Like Change Healthcare Corporation

announced 1/7/2021 via BusinessWire

Change Healthcare Corporation will be merged with Optum,

synopsis: Optum, a diversified health services company, and Change Healthcare, a health care technology leader, are to merge. Change Healthcare will join with OptumInsight to provide software and data analytics, technology-enabled services and research, advisory and revenue cycle management offerings to help make health care work better for everyone.
buyer parent: UnitedHealth Group
buyer: Optum
Optum is a health services and innovation company on a mission to help make the health system work better for everyone. They combine data and analytics with technology and expertise to power modern health care. "
target: Change Healthcare Corporation (CHNG:$1,646.91)
Change Healthcare is a leading independent healthcare technology company that provides data and analytics-driven solutions to improve clinical, financial and patient engagement outcomes in the U.S. healthcare system.
price ($mm)[EV]
$8,616 [$13,440]
rev ($mm)
$2,432
EBITDA ($mm)
EV / rev
5.6x
EV / EBITDA
announced 6/28/2016 via BusinessWire

Change Healthcare Corporation will be merged with McKesson Corporation,

synopsis: McKesson Corporation, a leading global healthcare services and information technology company, and Change Healthcare Holdings, Inc., a leading provider of software and analytics, network solutions and technology-enabled services, announced the creation of a new healthcare information technology company.
buyer: McKesson Corporation (MCK:$214,319.00)
McKesson Corporation is a healthcare services and information technology company dedicated to making the business of healthcare run better. McKesson partners with payers, hospitals, physician offices, pharmacies, pharmaceutical companies and others across the spectrum of care. "
target parent: Blackstone Group LP
target: Change Healthcare Corporation (CHNG:$1,646.91)
Change Healthcare is a leading provider of software and analytics, network solutions and technology-enabled services that optimize communications, payments and actionable insights designed to enable smarter healthcare.
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closed 12/8/2014 via BusinessWire

Emdeon, Inc., acquired Change Healthcare Corporation

synopsis: Emdeon Inc. announced it has acquired Change Healthcare, a market leader in healthcare consumer engagement and transparency. Change Healthcare is a premier national provider of healthcare consumer engagement and transparency solutions.
buyer parent: Blackstone Group LP
buyer: Emdeon, Inc.
Emdeon is a leading provider of revenue and payment cycle management and clinical information exchange solutions, connecting payers, providers, pharmacies and patients in the U.S. healthcare system. "
target: Change Healthcare Corporation (CHNG:$1,646.91)
Change Healthcare is a premier national provider of healthcare consumer engagement and transparency solutions, enabling consumers to: better understand and utilize their healthcare benefits; make informed healthcare purchasing decisions based on quality, cost and convenience; and realize savings.
price ($mm)
$135
rev ($mm)
EBITDA ($mm)
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closed 1/5/2012 via Company Press Release

Frontier Capital, acquired Healthx, Inc.

synopsis: Frontier Capital is pleased to announce that it has partnered with existing management to complete a majority recapitalization of Healthx, Inc., a leading provider of online healthcare portals to health insurers, medical providers, and employers.
buyer: Frontier Capital
Frontier Capital is a Charlotte-based growth equity firm focused exclusively on technology enabled business services. Frontier partners with management teams that can benefit from capital to accelerate growth, fund acquisitions, or generate shareholder liquidity. "
target parent: Liberty Partners
target: Healthx, Inc.
Healthx develops and manages the most widely adopted portals and applications for the healthcare and human resources markets. Healthx was formed to meet the unique communication needs of the healthcare industry by helping payers and employers deliver benefits faster and at a lower cost.
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closed 11/1/2016 via Company Press Release

Evolent Health, acquired Aldera

synopsis: Evolent Health, Inc. completed an acquisition of all of Aldera Holdings, Inc.’s business. Aldera, which is based in Lisle, IL, provides back-end benefit administration and claims management processing for several healthcare companies.
buyer: Evolent Health (EVH:$212.24)
Evolent Health partners with leading health systems to drive value-based care transformation. By providing clinical, analytical and financial capabilities, Evolent helps physicians and health systems achieve superior quality and cost results. "
target: Aldera
Aldera Holdings, Inc., provides healthcare payers with a flexible, rules-based and functionally rich payer platform that helps them improve administrative efficiencies and innovate for tomorrow’s healthcare.
price ($mm)
$34
rev ($mm)
EBITDA ($mm)
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closed 6/12/2019 via PE Hub

LLR Partners, acquired CareATC, Inc.

