By AfterMath Claim Science, Inc.

closed 6/16/2014 via Market Wire

Health Systems International, acquired AfterMath Claim Science, Inc.

See 24 Comparable Transactions
synopsis: Equian completed the acquisition of AfterMath Claim Science, Inc. effective June 16, 2014. Based just outside of Chicago, IL, AfterMath Claim Science is a post-payment recovery services company that identifies and eliminates medical claim payment errors.
buyer parent: Great Point Partners
buyer: Health Systems International
Equian is a healthcare information services company focused on lowering the cost of care by eliminating waste. It provides pre-payment solutions, post-payment solutions, and data analytics methodology. "
 target: AfterMath Claim Science, Inc.
AfterMath Claim Science is a specialized overpayment recovery company, with data mining techniques aimed at specific claim types not detected by traditional claims overpayment services. Its Member Eligibility Overpayment (MEO) recovery program is the highest performing recovery program of its kind.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 1/21/2015 via Market Wire

Equian, acquired The Assist Group

See 24 Comparable Transactions
synopsis: Equian, a healthcare information services company, completed the acquisition of The Assist Group, a pre-payment technology and solutions company with extensive clinical and claim resolution processes that identify improper costs and yield significant savings to payers.
buyer parent: Great Point Partners
buyer: Equian
Equian is a healthcare information services company providing solutions throughout the United States -- and around the world -- that ensures each healthcare interaction is paid accurately, and at the lowest possible cost. "
 target: The Assist Group
Based in Lakewood, Colorado, The Assist Group ("TAG") is a pre-payment technology and solutions company with extensive clinical and claim resolution processes that identify improper costs and yield significant savings to payers.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 6/16/2014 via Market Wire

Health Systems International, acquired AfterMath Claim Science, Inc.

See 24 Comparable Transactions
synopsis: Equian completed the acquisition of AfterMath Claim Science, Inc. effective June 16, 2014. Based just outside of Chicago, IL, AfterMath Claim Science is a post-payment recovery services company that identifies and eliminates medical claim payment errors.
buyer parent: Great Point Partners
buyer: Health Systems International
Equian is a healthcare information services company focused on lowering the cost of care by eliminating waste. It provides pre-payment solutions, post-payment solutions, and data analytics methodology. "
 target: AfterMath Claim Science, Inc.
AfterMath Claim Science is a specialized overpayment recovery company, with data mining techniques aimed at specific claim types not detected by traditional claims overpayment services. Its Member Eligibility Overpayment (MEO) recovery program is the highest performing recovery program of its kind.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 6/27/2018 via PR Web

United Claim Solutions, acquired Zebu Compliance Solutions

See 27 Comparable Transactions
synopsis: United Claim Solutions (UCS), a Great Point Partners II portfolio company, has acquired Portsmouth, Ohio-based Zebu Compliance Solutions (Zebu), a software enabled business, providing payment integrity and ongoing credentialing solutions to payors, clearinghouses, and provider organizations across the United States.
buyer parent: Great Point Partners
buyer: United Claim Solutions
United Claim Solutions (UCS) is an innovative payment integrity solutions company providing cutting edge and customizable solutions for TPAs, self-insured groups, labor and trust organizations, stop-loss carriers and health plans. "
 target: Zebu Compliance Solutions
Zebu Compliance Solutions improves medical coding efficiency, reimbursement assurance, auditing toolsets, claim accuracy, and staff licensing/exclusion monitoring. Their clients reduce labor costs, increase revenue, and maintain audit-readiness.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 11/11/2020 via Company Press Release

New Mountain Capital, LLC, acquired Healthcomp

See 7 Comparable Transactions
synopsis: New Mountain Capital has acquired HealthComp Holding Company LLC, a leading independent Third Party Administrator of healthcare benefits for self-funded employers. New Mountain Capital’s experience in healthcare cost containment will allow HealthComp to leverage institutional knowledge to drive business building and increase value for customers.
buyer: New Mountain Capital, LLC
New Mountain Capital is a New York-based investment firm that emphasizes business building and growth, rather than debt, as it pursues long-term capital appreciation. The firm currently manages private equity, public equity, and credit funds with $28 billion in assets under management. "
 target: Healthcomp
HealthComp is the largest independent Third-Party Administrator (TPA) of healthcare benefits in the U.S. The Company offers best in class technology for healthcare benefits administration, payment integrity, and care management services to reduce costs and improve clinical outcomes.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
announced 5/6/2016 via PR Newswire

Hellman & Friedman LLC, will acquire MultiPlan, Inc.

