Hyland Software Inc., a U.S. developer of content services platform software (CSP), plans to acquire OneContent, a carve-out from Allscripts Healthcare Solutions Inc., for about $250 million. Pro forma for the transaction, the company's adjusted leverage will be in the low 7x area. We are revising our outlook on Hyland to negative from stable and affirming the 'B' corporate credit rating. The negative outlook reflects Hyland's more recent aggressive financial policy of debt-funded acquisitions, performance risks, and limited ratings cushion at the current revenue trajectory; we estimate that on a combined basis, 2017 revenues declined by 2% from the prior year. On March 5, 2018, S&P Global Ratings revised its outlook on Westlake, Ohio-based Hyland Software Inc. to negative from
