Centene has completed the sale of artificial intelligence platform Apixio to the private equity firm New Mountain Capital.
Centene said it expects the transaction to be earnings-neutral in 2023, according to a June 13 company news release.
The payer acquired Apixio in December 2020. The platform analyzes structured and unstructured data to develop patient health profiles and support value-based care programs.
Centene announced plans to sell Apixio to New Mountain Capital on May 3. Centene CEO Sarah London has overseen the divestiture of several non-core businesses since she took over the role in March 2022. She told Fortune on June 9 that the businesses that have been sold were keeping the company from focusing and being as efficient as it could.
"When I first started at Centene I was sitting over all those other businesses," Ms. London told the outlet. "Each one of those is a totally different business model — running a technology business, running a provider organization, and running a payer."