See 38 Comparable Transactions
synopsis: MultiPlan, Inc., the industry's most comprehensive provider of healthcare cost management solutions, announced that affiliates of Hellman & Friedman have entered into an agreement to acquire control of the company from Starr Investment Holdings, LLC and Partners Group. MultiPlan is the nation's largest provider of transaction-based solutions.
buyer: Hellman & Friedman LLC
Hellman & Friedman is a leading private equity investment firm that focuses on investing in superior business franchises and serving as a value-added partner to management in select industries including software, internet & media, financial services, business & information services, and more. "
 target parent: Starr Investment Holdings, LLC
target: MultiPlan, Inc. (:$928.82)
MultiPlan, Inc. is the industry's most comprehensive provider of healthcare cost management solutions. The company provides a single gateway to a host of primary, complementary and out-of-network strategies for managing the financial risks associated with healthcare claims.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
cancelled 3/17/2015 via GlobeNewswire

Performant, cancelled an acquisition of Premier Healthcare Exchange, Inc.

See 38 Comparable Transactions
synopsis: Performant Financial Corporation announced that its merger agreement to acquire Premier Healthcare Exchange, Inc. ("PHX") has been terminated. Based in Bedminster, New Jersey, privately-held PHX is a leading provider of healthcare cost management solutions for more than 200 commercial health plans and third party administrators (TPAs).
buyer: Performant (PFMT:$215.66)
Performant helps government and commercial organizations enhance revenue and contain costs by preventing, identifying and recovering waste, improper payments and defaulted assets. Performant is a leading provider of these services in several industries, including healthcare, government and more. "
 target: Premier Healthcare Exchange, Inc.
Premier Healthcare Exchange (PHX) was incorporated in 2001. The company provides advanced cost management solutions for health plans that combine claim processing automation with professional services to deliver a timely, centralized approach to healthcare cost management.
price ($mm)
$130
rev ($mm)
$43
EBITDA ($mm)
EV / rev
3.0x
EV / EBITDA
closed 10/18/2013 via Market Wire

Health Systems International, acquired The Reclaim Group

See 38 Comparable Transactions
synopsis: Health Systems International completed the acquisition of The Reclaim Group. The agreement marks the ninth tuck-in acquisition Health Systems International has completed in a five year period. TRG is a medical post-payment recovery services company that partners with health insurers to identify and eliminate facility claim payment errors.
buyer parent: Great Point Partners
buyer: Health Systems International
Health Systems International provides medical cost management solutions to healthcare payors in multiple markets throughout the world. It connects clients to the lowest possible cost of care utilizing advanced technology, customized solutions, exclusive offerings, and personalized service. "
 target: The Reclaim Group
The Reclaim Group, based in Bethesda, Maryland, is a medical post-payment recovery services company that partners with health insurers to identify and eliminate facility claim payment errors and costly rework.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 5/4/2011 via PR Newswire

Emdeon, Inc., acquired EquiClaim, Inc.

See 38 Comparable Transactions
synopsis: Emdeon Inc., a leading provider of healthcare revenue and payment cycle management and clinical information exchange solutions, announced the acquisition of EquiClaim, a leading provider of healthcare audit and recovery services for commercial and government payers, from MultiPlan, Inc.
buyer: Emdeon, Inc.
Emdeon is a leading provider of revenue and payment cycle management and clinical information exchange solutions, connecting payers, providers and patients in the U.S. healthcare system. "
 target parent: MultiPlan, Inc.
target: EquiClaim, Inc.
EquiClaim delivers comprehensive cost management strategies to government and commercial payers in the healthcare industry through its suite of clinical review services.
price ($mm)
$41
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 11/21/2013 via Company Press Release

Moelis Capital Partners, acquired OmniSYS, LLC

See 36 Comparable Transactions
synopsis: OmniSYS, LLC, the leader in medical claims reimbursement and compliance services for pharmacies and medical equipment providers, announced that New York-based private equity firm Moelis Capital Partners (MCP) has acquired the company from CIC Partners, a private equity firm based in Dallas.
buyer parent: Moelis & Company
buyer: Moelis Capital Partners
Moelis Capital Partners is a middle market private equity firm. Moelis Capital Partners manages $700 million of committed private equity capital and specializes in traditional private equity investments in the middle market. "
 target parent: CIC Partners LP
target: OmniSYS, LLC
OmniSYS, LLC.is a provider of systems and services to pharmacies, health plans and other organizations that use healthcare claim processing services. They provide pharmacies with a suite of central-site service offerings that bridge disparate coding and billing methodologies.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 3/16/2012 via PE Hub

Mitchell International, Inc., acquired National Health Quest, Inc.

See 45 Comparable Transactions
synopsis: Mitchell, a leading provider of technology, connectivity and information solutions to the Property & Casualty (P&C) claims and Collision Repair industries, announced the acquisition of National Health Quest, Inc., a national best-in-class provider of negotiated out-of-network payment services.
buyer parent: Aurora Capital Group
buyer: Mitchell International, Inc.
Mitchell International, Inc. provides technology, connectivity, and information solutions to the property and casualty claims, and collision repair industries in North America. It offers workflow management solutions; and claims management solutions and processing software. "
 target: National Health Quest, Inc.
National Health Quest, Inc. (NHQ), a national best-in-class provider of negotiated out-of-network payment services. NHQ has been representing major national insurance carriers, employers, self-insured employers groups, TPA’s, consultants and brokers for over two decades.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 6/12/2013 via PR Newswire

