US-based asset management company TPG has agreed to buy healthcare IT solution provider Nextech from Thomas H Lee Partners (THL) for $1.4bn.

Nextech provides clinical and administrative healthcare technology solutions for speciality physician practices.

TPG’s US and European private equity platform, TPG Capital, is investing in the acquisition.

Nextech CEO Bill Lucchini said: “Nextech’s goal is to simplify the healthcare experience so physicians can focus on what matters most: their patients.

“In TPG, we have found a partner who supports our mission to simplify the process of delivering excellent care and who brings to our organisation distinct experience building businesses in the healthcare and software sectors.

“We’re excited to work together to grow our capabilities and strengthen our position as the end-to-end technology platform for speciality care providers.”

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Speciality physician practices can use Nextech’s Cloud-based solutions, including electronic medical records and practice management software.

These solutions are designed to improve operations and better support patient care and satisfaction using an integrated platform.

The deal is expected to close in the third quarter of this year following a regulatory review, subject to customary closing conditions being met.

TPG partners Katherine Wood and Art Heidrich said: “Our investment in Nextech builds on our thematic focus on healthcare IT solutions that enhance provider productivity and enable high-quality patient care across settings.

“Nextech’s software-as-a-service (SaaS) and payment solutions are purpose-built for speciality providers and create meaningful workflow and efficiency benefits for its customers.

“We look forward to partnering with Bill and the Nextech team to expand the reach and impact of the platform.”

Founded in 1997, Nextech provides solutions and services for dermatology, ophthalmology, orthopaedics, plastic surgery and medical spas.

The company’s solutions are used by more than 11,000 physicians and more than 60,000 office staff members.

Based in San Francisco, TPG currently has $137bn in assets under management worldwide.