Fidelity National Financial made its first investment in the healthcare technology sector on Tuesday, acquiring emergency room and coding software vendor T-System for $200 million.
Fidelity National Financial will grow T-System by helping it with acquisitions, said Fidelity National Financial Chairman William Foley II in a release. The company's investment arm, FNFV Group, will pay cash for the Dallas-based vendor.
"With the financial backing and stability of a Fortune 500 company we can accelerate innovation, performance and growth in our current markets," said T-System CEO Roger Davis in a statement. The investment will also allow the company to broaden its footprint across healthcare, he said.
Currently, about 40% of U.S. hospital-based and free-standing emergency departments and urgent-care centers use T-System's products, which include technology for documentation, clinical decision support and revenue cycle.