Emdeon, Inc., acquired Goold Health Systems

See 121 Comparable Transactions
synopsis: Emdeon Inc., a leading provider of healthcare revenue and payment cycle management and clinical information exchange solutions, announced the acquisition of Goold Health Systems, a healthcare management organization that specializes in providing pharmacy benefit and related services primarily to State Medicaid agencies across the nation.
buyer parent: Blackstone Group LP
buyer: Emdeon, Inc.
Emdeon, Inc. is a leading provider of revenue and payment cycle management and clinical information exchange solutions, connecting payers, providers and patients in the U.S. healthcare system. "
 target: Goold Health Systems
Goold Health Systems (GHS) offers clinically driven, evidence-based pharmacy benefit services, clinical services, and secure data and storage services. Headquartered in Augusta, Maine, with offices in Iowa and Wyoming, GHS focuses almost exclusively on Medicaid and related programs.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
announced 10/27/2020 via BusinessWire

Teleperformance SA, will acquire Health Advocate, Inc

See 8 Comparable Transactions
synopsis: Teleperformance, a leading global group in digitally integrated business services, is to acquire Health Advocate from Intrado Corporation, a global leader in technology-enabled services and portfolio company of funds managed by affiliates of Apollo Global Management, Inc. Health Advocate, Inc. offers healthcare advocacy and assistance services.
buyer: Teleperformance SA (ENXTPA:TEP:$6,450.89)
Teleperformance is the worldwide leader in outsourced omnichannel customer experience management. They connect brands with their customers by providing customer care, technical support, customer acquisition, digital solutions, analytics, back-office and other specialized services. "
 target parent: Apollo Global Management
target: Health Advocate, Inc
Health Advocate, Inc. offers healthcare advocacy and assistance services. The company provides claims denials, healthcare bills, payment arrangements, and physicians, hospitals, and healthcare provider advisory and consulting services.
price ($mm)
$690
rev ($mm)
$140
EBITDA ($mm)
$50
EV / rev
4.9x
EV / EBITDA
13.8x
announced 12/21/2020 via GlobeNewswire

Gainwell Technologies, will acquire HMS

See 68 Comparable Transactions
synopsis: Veritas Capital-backed Gainwell Technologies, a leading provider of solutions that are vital to the administration and operations of health and human services programs, is to acquire HMS, an industry-leading technology, analytics and engagement solutions provider helping organizations reduce costs and improve health outcomes.
buyer parent: Veritas Capital
buyer: Gainwell Technologies
Gainwell Technologies is a leading provider of solutions that are vital to the administration and operations of health and human services programs. They offer services in Medicaid Management Information Systems, fiscal agent services, care management, immunization registry and eligibility services. "
 target: HMS (HMSY:$642.75)
HMS advances the healthcare system by helping payers reduce costs and improve health outcomes. HMS provides a broad range of coordination of benefits, payment integrity, population risk analytics, care management, and member engagement solutions that help move the healthcare system forward.
price ($mm)[EV]
$3,329 [$3,377]
rev ($mm)
$643
EBITDA ($mm)
$123
EV / rev
5.3x
EV / EBITDA
27.8x
closed 6/24/2015 via BusinessWire

Arcadia Solutions LLC, acquired Sage Technologies

See 9 Comparable Transactions
synopsis: Arcadia Healthcare Solutions, an Electronic Health Record data aggregation and analytics company, has acquired Sage Technologies. Sage provides managed services, ACO implementation and performs outsourced managed care, third party claims administration, financial leadership, data analytics, and improvement programs in the healthcare industry.
buyer: Arcadia Solutions LLC
Arcadia Healthcare Solutions is an EHR data aggregation and analytics technology company delivering managed care to ambulatory networks. Arcadia integrates data from EHR platforms, enriching them with claims and operational data, and using that data to drive improvements in patient care. "
 target: Sage Technologies
Sage Technologies provides technology-enabled services that allow large physician groups to enter into risk-based contracts with health plans, accountable care organizations, and other healthcare organizations that are seeking to enter into value-based care arrangements.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 8/1/2010 via BusinessWire

TriZetto Group, Inc., acquired Tela Sourcing, Inc.

See 3 Comparable Transactions
synopsis: The TriZetto Group, Inc. has announced it has completed its acquisition of privately held Tela Sourcing, Inc., a Baltimore-based business process outsourcing (BPO) services company that provides U.S. and India-based outsourcing capabilities to the healthcare industry.
buyer parent: Apax Partners
buyer: TriZetto Group, Inc.
TriZetto is Powering Integrated Healthcare Management™. The company provides premier information technology solutions that enable payers and other constituents in the healthcare supply chain to improve the coordination of benefits and care for healthcare consumers. "
 target: Tela Sourcing, Inc.
Tēla Sourcing is a privately-held company headquartered in Baltimore, Maryland. The domain expertise, experience and delivery expertise of Tēla offers a wide range of solutions for business process outsourcing (BPO) and software application development.
price ($mm)
$29
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
announced 4/2/2014 via Reuters

