ResMed Sells MatrixCare Software Business to Frazier for $490m
The medical-device maker is shedding its home-health software unit to focus on sleep, breathing, and connected home care.
July 8, 2026 – 8:58 am
ResMed has agreed to sell MatrixCare, its home-health and senior-care software business, to Frazier Healthcare Partners for $490m in cash. This deal allows ResMed to part ways with a unit it has owned for years to concentrate on its core products.
MatrixCare is a significant business, generating approximately $220m in revenue during ResMed’s 2026 fiscal year and contributing roughly $55m in non-GAAP operating profit. The sale follows a trend of software carve-outs, similar to Ametek’s acquisition of Indicor’s instrumentation businesses.
The transaction encompasses MatrixCare and its associated software brands, including HealthcareFirst and Citus, while excluding ResMed’s Brightree unit in the US and MEDIFOX DAN in Germany.
For Frazier, a healthcare-focused investor, the appeal lies in acquiring a profitable software provider within the expanding market for home and post-acute care. These systems streamline administrative tasks such as scheduling visits, managing records, and processing claims.
MatrixCare’s software is essential for skilled nursing homes, home-health agencies, and hospices, ensuring smooth record-keeping operations. It offers steady, recurring revenue, making it an attractive acquisition for private equity buyers and less central to a devices company like ResMed.
ResMed characterized the sale as part of its 2030 strategy, focusing on sleep health, breathing health, and connected care in the home. Removing the software unit aligns with this strategic shift.
The proceeds from the sale will be distributed to shareholders through an accelerated share repurchase program, with the remaining funds allocated for general corporate purposes. This decision highlights ResMed’s preference for capital return over new software investments.
ResMed’s relationship with software has been mixed. While it developed tools to enhance its devices and data, managing standalone applications for third-party care providers differs from selling ventilators and masks.
Private equity firms continue to actively acquire assets in this sector, from health insurers offering AI-driven prevention cover to investor-backed rollups.