Healthcare and sleep treatment specialist ResMed Inc. (CHESS) (ASX: RMD) pushed deeper into the digital healthcare space today after announcing the US$800 million ($1.1 billion) acquisition of US-based healthcare software giant Brightree.

ResMed has grown strongly as a market-leading specialist in developing and selling medical devices for the treatment of sleep apnea and now wants to expand as a leading tech-driven medial device company that offers customers back to front care electronic healthcare solutions.

The acquisition of Brightree as a leader in clinical software applications for the post acute-care industry is likely to provide a short cut for ResMed in achieving its digital technology goals, while remaining a market leader in the sleep treatment and home healthcare markets.

Brightree has been valued at 13.5x 2015 EBITDA including the anticipated future tax benefits to ResMed, or around 11x Brightree’s 2015 EBITDA of US$43 million excluding the tax benefits. ResMed expects the deal to be accretive to gross margins and non-GAAP earnings per share once it has been completed.

ResMed is a financially strong company, with around US$660 million in cash sitting on its balance sheet as at the end of 2015 and operating cash flows of US$147.4 million in the most recent quarter. This means the company is not overly-extending itself in executing what is a large acquisition as it looks to develop its electronic health growth strategy.

The chess depositary instruments ResMed issues on the ASX are down around 3.2% today, as the US dollar continues to fall on expectations the US Federal Reserve will delay any anticipated future cash rate hikes.

Regardless of the direction of the US dollar, ResMed remains an attractive growth stock that enjoys the tailwinds of the global healthcare industry.

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Motley Fool contributor Tom Richardson owns shares of ResMed Inc..

You can find Tom on Twitter @tommyr345

Unless otherwise noted, the author does not have a position in any stocks mentioned by the author in the comments below. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.