iHealth Technologies will be merged with Connolly, Inc.,

See 46 Comparable Transactions
synopsis: Buyout firm Advent International Corp's insurance payments auditing company Connolly LLC has agreed to merge with Goldman Sachs Group Inc's medical claims company iHealth Technologies Inc. iHealth provides analytics and services to contain medical and administration costs for more than 75 healthcare organizations, including insurance plans.
buyer parent: Advent International
buyer: Connolly, Inc. (COTV:$737.56)
Founded in 1979, Wilton, Connecticut-based Connolly is a privately held recovery auditing services firm. It reviews more than a trillion transactions each year, recovering $2 billion in overpayments in the healthcare and retail sectors, according to its website. "
 target parent: Goldman Sachs & Co.
target: iHealth Technologies
Founded in 2001, Atlanta, Georgia-based iHealth provides analytics and services to contain medical and administration costs for more than 75 healthcare organizations, including insurance plans.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 6/19/2012 via Market Wire

BancTec, Inc., purchased Claims Processing Business from GTESS

See 10 Comparable Transactions
synopsis: BancTec, a global leader in BPO for financial transaction automation and document management, announced that it has acquired certain assets of GTESS, a provider of claims pre-adjudication technology and services for the healthcare industry. The transaction will enable BancTec to strengthen and expand its healthcare claims processing services.
buyer: BancTec, Inc.
BancTec is a global leader in business process outsourcing, providing financial transaction automation and document management services for organizations seeking to drive efficiency in their financial and back-office processes. "
 seller parent: Tricom Infotech Solutions, Inc.
seller: GTESS
GTESS specializes in automation technologies that drive cost and process improvements in the front-end, or pre-adjudication, portion of healthcare claims processing. GTESS has enabled clients to achieve their goals for increased automation, speed and lower costs of claims processing.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 9/7/2010 via BusinessWire

HMS, acquired Chapman Kelly

See 3 Comparable Transactions
synopsis: HMS announced it has acquired privately-held Chapman Kelly. Based in the metropolitan Louisville, Kentucky area, Chapman Kelly provides dependent eligibility audits to large, self-insured employers, as well as plan and claims audits to both employers and managed care organizations.
buyer: HMS (HMSY:$642.75)
HMS is the nation's leader in coordination of benefits and program integrity services for healthcare payors. HMS's clients include health and human services programs, commercial programs, including commercial plans, employers, and over 100 Medicaid managed care plans. "
 target: Chapman Kelly
Chapman Kelly provides health care cost-containment services to organizations of all sizes and across multiple sectors. Organizations turn to Chapman Kelly to help lower their health care costs and increase compliance through health care claim audits, dependent audits and other related services.
price ($mm)
$13
rev ($mm)
$4
EBITDA ($mm)
EV / rev
3.3x
EV / EBITDA
announced 1/22/2021 via BusinessWire

MultiPlan, Inc., will acquire Discovery Health Partners

See 5 Comparable Transactions
synopsis: MultiPlan Corporation, a leading value-added provider of data analytics and technology-enabled end-to-end cost management solutions to the U.S. healthcare industry, is to acquire Discovery Health Partners, an analytics and technology company offering healthcare revenue and payment integrity services.
buyer: MultiPlan, Inc. (:$928.82)
MultiPlan, Inc. is the industry's most comprehensive provider of healthcare cost management solutions. The company provides a single gateway to a host of primary, complementary and out-of-network strategies for managing the financial risks associated with healthcare claims. "
 target parent: Carrick Capital Partners, LLC
target: Discovery Health Partners
Discovery Health Partners helps organizations reduce and contain healthcare spend through intelligent cost containment solutions. They are specialists in technology, services, and solutions for Subrogation, Coordination of Benefits, Dependent Eligibility Verification, and Healthcare Analytics.
price ($mm)
$155
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 8/9/2018 via PR Newswire

Carrick Capital Partners, LLC, acquired Discovery Health Partners

See 5 Comparable Transactions
synopsis: Carrick Capital Partners, an investment firm focused on technology-enabled services including Software announced the close of an additional significant investment in Discovery Health Partners. Discovery Health Partners helps organizations reduce and contain healthcare spend through intelligent cost containment solutions.
buyer: Carrick Capital Partners, LLC
Carrick Capital Partners is an investment firm that utilizes ABV (Approach to Building Value) to operationally scale fast growing businesses that provide software and technology-enabled services. "
 target parent: LaunchPoint
target: Discovery Health Partners
Discovery Health Partners helps organizations reduce and contain healthcare spend through intelligent cost containment solutions. They are specialists in technology, services, and solutions for Subrogation, Coordination of Benefits, Dependent Eligibility Verification, and Healthcare Analytics.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
Pages:  
closed 1/21/2015 via Market Wire

Equian, acquired The Assist Group

See 24 Comparable Transactions
synopsis: Equian, a healthcare information services company, completed the acquisition of The Assist Group, a pre-payment technology and solutions company with extensive clinical and claim resolution processes that identify improper costs and yield significant savings to payers.
buyer parent: Great Point Partners
buyer: Equian
Equian is a healthcare information services company providing solutions throughout the United States -- and around the world -- that ensures each healthcare interaction is paid accurately, and at the lowest possible cost. "
 target: The Assist Group
Based in Lakewood, Colorado, The Assist Group ("TAG") is a pre-payment technology and solutions company with extensive clinical and claim resolution processes that identify improper costs and yield significant savings to payers.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 6/16/2014 via Market Wire

Health Systems International, acquired AfterMath Claim Science, Inc.

