Kaufman Hall Spins Off Kaufman Hall Software, Creating Syntellis Performance Solutions
Syntellis to offer innovative EPM software solutions to help healthcare, higher education and financial institutions thrive amid current uncertainty and well into the future
CHICAGO – June 25, 2020 – Kaufman, Hall & Associates, LLC, a leading provider of enterprise performance management (EPM) software, data and management consulting solutions, today announced the spinoff of its software division into Syntellis Performance Solutions, LLC, a new standalone company. Kermit S. Randa, who currently leads Kaufman Hall’s software division, will become the Chief Executive Officer of Syntellis. Additionally, leading private equity firms Thoma Bravo and Madison Dearborn Partners (MDP) will partner to invest in Syntellis.
Syntellis—combining Kaufman Hall Software and the recently acquired Connected Analytics practice of Change Healthcare—will focus on providing the most robust, innovative EPM software, data and analytics platform to healthcare, higher education and financial institutions. Syntellis will help its clients acquire insights, accelerate decisions and elevate performance amid the unprecedented changes brought on by the COVID-19 pandemic and the rapid evolution of their respective industries—from the explosion of virtual healthcare to the growth of online learning to rising consumer demand for cashless transactions.
“Kaufman Hall has a proud history as the first firm in healthcare to integrate first-class consulting with software tools to support high performance,” said Kenneth Kaufman, managing director and chair of Kaufman Hall. “This approach has been a huge success—to the point where Kaufman Hall’s software practice has developed into a robust business of its own that is now ready to move to the next level. This transaction will make that next level a reality.”
“This transaction creates a formidable player in the EPM space, bolstered by the expertise of two significant investors,” said Wes Champion, managing director and chief executive officer of Kaufman Hall. “For its part, Kaufman Hall will continue its unparalleled commitment to what it does best: helping clients achieve transformative outcomes through industry-leading management consulting practices. We look forward to our strategic alliance with Syntellis to continue addressing the greatest challenges in key industry sectors.”
Kaufman Hall and Syntellis will form a strategic alliance focused exclusively on advancing the needs of healthcare and higher education institutions. Thoma Bravo and MDP—both experienced investors in software, healthcare and healthcare technology—will play an integral role in enhancing Syntellis’ partnerships, operational investments, product innovation, client service and talent development. MDP also will remain a significant investor in Kaufman Hall.
“At a time when many organizations are unsure about their path forward, and the focus on financial management and improvement is at a record high, Syntellis is investing in new ways to help healthcare, higher education and financial institutions elevate their performance,” said Kermit S. Randa, chief executive officer of Syntellis. “Building on decades of dedicated service, Syntellis is poised to rapidly pursue product innovation, a broader set of client success initiatives, and client-centric growth strategies, so that organizations can thrive amid uncertainty now, and for years to come.”
Committed financing for the transaction is being provided by funds managed by affiliates of BlackRock US Private Credit, Fortress Investment Group, The Private Credit Group of Goldman Sachs Asset Management, L.P., Pathway Capital Management, L.P. and Thoma Bravo Credit.
Syntellis’ corporate headquarters will be in Chicago with additional offices in Portland, Ore. and Skokie, Ill.
About Kaufman Hall
Kaufman Hall provides management consulting solutions to help society’s foundational institutions realize sustained success amid changing market conditions. Since 1985, Kaufman Hall has been a trusted advisor to boards and executive management teams, helping them incorporate proven methods, rigorous analytics and industry-leading solutions into their strategic planning and financial management processes, with a focus on achieving their most challenging goals.
Kaufman Hall services use a rigorous, disciplined, and structured approach that is based on the principles of corporate finance. The breadth and integration of Kaufman Hall advisory services are unparalleled, encompassing strategy; financial and capital planning; cost transformation; treasury and capital markets management; and mergers, acquisitions, partnerships, and joint ventures.
About Syntellis Performance Solutions
Syntellis Performance Solutions, previously Kaufman Hall Software, provides innovative enterprise performance management software, data and analytics solutions for healthcare, higher education and financial institutions. Syntellis’ solutions include Axiom and Connected Analytics software, which help finance professionals elevate performance by acquiring insights, accelerating decisions and advancing their business plans. With over 2,800 organizations and 450,000 users relying on our solutions, we have proven industry expertise in helping organizations transform their vision into reality. For more information, please visit www.syntellis.com.
About Madison Dearborn Partners, LLC
Madison Dearborn Partners, LLC (“MDP”) is a leading private equity investment firm based in Chicago. Since MDP’s formation in 1992, the firm has raised aggregate capital of over $26 billion and has completed over 140 investments. MDP invests across five dedicated industry verticals, including health care; financial and transaction services; basic industries; business and government software and services; and telecom, media and technology services. For more information, please visit www.mdcp.com.
About Thoma Bravo
Thoma Bravo is a leading private equity firm focused on the software and technology-enabled services sectors. With a series of funds representing more than $45 billion in capital commitments, Thoma Bravo partners with a Company's management team to implement operating best practices, invest in growth initiatives and make accretive acquisitions intended to accelerate revenue and earnings, with the goal of increasing the value of the business. The firm has offices in San Francisco and Chicago. For more information, visit thomabravo.com.
Syntellis Performance Solutions and Kaufman Hall
Madison Dearborn Partners
Chuck Dohrenwend or Paige McKenna