent firm with offices in major cities around the globe.
Hearst is one of the nation's largest diversified media and information companies. Its major interests include ownership of 15 daily and 36 weekly newspapers, including the Houston Chronicle, San Francisco Chronicle, San Antonio Express-News and Albany Times Union; hundreds of magazines around the world, including Good Housekeeping, Cosmopolitan, ELLE and O, The Oprah Magazine; 29 television stations, which reach a combined 18 percent of U.S. viewers; ownership in leading cable networks, including Lifetime, A&E, HISTORY and ESPN; significant holdings in the automotive, electronic and medical/pharmaceutical industries; a 50 percent stake in the global ratings agency Fitch Group; Internet and marketing services businesses; television production; newspaper features distribution; and real estate.
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.
The firm’s TMT Group focuses on software, digital media, IT services, and communications. Within these segments, the TMT Group focuses on targeted sectors, including HCIT. For more information on Harris Williams & Co.’s efforts in TMT, contact Jeff Bistrong at +1 (617) 654-2102, Michael Wilkins at +1 (415) 288-4260 or Thierry Monjauze at +44 207 518 8900.
The firm’s HCLS Group focuses on transactions across the spectrum of healthcare market segments. For more information, contact Todd Morris in San Francisco at +1 (415) 288-4260 or Turner Bredrup, James Clark or Cheairs Porter in Richmond at +1 (804) 648-0072.
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 Services Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business.
For general release inquiries, please contact Kimberly Baker, marketing director, at +1 (804) 648-0072.