See 24 Comparable Transactions
synopsis: Equian completed the acquisition of AfterMath Claim Science, Inc. effective June 16, 2014. Based just outside of Chicago, IL, AfterMath Claim Science is a post-payment recovery services company that identifies and eliminates medical claim payment errors.
buyer parent: Great Point Partners
buyer: Health Systems International
Equian is a healthcare information services company focused on lowering the cost of care by eliminating waste. It provides pre-payment solutions, post-payment solutions, and data analytics methodology. "
 target: AfterMath Claim Science, Inc.
AfterMath Claim Science is a specialized overpayment recovery company, with data mining techniques aimed at specific claim types not detected by traditional claims overpayment services. Its Member Eligibility Overpayment (MEO) recovery program is the highest performing recovery program of its kind.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 6/27/2018 via PR Web

United Claim Solutions, acquired Zebu Compliance Solutions

See 27 Comparable Transactions
synopsis: United Claim Solutions (UCS), a Great Point Partners II portfolio company, has acquired Portsmouth, Ohio-based Zebu Compliance Solutions (Zebu), a software enabled business, providing payment integrity and ongoing credentialing solutions to payors, clearinghouses, and provider organizations across the United States.
buyer parent: Great Point Partners
buyer: United Claim Solutions
United Claim Solutions (UCS) is an innovative payment integrity solutions company providing cutting edge and customizable solutions for TPAs, self-insured groups, labor and trust organizations, stop-loss carriers and health plans. "
 target: Zebu Compliance Solutions
Zebu Compliance Solutions improves medical coding efficiency, reimbursement assurance, auditing toolsets, claim accuracy, and staff licensing/exclusion monitoring. Their clients reduce labor costs, increase revenue, and maintain audit-readiness.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 11/11/2020 via Company Press Release

New Mountain Capital, LLC, acquired Healthcomp

See 7 Comparable Transactions
synopsis: New Mountain Capital has acquired HealthComp Holding Company LLC, a leading independent Third Party Administrator of healthcare benefits for self-funded employers. New Mountain Capital’s experience in healthcare cost containment will allow HealthComp to leverage institutional knowledge to drive business building and increase value for customers.
buyer: New Mountain Capital, LLC
New Mountain Capital is a New York-based investment firm that emphasizes business building and growth, rather than debt, as it pursues long-term capital appreciation. The firm currently manages private equity, public equity, and credit funds with $28 billion in assets under management. "
 target: Healthcomp
HealthComp is the largest independent Third-Party Administrator (TPA) of healthcare benefits in the U.S. The Company offers best in class technology for healthcare benefits administration, payment integrity, and care management services to reduce costs and improve clinical outcomes.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
announced 5/6/2016 via PR Newswire

Hellman & Friedman LLC, will acquire MultiPlan, Inc.

See 38 Comparable Transactions
synopsis: MultiPlan, Inc., the industry's most comprehensive provider of healthcare cost management solutions, announced that affiliates of Hellman & Friedman have entered into an agreement to acquire control of the company from Starr Investment Holdings, LLC and Partners Group. MultiPlan is the nation's largest provider of transaction-based solutions.
buyer: Hellman & Friedman LLC
Hellman & Friedman is a leading private equity investment firm that focuses on investing in superior business franchises and serving as a value-added partner to management in select industries including software, internet & media, financial services, business & information services, and more. "
 target parent: Starr Investment Holdings, LLC
target: MultiPlan, Inc. (:$928.82)
MultiPlan, Inc. is the industry's most comprehensive provider of healthcare cost management solutions. The company provides a single gateway to a host of primary, complementary and out-of-network strategies for managing the financial risks associated with healthcare claims.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
cancelled 3/17/2015 via GlobeNewswire

Performant, cancelled an acquisition of Premier Healthcare Exchange, Inc.