synopsis: LLR Partners, a middle market private equity firm committed to creating long-term value by growing its portfolio companies, has acquired CareATC, a leading innovator in the employer-sponsored healthcare marketplace. CareATC offers customized population health management solutions for employers that reduce healthcare costs.
buyer: LLR Partners
LLR Partners is a middle market private equity firm committed to creating long-term value by growing its portfolio companies. LLR invests in several industries, including Education, FinTech, Healthcare, Industrial Tech, Software and Security, with a focus on technology and services businesses. "
target: CareATC, Inc.
CareATC, Inc. is a leading innovator in the employer-sponsored healthcare marketplace. CareATC offers customized population health management solutions for employers that reduce healthcare costs by promoting health, preventing disease and providing a shorter path to care.
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closed 4/3/2018 via BusinessWire

Hinduja Global Solutions, acquired AxisPoint Health

synopsis: Hinduja Global Solutions Limited has announced that its subsidiary, HGS Population Health LLC, USA, has acquired AxisPoint Health, a leading population health management company. AxisPoint leverages predictive analytics, case management programs, and consumer engagement technology to guide the care experience.
buyer parent: Hinduja Group
buyer: Hinduja Global Solutions (BSE:532859:$582.43)
Hinduja Global Solutions (HGS) is a global leader in business process management and optimizing the customer experience lifecycle. HGS combines automation, analytics and digital with domain expertise focusing on back office processing and HRO solutions to deliver transformational impact to clients. "
target: AxisPoint Health
AxisPoint Health is a population health management company that combines innovative technology with care management services to reduce costs and boost consumer satisfaction. They leverage predictive analytics, case management programs, and consumer engagement technology to guide the care experience.
price ($mm)
$14
rev ($mm)
$60
EBITDA ($mm)
EV / rev
0.2x
EV / EBITDA
closed 10/21/2015 via BusinessWire

PatientSafe Solutions, acquired Vree Health LLC

synopsis: PatientSafe Solutions, a leader in connected workflow and care coordination solutions for healthcare, announced it has acquired all assets of Vree Health, a wholly owned subsidiary of Merck and a provider of service-enabled care coordination technology designed to influence positive behavioral change and enhance the patient experience.
buyer parent: Camden Partners Holdings, LLC
buyer: PatientSafe Solutions
PatientSafe Solutions is leading in connected workflow and care coordination solutions for healthcare. PatientSafe Solutions is committed to the care delivery throughout the patient experience, from the hospital, to the home, to the human, to deliver measurable safety and quality improvements. "
target parent: Merck & Co., Inc.
target: Vree Health LLC
Vree Health operates within the Healthcare Services and Solutions business. Healthcare Services and Solutions is organized and managed independently from the traditional pharmaceutical business and is focused on improving the value of care delivered to patients through services and solutions.
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closed 2/4/2013 via Company Press Release

Telefonica Digital, acquired AxisMed

synopsis: Telefónica Digital has acquired a controlling stake in Axismed, Brazil’s largest chronic care management company. The deal will enable Telefónica Group to accelerate the development of a complete end-to-end service proposition in the fast growing Brazilian e-health market.
buyer parent: Telefonica S.A.
buyer: Telefonica Digital
Telefónica Digital's mission is to seize the opportunities within the digital world and deliver new growth for Telefónica through research & development, venture capital, global partnerships and digital services such as cloud computing, mobile advertising, M2M and eHealth. "
target: AxisMed
AxisMed is the largest chronic care management provider in Brazil. AxisMed’s services have been used to monitor more than 180,000 patients across the country using a proprietary system that was based on advanced clinical guidelines.
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closed 2/2/2020 via Company Press Release

Frazier Healthcare Partners, The Edgewater Funds, acquired MedData, Inc.

synopsis: The Edgewater Funds and growth capital firm Frazier Healthcare Partners completed the acquisition of revenue cycle management services company MedData from parent company, MEDNAX, Inc. MedData is a national provider of technology-enabled revenue cycle management solutions for hospitals, health systems and healthcare providers.
buyer: The Edgewater Funds
buyer: Frazier Healthcare Partners
The Edgewater Funds is a Chicago-based private equity firm with $2.6 billion in committed capital. Through Edgewater Growth Capital Partners, they partner with management to help accelerate growth in their businesses. Frazier Healthcare Partners is a growth capital firm in the healthcare industry. "
target parent: MEDNAX, Inc.
target: MedData, Inc.
MedData is a national provider of technology-enabled revenue cycle management solutions for hospitals, health systems and healthcare providers. MedData provides eligibility and enrollment services, complex AR services, patient responsibility services, billing and coding.
price ($mm)
$250
rev ($mm)
EBITDA ($mm)
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closed 8/13/2015 via PR Newswire

