Bobby Frist’s company is starting off 2023 with a seven-figure deal.
HealthStream has bought Asheville-based health tech firm Electronic Education Documentation System LLC, also known as Eeds (stylized eeds), for $7 million, according to a news release.
The deal is HealthStream’s third purchase of a continuing education management platform in the last 13 months, joining Nashville-based CloudCME and Virginia-based Rievent Technologies. The platforms manage continuing medical education of physicians and clinical staff — much of which is mandated — for health care organizations. HealthStream approximately paid a combined $15 million for the three firms.
Eeds’ application works with multiple continuing education credit types, according to the release, and its purchase completes HealthStream's investment plan in the space.
“The acquisition of Eeds adds to HealthStream’s growing marketplace of applications that gives our customers choice in the solutions that are most appropriate for their unique needs,” Kevin O’Hara, HealthStream senior vice president and general manager of platform solutions, said in the release. “I am pleased to welcome all of Eeds’ customers, users, and employees to HealthStream as we work together to continue supporting the delivery and management of continuing education.”
HealthStream (Nasdaq: HSTM) in Nashville’s largest health care IT firm, according to Nashville Business Journal research, with 450 local employees and $256.7 million of revenue in 2021. The company was founded by Frist, HealthStream’s CEO.
Former CloudCME CEO and current HealthStream Vice President Karl Wilkins will oversee the three recently acquired companies that make up HealthStream’s new continuing education management business line, according to the release.
