UpHealth to Sell Cloudbreak Health to GTCR for $180M

Dow Jones2023-11-17

By Josh Beckerman

Digital health company UpHealth Inc. agreed to sell Cloudbreak Health to GTCR for $180 million in cash.

In September, UpHealth Inc.'s unit UpHealth Holdings filed for Chapter 11 bankruptcy after a court ruled in favor of Needham & Co. in a lawsuit related to UpHealth Services Inc.'s engagement of Needham. In October, UpHealth Holdings unit Thrasys filed for bankruptcy.

UpHealth Inc. said Thursday that the Cloudbreak sale, expected to close in the first half of 2024, will allow it to "pursue a more simplified strategy" focused on TTC Healthcare Inc., a "growing, cash flow positive" behavioral health business. Proceeds will be used to pay down all unsecured debt and about 45% of secured debt.

Cloudbreak's Martti platform provides medical interpreters in over 250 languages.

Write to Josh Beckerman at josh.beckerman@wsj.com

(END) Dow Jones Newswires

November 16, 2023 18:57 ET (23:57 GMT)

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