Emdeon, Inc., acquired Altegra Health

synopsis: Emdeon Inc. announced that it has closed its previously announced acquisition of Altegra Health, a national provider of technology and intervention platforms that combine data aggregation and analytics with unique member engagement and reporting capabilities to achieve actionable insights and improved management for value-based healthcare.
buyer parent: Blackstone Group LP
buyer: Emdeon, Inc.
Emdeon provides software and analytics, network solutions and technology-enabled services that optimize communications, payments and insights by leveraging its healthcare platform, which includes one of the largest financial and administrative networks in the United States healthcare system. "
target parent: Parthenon Capital Partners
target: Altegra Health
Altegra Health is a national provider of technology-enabled, next generation payment solutions that enable health plans and other risk-bearing healthcare providers to generate, analyze and submit the data needed to successfully manage member care and ensure appropriate reimbursement.
price ($mm)
$910
rev ($mm)
$193
EBITDA ($mm)
EV / rev
4.7x
EV / EBITDA
closed 8/16/2010 via PE Hub

Parthenon Capital, acquired The Coding Source

synopsis: The Coding Source LLC, a leading provider of clinical coding, audit and compliances services to health plans and healthcare providers, announced the completion of a growth investment by Parthenon Capital Partners, a growth oriented private equity firm with offices in Boston and San Francisco.
buyer: Parthenon Capital
Parthenon Capital Partners is a leading mid-market private equity firm that utilizes niche industry expertise and a deep execution team to invest in growth companies in service industries. Parthenon seeks to be an active and aligned partner to management. "
target: The Coding Source
The Coding Source, a leader in medical coding and education, provides outsourced coding, physician and staff coding training, compliance program development and Medicare risk adjustment services to health plans, providers and hospitals.
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closed 10/12/2017 via PR Newswire

UPMC WorkPartners, acquired HCMS Group LLC

synopsis: UPMC WorkPartners, a leading provider of integrated health and productivity solutions, has acquired HCMS Group, a privately-held health information service company. HCMS Group offers cloud-based solutions that provide essential health information for better decision-making.
buyer parent: UPMC
buyer: UPMC WorkPartners
UPMC WorkPartners provides health and productivity solutions to high-performing companies throughout the US. Their product portfolio includes tailored health management and wellness offerings, employee assistance programs, workers' compensation coverage, employee health services, and more. "
target: HCMS Group LLC
HCMS Group is an independent health information service company providing cloud-based solutions to self-insured employers, health & disability insurance plans, health service providers, and health benefits consultants. They provide the health information essential for better decision-making.
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closed 7/8/2020 via BNC Analysis

IngenioRx, acquired Zipdrug, Inc.

synopsis: Anthem’s pharmacy benefit manager, IngenioRx, has acquired Zipdrug, a healthcare company that facilitates in-home drug delivery and helps health plans track medication adherence. The acquisition gives IngenioRx access to Zipdrug’s services and the ability to sell them to health plans as part of its offering or as a standalone pharmacy service.
buyer parent: Anthem, Inc.
buyer: IngenioRx
IngenioRx provides pharmacy benefit management services to payers, including affiliates of Anthem, Inc. The company offers a whole health approach that helps drive better outcomes and lowers member, employer, and plan costs. "
target: Zipdrug, Inc.
ZipDrug is a data-driven healthcare company bringing better outcomes to patients and payers and increased revenue and reputation to partner pharmacies. ZipDrug simplifies the pharmacy experience by connecting patients to pharmacies and delivering lower cost prescriptions directly to their door.
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closed 12/15/2016 via BNC Analysis

Origami Risk, acquired Claimwire

synopsis: Origami Risk has acquired Kaysville, Utah-based Claimwire, a provider of automated workers’ compensation forms, compliance resources and regulatory information to the insurance industry.
buyer: Origami Risk
The Origami Risk risk management, claims management and policy management platform was designed by industry veterans committed to helping clients streamline the collection, analysis and reporting of risk, insurance and claims information. "
target: Claimwire
Claimwire provides consulting and software services for the workers’ compensation, risk and insurance industries.
price ($mm)
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announced 5/7/2014 via Company Press Release

