General Electric (GE) has entered into a definitive agreement to divest the Value-Based Care division under its Healthcare unit to private equity investment firm Veritas Capital for $1.05bn.

An affiliate of Veritas will purchase the Enterprise Financial, Ambulatory Care and Workforce Management assets from GE.

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GE expects that Veritas will support its current expertise in healthcare IT segment to bolster the scale and performance of its care division.

“GE Healthcare plans to continue pursuing various digital solutions, including smart diagnostics, connected devices, artificial intelligence and enterprise imaging to deliver precision healthcare.”

GE Healthcare Value-Based Care Solutions vice-president and general manager Jon Zimmerman said: “Our team has significant knowledge and expertise in the healthcare IT space, and by operating as a standalone business under Veritas’ ownership, we now have the opportunity to further revitalise our product portfolio and pursue complementary acquisitions to better serve patients, providers and payers.

“With Veritas’ support and resources, we are excited to continue deepening our commitment and capabilities to help healthcare providers manage their financial, clinical, and employee workflows across the continuum of care.”

In turn, Veritas intends to leverage the new opportunity and provide the means required to cater to a $9bn market for digitalising healthcare.

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Veritas Capital CEO and managing partner Ramzi Musallam said: “Similar to our previous healthcare technology investments, all of which have been corporate carve-outs, we will be deeply customer-focused, and invest significantly in people, technology and infrastructure to support the evolving requirements of the company’s diverse customer group.”

GE Healthcare plans to continue pursuing various digital solutions, including smart diagnostics, connected devices, artificial intelligence and enterprise imaging to deliver precision healthcare.

Furthermore, the firm will work on data analytics, command centres, advanced visualisation and image management equipment in order to ensure good outcomes for both its customers and patients.