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Allscripts ramps up Netsmart sale as Q3 losses reach $36M

November 02, 2018 / Evan Sweeney

Allscripts is accelerating efforts to sell off its ownership stake in Netsmart, an EHR company that targets post-acute care providers and behavioral health. Citing “significant market interest” in the company, Allscripts has hired financial advisors to run a formal sale process, Chief Financial Officer Richard Poulton said during an earnings call on Thursday. Allscripts has completed the formal auction process and is finalizing late-stage negotiations with “a group of financial sponsors,” he said. Over the next several months, management will decide whether or not to close the deal. “I would think, sitting here today, we'll know something before the year is over,” Poulton said. But the sale is complex, in part because Allscripts isn’t selling the full controlling interest in Netsmart. Currently, Allscripts owns a $468 million stake in the company. The ownership structure, which was set up in a joint venture with GI Netsmart Holdings in 2016...