The Advisory Board acquired employee-owned Crimson in an initial deal of $23 million with options to add to the purchase price later, the company announced.
Austin, Texas-based Crimson develops data, analytics and business intelligence software for hospitals and physicians. The company will retain its office in Texas as a subsidiary of the Advisory Board, a Crimson spokeswoman said. The deal closed May 12.
Crimsons platform complements the Advisory Boards portfolio of programs and analytical tools to create a powerful national data set for benchmarking and research among members, the company said in a written statement.
The terms of the deal call for an initial $23 million with the chance to increase that if certain financial goals are met by March 31, 2010, the spokeswoman said. Washington-based Advisory Board is a not-for-profit organization with a membership of more than 2,700 hospitals, health systems and universities. The organization provides research, education, decision-support tools and consulting to its members. -- Jean DerGurahian
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