Xerox Corporation, will acquire ISG Services, LLC

synopsis: Xerox announced a definitive agreement to acquire ISG Holdings, Inc. for $225 million. ISG's StrataCare provides comprehensive web-based medical bill review software, workflow and outsourcing solutions. Their Bunch CareSolutions provides medical management solutions with real-time integration between medical bill review and nurse case management.
buyer: Xerox Corporation (XRX:$10,610.00)
Xerox Corporation is the world’s leading enterprise for business process and document management. Its technology, expertise and services enable workplaces to simplify the way work gets done so they operate more effectively and focus more on what matters most: their real business. "
target: ISG Services, LLC
Operating as the nation’s leading healthcare technology company, ISG Services, offers a suite of software and services that enable highly targeted data-driven interventions to achieve meaningful impact on outcomes and financial performance.
price ($mm)
$225
rev ($mm)
EBITDA ($mm)
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closed 1/2/2013 via PR Newswire

Perceptive Software, Inc., acquired Acuo Technologies, LLC

synopsis: Lexmark International, Inc. announced the acquisition of Acuo Technologies, LLC, a recognized leader in high performance software and services for clinical content management, data migration and vendor neutral archives. Acuo Technologies will become a part of Perceptive Software, a Lexmark company.
buyer parent: Lexmark International, Inc.
buyer: Perceptive Software, Inc.
Perceptive Software, Inc. is a leading provider of enterprise content management software that helps organizations easily manage the entire lifecycle of their documents and content, simplifying their business processes, and fueling greater operational efficiency. "
target: Acuo Technologies, LLC
Acuo Technologies, with headquarters in Minneapolis, MN, was founded in 2000 with the objective of developing the first enterprise-wide collaborative Universal Clinical Platform (UCP) solution for medical image content, both DICOM and Non-DICOM.
price ($mm)[EV]
$45 [$42]
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 4/2/2012 via PR Newswire

Alere Inc., acquired eScreen, Inc

synopsis: Alere, Inc., a global leader in enabling individuals to take charge of their health through the merger of rapid diagnostics and health management, has purchased eScreen, Inc., a leading technology firm that specializes in toxicology screening and employee health products and services.
buyer: Alere Inc. (ALR:$2,818.83)
Alere enables individuals to take charge of improving their health and quality of life at home. Alere's global leading products and services, as well as its product development efforts, focus on cardiology, women's health, infectious disease, oncology and toxicology. "
target parent: Carlyle Group
target: eScreen, Inc
eScreen, Inc. is a technology firm that specializes in toxicology screening and employee health products and services. It deploys an automated platform and FDA-cleared reader for the collection, provision, management and reporting of regulated and non-regulated urine drug screens.
price ($mm)
$270
rev ($mm)
$120
EBITDA ($mm)
EV / rev
2.8x
EV / EBITDA
closed 2/19/2020 via PR Newswire

Novo Benefits, LLC, acquired Allay Inc.

synopsis: Novo Benefits, a leader in self-funded insurance, has acquired Allay, a technology platform that makes it easy for benefit consultants to model and quote self-funded health plans. The platform will be renamed Novo Connection to better integrate with Novo's existing portfolio of products.
buyer: Novo Benefits, LLC
Novo Benefits builds custom self-funded health insurance programs to help its customers maximize benefit offerings while containing costs. Novo Benefits champions industry innovators who are challenging the industry to bring change to healthcare. "
target: Allay Inc.
Allay is a technology platform that makes it easy for benefit consultants to model and quote self-funded health plans. The company's online platform lets consultants model self-funding strategies, understand a group’s risk, customize plan designs and plan components, and more.
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announced 1/18/2017 via GlobeNewswire

National General Holdings Corp., will purchase Quotit and HealthCompare from The Word & Brown Companies

synopsis: National General Holdings Corp. announced that it has agreed to acquire Quotit, an application service provider for the health insurance and employee benefits industry, and HealthCompare, a call center operation as well as a consumer facing website that connects individuals with medical or Medicare related coverage, from The Word & Brown Companies.
buyer: National General Holdings Corp. (NGHC:$4,723.38)
National General Holdings Corp., headquartered in New York City, is a specialty personal lines insurance holding company. National General traces its roots to 1939, has a financial strength rating of A- (excellent) from A.M. Best. "
seller: The Word & Brown Companies
Quotit is an application service provider for the health insurance & employee benefits industry that connects companies, brokers & people with insurance online. HealthCompare is a call center operation & consumer facing website that connects consumers with major medical or Medicare related coverage.
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announced 1/7/2021 via BusinessWire

