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NextGen Healthcare Welcomes Madison Dearborn Partners as New Investment Partner and Announces Planned Leadership Succession

via Business Wire

MDP Completes Acquisition of Significant Ownership Position in NextGen Healthcare and Partners with Thoma Bravo and Company Management to Accelerate NextGen Healthcare’s Growth

NextGen Healthcare President and COO Srinivas (Sri) Velamoor will Succeed David Sides as CEO after Planned Transition Period; Sides will Continue to Serve on Board of Directors and Remain Material Investor

NextGen Healthcare, Inc. (“NextGen Healthcare” or the “Company”), a leading provider of innovative, cloud-based healthcare technology solutions, today announced that funds affiliated with Madison Dearborn Partners, LLC (“MDP”), a leading private equity investment firm based in Chicago, have completed their acquisition of a significant ownership position in NextGen Healthcare. Thoma Bravo, a leading software investment firm, retains a significant ownership position in NextGen Healthcare. MDP will partner with Thoma Bravo and Company management to accelerate NextGen Healthcare’s growth.

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Since acquiring NextGen Healthcare in a take-private transaction in 2023, Thoma Bravo has helped the Company modernize and enhance its capabilities, solutions, and operating structure to enhance the client experience. As partners, MDP and Thoma Bravo plan to jointly underwrite a material increase in annual R&D investment over the next three years and work with NextGen Healthcare’s leadership team to accelerate the delivery of best-in-class solutions and services to more healthcare clients.

NextGen Healthcare also announced that its Board of Directors has appointed NextGen Healthcare’s President and Chief Operating Officer Srinivas (Sri) Velamoor, as Chief Executive Officer, effective following a planned transition period. Velamoor will succeed David Sides, who will continue to serve on the Board and remain a material investor in NextGen Healthcare. Sides will work closely with Velamoor to ensure a seamless transition and will continue to support the Company’s strategic priorities throughout the transition period and beyond. Velamoor has been instrumental in driving NextGen Healthcare’s growth and innovation agenda in his current role and will assume full responsibility for leading the Company through its continued expansion and development, which is underpinned by the increased investment and ongoing support from MDP and Thoma Bravo.

The choice to elevate an established industry leader and company insider through a thoughtful and seamless transition process reflects the continued commitment of the NextGen Healthcare Board and leadership team to sustaining the Company’s growth and performance momentum and delivering market-leading services to clients.

“It has been an honor to work alongside Sri in leading NextGen Healthcare through its transformation the last several years. I am grateful to our entire NextGen Healthcare team and to our clients for their trust and partnership,” said Sides. “I am excited to support Sri as he takes the reins and leads us into this next phase of accelerating growth and impact for our clients in partnership with MDP and Thoma Bravo.”

“Our investment strategy centers around partnership with management. When we invested in NextGen Healthcare it was apparent to us how integral Sri has been to all aspects of the Company’s success. The succession announcement today is a natural progression from his previous leadership roles with the Company,” said Peter Hernandez, a Senior Vice President at Thoma Bravo. “We are excited for this next chapter with Sri at the helm, and we are pleased that David will continue to play an important role in the success of NextGen Healthcare as a member of the Board.”

“David’s vision and leadership have been instrumental in further cementing NextGen Healthcare as a category leader in the ambulatory Electronic Health Record space,” said Jason Shideler, Partner and Co-Head of Healthcare at MDP. “We are excited to partner with him and Sri to implement a succession plan for the Company and its clients as NextGen Healthcare continuously builds momentum and delivers market leading solutions and a world class service experience.”

“We are excited to welcome the MDP team as strategic partners and look forward to continuing to work with Sri and David in their new roles as they effect a seamless transition and lead this storied healthcare technology franchise into the next chapter of its growth and innovation journey,” said A.J. Rohde, Senior Partner at Thoma Bravo

“I am humbled and privileged to be entrusted with the leadership of NextGen Healthcare’s incredible global team and to lead us through our next phase of growth and innovation,” said Velamoor. “Our colleagues, clients, and partners are unified behind our vision of achieving Better Healthcare Outcomes for All. And we are incredibly excited to partner with Thoma Bravo and MDP to unlock the many opportunities in front of us to elevate practice performance and reimagine the provider and patient experience.”

Advisors

Goodwin Procter LLP served as legal counsel to NextGen Healthcare. Morgan Stanley & Co. LLC served as lead financial advisor and J.P. Morgan Securities LLC and Evercore also served as financial advisors to NextGen Healthcare. Kirkland & Ellis, LLP served as legal counsel to MDP.

About NextGen Healthcare, Inc.

NextGen Healthcare, Inc. is a leading provider of innovative healthcare technology and data solutions. We are reimagining ambulatory healthcare with award-winning Electronic Health Record (EHR), practice management and surround solutions that enable providers to deliver whole-person health and value-based care. Our highly integrated, intelligent, and interoperable solutions increase clinical quality and productivity, enrich the patient experience and drive superior financial performance. We are on a relentless quest to achieve better healthcare outcomes for all. Learn more at nextgen.com, and follow us on Facebook, X, LinkedIn, YouTube, and Instagram.

About Madison Dearborn Partners

Madison Dearborn Partners, LLC (“MDP”) is a leading private equity investment firm based in Chicago. Since MDP’s formation in 1992, the firm has raised aggregate capital of more than $31 billion and has completed over 160 platform investments. MDP invests across four dedicated industry verticals, including healthcare, basic industries, financial services, and technology & government. Drawing on deep industry and operational expertise, MDP works closely with management teams to drive value creation and operational improvement across its portfolio. For more information, please visit www.mdcp.com

About Thoma Bravo

Thoma Bravo is one of the largest software-focused investors in the world with a 40+ year history and approximately $184 billion in assets under management as of March 31, 2025. Through our private equity, growth equity and credit strategies, our firm invests in growth-oriented, innovative companies operating in the software and technology sectors. Our firm has acquired or invested in approximately 535 software and technology companies representing approximately $275 billion of value (including control and non-control investments). Our investment philosophy is centered around working collaboratively with existing management teams to help drive operating results and innovation. Leveraging our deep sector knowledge and strategic and operational expertise, we execute through a partnership-driven approach supported by a set of management principles, operating metrics and business processes. We support our companies by investing in growth initiatives and strategic acquisitions designed to drive long-term value.

“I am humbled and privileged to be entrusted with the leadership of NextGen Healthcare’s incredible global team and to lead us through our next phase of growth and innovation,” said Velamoor.

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