Minneapolis-based software company MatrixCare will be acquired by San Diego-based ResMed for $750 million, the companies announced Monday.

The transaction is expected to close by the end of the year, which ResMed considers to be the end of its 2019 second quarter.

ResMed said that the senior living and long-term care markets served by MatrixCare are complementary to the home medical equipment, home health and hospice markets already served by ResMed’s software-as-a-service products.

“With our portfolio, including Brightree, HEALTHCAREfirst and MatrixCare, we will streamline transitions of care, creating better outcomes for patients, caregivers, and out-of-hospital healthcare providers,” ResMed CEO Michael “Mick” Farrell said in a statement.

When the transaction is complete, MatrixCare will continue to operate as a stand-alone business within ResMed’s SaaS portfolio, with commercial, technical and operating links to ResMed and Brightree. The companies said they expect no immediate changes to management, locations or business processes. MatrixCare CEO John Damgaard will continue in his current role, reporting to ResMed SaaS President Raj Sodhi.

“Out-of-hospital care today is incredibly fragmented, with those struggling to navigate across care settings, and providers often unable to assist,” Damgaard said in a statement. “Like MatrixCare, ResMed’s software solutions smooth the path to faster, better care and a smarter way for clinicians to do business. The entire MatrixCare team and I look forward to joining forces with them.”