See 38 Comparable Transactions
synopsis: Performant Financial Corporation announced that its merger agreement to acquire Premier Healthcare Exchange, Inc. ("PHX") has been terminated. Based in Bedminster, New Jersey, privately-held PHX is a leading provider of healthcare cost management solutions for more than 200 commercial health plans and third party administrators (TPAs).
buyer: Performant (PFMT:$215.66)
Performant helps government and commercial organizations enhance revenue and contain costs by preventing, identifying and recovering waste, improper payments and defaulted assets. Performant is a leading provider of these services in several industries, including healthcare, government and more. "
 target: Premier Healthcare Exchange, Inc.
Premier Healthcare Exchange (PHX) was incorporated in 2001. The company provides advanced cost management solutions for health plans that combine claim processing automation with professional services to deliver a timely, centralized approach to healthcare cost management.
price ($mm)
$130
rev ($mm)
$43
EBITDA ($mm)
EV / rev
3.0x
EV / EBITDA
closed 10/18/2013 via Market Wire

Health Systems International, acquired The Reclaim Group

See 38 Comparable Transactions
synopsis: Health Systems International completed the acquisition of The Reclaim Group. The agreement marks the ninth tuck-in acquisition Health Systems International has completed in a five year period. TRG is a medical post-payment recovery services company that partners with health insurers to identify and eliminate facility claim payment errors.
buyer parent: Great Point Partners
buyer: Health Systems International
Health Systems International provides medical cost management solutions to healthcare payors in multiple markets throughout the world. It connects clients to the lowest possible cost of care utilizing advanced technology, customized solutions, exclusive offerings, and personalized service. "
 target: The Reclaim Group
The Reclaim Group, based in Bethesda, Maryland, is a medical post-payment recovery services company that partners with health insurers to identify and eliminate facility claim payment errors and costly rework.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 5/4/2011 via PR Newswire

Emdeon, Inc., acquired EquiClaim, Inc.

See 38 Comparable Transactions
synopsis: Emdeon Inc., a leading provider of healthcare revenue and payment cycle management and clinical information exchange solutions, announced the acquisition of EquiClaim, a leading provider of healthcare audit and recovery services for commercial and government payers, from MultiPlan, Inc.
buyer: Emdeon, Inc.
Emdeon is a leading provider of revenue and payment cycle management and clinical information exchange solutions, connecting payers, providers and patients in the U.S. healthcare system. "
 target parent: MultiPlan, Inc.
target: EquiClaim, Inc.
EquiClaim delivers comprehensive cost management strategies to government and commercial payers in the healthcare industry through its suite of clinical review services.
price ($mm)
$41
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 11/21/2013 via Company Press Release

Moelis Capital Partners, acquired OmniSYS, LLC

See 36 Comparable Transactions
synopsis: OmniSYS, LLC, the leader in medical claims reimbursement and compliance services for pharmacies and medical equipment providers, announced that New York-based private equity firm Moelis Capital Partners (MCP) has acquired the company from CIC Partners, a private equity firm based in Dallas.
buyer parent: Moelis & Company
buyer: Moelis Capital Partners
Moelis Capital Partners is a middle market private equity firm. Moelis Capital Partners manages $700 million of committed private equity capital and specializes in traditional private equity investments in the middle market. "
 target parent: CIC Partners LP
target: OmniSYS, LLC
OmniSYS, LLC.is a provider of systems and services to pharmacies, health plans and other organizations that use healthcare claim processing services. They provide pharmacies with a suite of central-site service offerings that bridge disparate coding and billing methodologies.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 3/16/2012 via PE Hub

Mitchell International, Inc., acquired National Health Quest, Inc.

See 45 Comparable Transactions
synopsis: Mitchell, a leading provider of technology, connectivity and information solutions to the Property & Casualty (P&C) claims and Collision Repair industries, announced the acquisition of National Health Quest, Inc., a national best-in-class provider of negotiated out-of-network payment services.
buyer parent: Aurora Capital Group
buyer: Mitchell International, Inc.
Mitchell International, Inc. provides technology, connectivity, and information solutions to the property and casualty claims, and collision repair industries in North America. It offers workflow management solutions; and claims management solutions and processing software. "
 target: National Health Quest, Inc.
National Health Quest, Inc. (NHQ), a national best-in-class provider of negotiated out-of-network payment services. NHQ has been representing major national insurance carriers, employers, self-insured employers groups, TPA’s, consultants and brokers for over two decades.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 6/12/2013 via PR Newswire

Emdeon, Inc., acquired Goold Health Systems

See 121 Comparable Transactions
synopsis: Emdeon Inc., a leading provider of healthcare revenue and payment cycle management and clinical information exchange solutions, announced the acquisition of Goold Health Systems, a healthcare management organization that specializes in providing pharmacy benefit and related services primarily to State Medicaid agencies across the nation.
buyer parent: Blackstone Group LP
buyer: Emdeon, Inc.
Emdeon, Inc. is a leading provider of revenue and payment cycle management and clinical information exchange solutions, connecting payers, providers and patients in the U.S. healthcare system. "
 target: Goold Health Systems
Goold Health Systems (GHS) offers clinically driven, evidence-based pharmacy benefit services, clinical services, and secure data and storage services. Headquartered in Augusta, Maine, with offices in Iowa and Wyoming, GHS focuses almost exclusively on Medicaid and related programs.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
announced 10/27/2020 via BusinessWire