Change Healthcare Corporation will be merged with Optum,

synopsis: Optum, a diversified health services company, and Change Healthcare, a health care technology leader, are to merge. Change Healthcare will join with OptumInsight to provide software and data analytics, technology-enabled services and research, advisory and revenue cycle management offerings to help make health care work better for everyone.
buyer parent: UnitedHealth Group
buyer: Optum
Optum is a health services and innovation company on a mission to help make the health system work better for everyone. They combine data and analytics with technology and expertise to power modern health care. "
target: Change Healthcare Corporation (CHNG:$1,646.91)
Change Healthcare is a leading independent healthcare technology company that provides data and analytics-driven solutions to improve clinical, financial and patient engagement outcomes in the U.S. healthcare system.
price ($mm)[EV]
$8,616 [$13,440]
rev ($mm)
$2,432
EBITDA ($mm)
EV / rev
5.6x
EV / EBITDA
closed 12/3/2020 via BusinessWire

HealthStream, Inc., purchased ANSOS Staff Scheduling from Change Healthcare Corporation

synopsis: HealthStream, a leading provider of workforce and provider solutions for the healthcare industry, announced that it has acquired Change Healthcare’s staff scheduling business, which includes their market-leading ANSOS™ Staff Scheduling (ANSOS) application and related products.
buyer: HealthStream, Inc. (HSTM:$245.70)
HealthStream is dedicated to improving patient outcomes through the development of healthcare organizations' people. Their solutions are contracted by healthcare organizations for workforce development, management, credentialing, provider enrollment, performance assessment, and more. "
seller: Change Healthcare Corporation (CHNG:$1,646.91)
ANSOS is an enterprise solution for healthcare providers that want to anticipate workload requirements, manage labor costs, apply complex work rules, and meet credential requirements for shifts—all for the purpose of optimizing staff deployment. It is used by over 300 hospitals and health systems.
price ($mm)
$68
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 8/26/2020 via BusinessWire

Change Healthcare Corporation, acquired PROMETHEUS Analytics

synopsis: Change Healthcare announced it has acquired PROMETHEUS Analytics® from Altarum. PROMETHEUS Analytics is a leading reimbursement approach based on medical episodes of care, used by payer-provider collaborations nationwide, uniquely providing a fair and realistic blueprint for value-based payments.
buyer: Change Healthcare Corporation (CHNG:$1,646.91)
Change Healthcare is a leading independent healthcare technology company that provides data and analytics-driven solutions to improve clinical, financial and patient engagement outcomes in the U.S. healthcare system. "
target parent: Altarum
target: PROMETHEUS Analytics
PROMETHEUS Analytics is a leading reimbursement approach based on medical episodes of care, used by payer-provider collaborations nationwide, uniquely providing a fair and realistic blueprint for value-based payments.
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closed 8/18/2020 via BusinessWire

Change Healthcare Corporation, acquired NucleusHealth, LLC

synopsis: Change Healthcare announced the acquisition of Nucleus.io, a leader in the development of advanced, fully enabled, cloud-native imaging and workflow technology. Nucleus.io offers a zero-footprint diagnostic viewer with patented streaming technology, workflow and image sharing solutions.
buyer: Change Healthcare Corporation (CHNG:$1,646.91)
Change Healthcare is a leading independent healthcare technology company that provides data and analytics-driven solutions to improve clinical, financial and patient engagement outcomes in the U.S. healthcare system. "
target: NucleusHealth, LLC
Nucleus.io is a leader in the development of advanced, fully enabled, cloud-native imaging and workflow technology. Nucleus.io offers a zero-footprint diagnostic viewer with patented streaming technology, workflow and image sharing solutions.
price ($mm)
$208
rev ($mm)
EBITDA ($mm)
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closed 6/1/2020 via BusinessWire

Change Healthcare Corporation, acquired PDX, Inc.

synopsis: Change Healthcare has acquired PDX, a leader in providing patient centric and innovative technologies for pharmacies and health systems. The acquisition will allow for faster, more integrated development and cross selling opportunities for Change Healthcare’s combined portfolio of pharmacy network, software, and analytics solutions.
buyer: Change Healthcare Corporation (CHNG:$1,646.91)
Change Healthcare is a leading independent healthcare technology company that provides data and analytics-driven solutions to improve clinical, financial and patient engagement outcomes in the U.S. healthcare system. "
target: PDX, Inc.
PDX provides patient-centric and innovative technologies for pharmacies and health systems. Their Enterprise Pharmacy System software is a comprehensive suite of products and services that range from robust data analytics to revenue cycle management.
price ($mm)
$208
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 5/6/2020 via BNC Analysis

