Global Healthcare Exchange Inc. purchased Explorer Surgical Corp. at undisclosed terms. GHX is a Louisville-based software-as-a-service company. Explorer Surgical is a digital and remote case support platform based in Chicago.
GHX’s main offering is GHX Exchange, which connects health care providers and suppliers of goods and services via electronic platform, a back-office supply-chain and purchasing system and incorporating data and analytics globally, according to its website, news reports and a press release on the acquisition.
Explorer Surgical’s work also includes connecting suppliers with health care providers, including remote mentoring and performance-tracking tools. One offering allows hospitals to “guide, track and analyze activity in the operating room, and improve communication and performance,”Chicago Inno is a startup journal.
“Patient care decisions must be grounded in data, product expertise and procedural best practices because lives depend on it,”Bruce Johnson, GHX’s president and CEO, said in a press statement announcing the agreement.
“Healthcare is rife with inefficiency and must standardize the operational and clinical best practices and products that yield the best possible patient outcomes,”Jennifer Fried, Explorer Surgical CEO, is the co-founder of the company.
Through April, Explorer Surgical had raised $11 Million in funding, led by Aphelion Capital, California, and Sofia Fund, a Minnesota group that invests in technology companies run entirely by women, Chicago Inno reported.
The acquisition of Explorer Surgical follows GHX’s purchase of Lumere, founded as Procured Health in 2014 and focused on cutting health care costs with data and analytics, in January 2020. It bought Medical Columbus AG, a cloud-based manager of the health care supply chain, in 2018.
GHX was established in 2000 by industry suppliers such as Medtronic Inc. and Abbott Laboratories, GE Healthcare and Johnson & Johnson. Through February 2014, other owners joined GHX, a healthcare journal reported. It was sold to Thoma Bravo LLC, a private equity firm.
Private equity firms at that time typically invested $300 million in acquisitions. The buyout was followed by several acquisitions.
In May 2017, Singapore-based Temasek Holdings Ltd. bought most of Thoma Bravo’s stake. Thoma Bravo resigned from its investment completely in June 2021 after Warburg Pincus made a small investment in GHX. PE Hub reported that the Pincus investment was worth $500 million.
According to its website, GHX has 5,600 health care providers and 950 supplier partners in the U.S.A and Europe. GHX announced that its platform is used by providers with 80% of U.S. licensed hospital beds and that 85% of medical-surgical product flows through it in a Warburg investment release.
Lumere was a key contributor to GHX’s operating results “the largest uniform core of item, vendor, transaction data and clinical evidence”According to the press release, the industry is in good standing.
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