Resmed (NYSE:RMD) announced today that it agreed to sell its MatrixCare business to Frazier Healthcare Partners, a private equity firm.
Frazier Healthcare Partners agreed to pay $490 million for the business in an all-cash transaction.
San Diego–based Resmed said the move reflects its 2030 strategy (as laid out in a 2025 MassDevice interview with CEO Mick Farrell) as it looks to focus on high-growth, scalable opportunities in sleep health, breathing health and connected home-based healthcare. The company said its divestiture also strengthens its ability to reallocate capital and resources toward innovation, operational scale and long-term value creation.
MatrixCare provides software solutions to more than 15,000 providers. It supports skilled nursing, senior living and long-term care, life planning communities and home health and hospice care. Resmed acquired the post-acute-care software for $750 million in 2018.
The transaction includes MatrixCare and related software offerings historically sold under its brand. That includes Healthcare First, Citus and home health and hospice solutions. It excludes Resmed’s other software businesses, Brightree in the U.S. and Medifox Dan in Germany.
Resmed expects to close the deal during the first quarter of its fiscal 2027, subject to regulatory approvals and customary closing conditions. Until close, it plans for MatrixCare to continue operating as part of the company. Preliminary results show that MatrixCare contributed approximately $220 million in revenue and approximately $55 million in non-GAAP operating profit.
Commentary from Resmed and Frazier Healthcare Partners officials
Mick Farrell, chair and CEO of Resmed, said:
“Today’s announcement is about our disciplined approach to portfolio management and our commitment to driving long-term growth. By focusing on areas where we see the greatest opportunity for sleep health innovation and impact, we are strengthening our ability to deliver life-changing health technologies, improve patient outcomes and create value for our stakeholders. We are confident MatrixCare and its affiliated businesses will continue to support team members and drive growth under new ownership with a dedicated focus on the long-term care market.”
Ryan Lucero, general partner at Frazier Healthcare Partners, said:
“Frazier has spent several years evaluating the post-acute care technology sector and believes MatrixCare has established itself as a leading platform serving skilled nursing, senior living and home health and hospice providers. We are thrilled to partner with the MatrixCare team and plan to invest aggressively in product innovation to help providers deliver better outcomes as the post-acute care landscape continues to evolve.”
Private equity continues to play a role in medtech
Private equity firms continue to make moves on the medtech mergers and acquisitions scene. Just today, GTCR announced a deal for its Corza Medical business to sell its Biosurgery unit.
Hologic was the biggest name to make a move with private equity of late, inking an $18.3 billion go-private deal earlier this year.
GTCR also struck a deal to buy Surmodics and received clearance to go ahead with that acquisition in late 2025. Philips and Bioventus divested business units to private equity firms last year as well. Medtech companies, including Medtronic, Johnson & Johnson and Baxter, previously looked to private equity for spinoff and separation opportunities.
Firms also make significant investments, like one in Medline years ago and one in Henry Schein in 2025. Last fall, HistoSonics announced a management-led majority stake acquisition by a syndicate of private and public investors.
Highridge Medical, formerly part of ZimVie, recently sold its bone healing division to private equity as well. Another private equity play occurred in medtech last year, when Olympus partnered with investment firm Revival Healthcare Capital to drive advancements in endoluminal robotics.
(Leading medtech companies discussed the role of private equity in medtech M&A at AdvaMed’s The MedTech Conference in October 2025. Read more about that here.)
