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athenahealth is not a cloud company, Greenlight's David Einhorn says

August 02, 2018 / Bernie Monegain

David Einhorn of investment firm Greenlight Capital said this week that Elliott Management, which earlier this year bought some 9 percent of athenahealth and publicly said it wants to acquire the company, actually has a different end in mind. Einhorn added that athenahealth, long held as an example of cutting-edge cloud-based vendor in the EHR space, is not really a SaaS company. The comments come during the same week that athenahealth announced its revenue is up 10 percent and earnings tripled in a call with investors. “This quarter, an activist forced out the CEO and convinced the company to put itself up for sale,” Einhorn wrote in a letter outlining some of the reasons Greenlight had a difficult quarter.