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HealthStream bolsters workforce solutions portfolio with $18M Providigm takeover

HealthStream Inc., a workforce and solutions provider for the healthcare industry, acquired Providigm LLC, which is primarily focused on quality assurance and performance improvement of skilled nursing facilities.

Through the acquisition, HealthStream bolstered its workforce solutions portfolio by acquiring Providigm's abaqis, a quality management system used by U.S. skilled nursing facilities.

Under the terms of the transaction, Nashville, Tenn.-based HealthStream paid $18 million in cash for all of Providigm's equity.

Moreover, up to an additional $500,000 in cash may be paid following the closing of the acquisition depending upon Providigm's performance during an 18-month period following the transaction.

Providigm will continue its operations at its Denver-based office following the acquisition.