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Change Healthcare, a revenue cycle management solutions provider, has sold its Connected Analytics business to Kaufman, Hall & Associates, a provider of enterprise financial planning software and consulting solutions for $55 million.

According to the company, “Clients will benefit from a suite of sophisticated, flexible solutions that empower finance professionals to analyze results, model the future, and optimize organizational decision making. These include long-range planning, budgeting and forecasting, performance reporting, capital planning, and cost accounting solutions that deliver decision support, reporting, and analytics within an integrated platform.”

Deutsche Bank served as Financial Advisor to Kaufman, Hall & Associates. William Blair & Company served as financial advisor to Change Healthcare.

Kaufman Hall & Associates operates a portfolio of software, data, and consulting businesses and works with over 3,000 healthcare, higher education, and financial institution customers. Kaufman, Hall & Associates plans to consolidate the Connected Analytics portfolio, which includes Analytics Explorer, Performance Manager, and data solutions, with Axiom Software, the financial and clinical analytics software platform of Kaufman Hall Software.

The connected analytics business segment serves over 300 hospitals and health systems in the United States.

In the nine months ending December 31, 2019, the Change Healthcare business generated revenue of $48.6 million, according to a filing with U.S. Securities and Exchange Commission.

“The acquisition of Connected Analytics further enhances Kaufman Hall’s software product offerings, which continue to be invaluable to our clients during these unprecedented times,” said Jason Shideler, managing director at Madison Dearborn Partners, the majority owner of Kaufman Hall. Will Ritchie, a director at Madison Dearborn Partners, added: “We look forward to continuing to partner with Kermit and the leadership team as they expand via organic growth and acquisition within this highly fragmented market.”

In a separate deal, Change Healthcare acquired  eRx Network, a pharmacy network, for $212.9 million. eRx Network generated almost $67 million in annual revenue for the twelve months ended February 29, 2020.