Frazier Healthcare Partners to Buy MatrixCare from ResMed

Frazier Healthcare Partners, a Seattle-based private equity firm focused exclusively on healthcare investments, has agreed to acquire MatrixCare from ResMed, the sleep and respiratory health company that had held the long-term care software platform within its digital health portfolio. The deal signals a broader trend of large medtech and device companies shedding software assets that fall outside their core clinical focus, even as those assets retain strong standalone value in a consolidating healthcare IT market.

MatrixCare is a widely used electronic health record and care-management software platform serving post-acute and long-term care providers, including skilled nursing facilities, home health agencies, and senior living communities. For ResMed, which built its reputation around connected devices for sleep apnea and chronic obstructive pulmonary disease, MatrixCare represented an ambitious but ultimately peripheral bet on the broader care-coordination software space.

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For Frazier, the acquisition fits squarely within its thesis of backing healthcare services and technology businesses with durable, recurring revenue streams. Post-acute care software is an especially attractive segment right now, given mounting regulatory pressure on care-quality documentation, interoperability mandates, and the accelerating shift of high-acuity patients out of hospital settings and into home or facility-based care. A specialized private equity owner may be better positioned than a device maker to invest aggressively in product development and pursue add-on acquisitions in the fragmented long-term care IT space.

The transaction also reflects a moment of portfolio rationalization across the medtech sector, where companies that expanded into digital health during the pandemic era are now reassessing which software bets truly complement their hardware and clinical ecosystems. ResMed's decision to divest MatrixCare suggests the company is redirecting capital toward its core connected-device and cloud-based disease-management business. Terms of the deal were not disclosed in the initial announcement.

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