KUHN CAPITAL Wednesday, December 13, 2017
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Dorenfest: Sold to the Highest Bidder!

June 12

After a long dalliance with suitors, Chicago-based Dorenfest -- vendor of hospital IT installation and spending databases -- will in July finally be sold.

The new owner, for $6 million, is HIMSS Analytics, a for-profit subsidiary of the non-profit Healthcare Information and Management Systems Society.

Dorenfest, founded by industry fixture Sheldon Dorenfest, maintains data on the IT assets and spending plans of about 40,000 medical facilities. The deal links Dorenfest’s data origination capability with HIMSS Analytics’ data aggregation expertise (it assembles healthcare market data from a number of third-party sources like Gartner, KLAS and Dorenfest itself, and provides tools to analyze the data).

The deal is a bit unusual from several perspectives: first, the buyer's non-profit status: second is the fact that HIMSS Analytics, a former data aggregator, is now the owner of its own proprietary data. Sometimes this transformation can make the publisher partners of a data aggregator nervous.

Third is the price of the deal: we estimate Dorenfest revenue at about $4 million, making the $6 million purchase price a strong multiple.

Sheldon Dorenfest says “After reviewing many highly qualified strategic partners, we have decided that HIMSS represents the best partner to operate and enhance the Dorenfest IHDS + Database and… make it the standard for H.I.T. industry information.”

That plus HIMMS' purchase price makes Mr. Dorenfest a happy man.


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