Teleperformance SA, will acquire Health Advocate, Inc

See 8 Comparable Transactions
synopsis: Teleperformance, a leading global group in digitally integrated business services, is to acquire Health Advocate from Intrado Corporation, a global leader in technology-enabled services and portfolio company of funds managed by affiliates of Apollo Global Management, Inc. Health Advocate, Inc. offers healthcare advocacy and assistance services.
buyer: Teleperformance SA (ENXTPA:TEP:$6,450.89)
Teleperformance is the worldwide leader in outsourced omnichannel customer experience management. They connect brands with their customers by providing customer care, technical support, customer acquisition, digital solutions, analytics, back-office and other specialized services. "
 target parent: Apollo Global Management
target: Health Advocate, Inc
Health Advocate, Inc. offers healthcare advocacy and assistance services. The company provides claims denials, healthcare bills, payment arrangements, and physicians, hospitals, and healthcare provider advisory and consulting services.
price ($mm)
$690
rev ($mm)
$140
EBITDA ($mm)
$50
EV / rev
4.9x
EV / EBITDA
13.8x
announced 12/21/2020 via GlobeNewswire

Gainwell Technologies, will acquire HMS

See 68 Comparable Transactions
synopsis: Veritas Capital-backed Gainwell Technologies, a leading provider of solutions that are vital to the administration and operations of health and human services programs, is to acquire HMS, an industry-leading technology, analytics and engagement solutions provider helping organizations reduce costs and improve health outcomes.
buyer parent: Veritas Capital
buyer: Gainwell Technologies
Gainwell Technologies is a leading provider of solutions that are vital to the administration and operations of health and human services programs. They offer services in Medicaid Management Information Systems, fiscal agent services, care management, immunization registry and eligibility services. "
 target: HMS (HMSY:$642.75)
HMS advances the healthcare system by helping payers reduce costs and improve health outcomes. HMS provides a broad range of coordination of benefits, payment integrity, population risk analytics, care management, and member engagement solutions that help move the healthcare system forward.
price ($mm)[EV]
$3,329 [$3,377]
rev ($mm)
$643
EBITDA ($mm)
$123
EV / rev
5.3x
EV / EBITDA
27.8x
closed 6/24/2015 via BusinessWire

Arcadia Solutions LLC, acquired Sage Technologies

See 9 Comparable Transactions
synopsis: Arcadia Healthcare Solutions, an Electronic Health Record data aggregation and analytics company, has acquired Sage Technologies. Sage provides managed services, ACO implementation and performs outsourced managed care, third party claims administration, financial leadership, data analytics, and improvement programs in the healthcare industry.
buyer: Arcadia Solutions LLC
Arcadia Healthcare Solutions is an EHR data aggregation and analytics technology company delivering managed care to ambulatory networks. Arcadia integrates data from EHR platforms, enriching them with claims and operational data, and using that data to drive improvements in patient care. "
 target: Sage Technologies
Sage Technologies provides technology-enabled services that allow large physician groups to enter into risk-based contracts with health plans, accountable care organizations, and other healthcare organizations that are seeking to enter into value-based care arrangements.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 8/1/2010 via BusinessWire

TriZetto Group, Inc., acquired Tela Sourcing, Inc.

See 3 Comparable Transactions
synopsis: The TriZetto Group, Inc. has announced it has completed its acquisition of privately held Tela Sourcing, Inc., a Baltimore-based business process outsourcing (BPO) services company that provides U.S. and India-based outsourcing capabilities to the healthcare industry.
buyer parent: Apax Partners
buyer: TriZetto Group, Inc.
TriZetto is Powering Integrated Healthcare Management™. The company provides premier information technology solutions that enable payers and other constituents in the healthcare supply chain to improve the coordination of benefits and care for healthcare consumers. "
 target: Tela Sourcing, Inc.
Tēla Sourcing is a privately-held company headquartered in Baltimore, Maryland. The domain expertise, experience and delivery expertise of Tēla offers a wide range of solutions for business process outsourcing (BPO) and software application development.
price ($mm)
$29
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
announced 4/2/2014 via Reuters

iHealth Technologies will be merged with Connolly, Inc.,

See 46 Comparable Transactions
synopsis: Buyout firm Advent International Corp's insurance payments auditing company Connolly LLC has agreed to merge with Goldman Sachs Group Inc's medical claims company iHealth Technologies Inc. iHealth provides analytics and services to contain medical and administration costs for more than 75 healthcare organizations, including insurance plans.
buyer parent: Advent International
buyer: Connolly, Inc. (COTV:$737.56)
Founded in 1979, Wilton, Connecticut-based Connolly is a privately held recovery auditing services firm. It reviews more than a trillion transactions each year, recovering $2 billion in overpayments in the healthcare and retail sectors, according to its website. "
 target parent: Goldman Sachs & Co.
target: iHealth Technologies
Founded in 2001, Atlanta, Georgia-based iHealth provides analytics and services to contain medical and administration costs for more than 75 healthcare organizations, including insurance plans.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 6/19/2012 via Market Wire

BancTec, Inc., purchased Claims Processing Business from GTESS

See 10 Comparable Transactions
synopsis: BancTec, a global leader in BPO for financial transaction automation and document management, announced that it has acquired certain assets of GTESS, a provider of claims pre-adjudication technology and services for the healthcare industry. The transaction will enable BancTec to strengthen and expand its healthcare claims processing services.
buyer: BancTec, Inc.
BancTec is a global leader in business process outsourcing, providing financial transaction automation and document management services for organizations seeking to drive efficiency in their financial and back-office processes. "
 seller parent: Tricom Infotech Solutions, Inc.
seller: GTESS
GTESS specializes in automation technologies that drive cost and process improvements in the front-end, or pre-adjudication, portion of healthcare claims processing. GTESS has enabled clients to achieve their goals for increased automation, speed and lower costs of claims processing.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 9/7/2010 via BusinessWire

HMS, acquired Chapman Kelly

See 3 Comparable Transactions
synopsis: HMS announced it has acquired privately-held Chapman Kelly. Based in the metropolitan Louisville, Kentucky area, Chapman Kelly provides dependent eligibility audits to large, self-insured employers, as well as plan and claims audits to both employers and managed care organizations.
buyer: HMS (HMSY:$642.75)
HMS is the nation's leader in coordination of benefits and program integrity services for healthcare payors. HMS's clients include health and human services programs, commercial programs, including commercial plans, employers, and over 100 Medicaid managed care plans. "
 target: Chapman Kelly
Chapman Kelly provides health care cost-containment services to organizations of all sizes and across multiple sectors. Organizations turn to Chapman Kelly to help lower their health care costs and increase compliance through health care claim audits, dependent audits and other related services.
price ($mm)
$13
rev ($mm)
$4
EBITDA ($mm)
EV / rev
3.3x
EV / EBITDA
announced 1/22/2021 via BusinessWire

MultiPlan, Inc., will acquire Discovery Health Partners

See 5 Comparable Transactions
synopsis: MultiPlan Corporation, a leading value-added provider of data analytics and technology-enabled end-to-end cost management solutions to the U.S. healthcare industry, is to acquire Discovery Health Partners, an analytics and technology company offering healthcare revenue and payment integrity services.
buyer: MultiPlan, Inc. (:$928.82)
MultiPlan, Inc. is the industry's most comprehensive provider of healthcare cost management solutions. The company provides a single gateway to a host of primary, complementary and out-of-network strategies for managing the financial risks associated with healthcare claims. "
 target parent: Carrick Capital Partners, LLC
target: Discovery Health Partners
Discovery Health Partners helps organizations reduce and contain healthcare spend through intelligent cost containment solutions. They are specialists in technology, services, and solutions for Subrogation, Coordination of Benefits, Dependent Eligibility Verification, and Healthcare Analytics.
price ($mm)
$155
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 8/9/2018 via PR Newswire

Carrick Capital Partners, LLC, acquired Discovery Health Partners

See 5 Comparable Transactions
synopsis: Carrick Capital Partners, an investment firm focused on technology-enabled services including Software announced the close of an additional significant investment in Discovery Health Partners. Discovery Health Partners helps organizations reduce and contain healthcare spend through intelligent cost containment solutions.
buyer: Carrick Capital Partners, LLC
Carrick Capital Partners is an investment firm that utilizes ABV (Approach to Building Value) to operationally scale fast growing businesses that provide software and technology-enabled services. "
 target parent: LaunchPoint
target: Discovery Health Partners
Discovery Health Partners helps organizations reduce and contain healthcare spend through intelligent cost containment solutions. They are specialists in technology, services, and solutions for Subrogation, Coordination of Benefits, Dependent Eligibility Verification, and Healthcare Analytics.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
Pages:  

By AfterMath Claim Science, Inc.


read more

AfterMath Claim Science, Inc.

read more

The Assist Group

AfterMath Claim Science, Inc.

Zebu Compliance Solutions

Healthcomp

MultiPlan, Inc.

Premier Healthcare Exchange, Inc.

The Reclaim Group

EquiClaim, Inc.

OmniSYS, LLC

National Health Quest, Inc.

Goold Health Systems

Health Advocate, Inc

HMS

Sage Technologies

Tela Sourcing, Inc.

iHealth Technologies

GTESS

Chapman Kelly

Discovery Health Partners

Discovery Health Partners

Pages:  
read more

The Assist Group

AfterMath Claim Science, Inc.

Zebu Compliance Solutions

Healthcomp

MultiPlan, Inc.

Premier Healthcare Exchange, Inc.

The Reclaim Group

EquiClaim, Inc.

OmniSYS, LLC

National Health Quest, Inc.

Goold Health Systems

Health Advocate, Inc

HMS

Sage Technologies

Tela Sourcing, Inc.

iHealth Technologies

GTESS

Chapman Kelly

Discovery Health Partners

Discovery Health Partners

Pages:  
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