Change Healthcare Corporation, acquired eRx Network, LLC

synopsis: Change Healthcare bought back its pharmacy unit, eRx Network. eRx Network, LLC provides pharmacy claims switching and secure electronic prescription routing solutions that are designed to help retail pharmacies improve operational efficiency, optimize reimbursement and improve pharmacy profitability and customer loyalty.
buyer: Change Healthcare Corporation (CHNG:$1,646.91)
Change Healthcare is a leading independent healthcare technology company that provides data and analytics-driven solutions to improve clinical, financial and patient engagement outcomes in the U.S. healthcare system. "
target parent: Blackstone Group LP
target: eRx Network, LLC
eRx Network, LLC provides pharmacy claims switching and secure electronic prescription routing solutions that are designed to help retail pharmacies improve operational efficiency, optimize reimbursement and improve pharmacy profitability and customer loyalty.
price ($mm)
$213
rev ($mm)
$67
EBITDA ($mm)
EV / rev
3.2x
EV / EBITDA
closed 5/6/2020 via BusinessWire

Kaufman Hall, purchased Connected Analytics Business from Change Healthcare Corporation

synopsis: Change Healthcare announced the sale of its Connected Analytics business to Kaufman Hall, a leading provider of enterprise performance management (EPM) software. Products in the Connected Analytics business include Performance Manager and Analytics Explorer, as well as Data Platform & Solutions, HIE, and Orders & Results.
buyer: Kaufman Hall
Kaufman Hall provides a unique combination of software, data and management consulting solutions to help society’s foundational institutions realize sustained success amid changing market conditions. Since 1985, Kaufman Hall has been a trusted advisor to boards and executive management teams. "
seller: Change Healthcare Corporation (CHNG:$1,646.91)
The Connected Analytics business includes Performance Manager and Analytics Explorer, as well as Data Platform & Solutions, HIE, and Orders & Results. They consist of solutions for providers that want to leverage financial, clinical, and operational data to improve quality, reduce cost and risk.
price ($mm)
$55
rev ($mm)
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closed 12/19/2018 via Company Press Release

Change Healthcare Corporation, acquired PokitDok Inc.

synopsis: Change Healthcarehas acquired intellectual property (IP) and other key assets from PokitDok, Inc., a platform-as-a-service company for healthcare. PokitDok’s platform-as-a-service makes it faster and easier for healthcare organizations to bring new applications and services to market.
buyer parent: McKesson Corporation
buyer: Change Healthcare Corporation (CHNG:$1,646.91)
Change Healthcare is inspiring a better healthcare system. Working alongside their customers and partners, they leverage their software and analytics, network solutions, and technology-enabled services to enable better patient care, choice, and outcomes at scale. "
target: PokitDok Inc.
PokitDok’s platform-as-a-service makes it faster and easier for healthcare organizations to bring new applications and services to market. Plug directly into over 700 payers to integrate real-time, member-specific health insurance data at scale.
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closed 7/2/2018 via BusinessWire

Netsmart Technologies, Inc., purchased Home Care and Hospice Solutions from Change Healthcare Corporation

synopsis: Netsmart, a company that develops health information technology, including electronic health records, has completed the acquisition of the home care and hospice solutions of Change Healthcare, formerly known as McKesson Homecare and McKesson Hospice. This includes the Change Healthcare Homecare Advisor™ and Hospice Advisor™ solutions.
buyer: Netsmart Technologies, Inc. (:$59.05)
Netsmart innovates electronic health records (EHRs), solutions and services that are powerful, intuitive and easy-to-use. Their platform provides accurate, up-to-date information which is easily accessible to care team members in behavioral health, care at home, senior living and social services. "
seller parent: McKesson Corporation
seller: Change Healthcare Corporation (CHNG:$1,646.91)
The acquisition includes the home care and hospice solutions of Change Healthcare, formerly known as McKesson Homecare and McKesson Hospice. Homecare Advisor and Hospice Advisor increase clinician satisfaction and efficiency, providing more time to focus on patient care.
price ($mm)
$165
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 1/18/2018 via Company Press Release

Change Healthcare Corporation, acquired National Decision Support Company

synopsis: Change Healthcare announced the acquisition of National Decision Support Company (NDSC), a leader in cloud-based solutions that deliver medical guidelines to the point of care through leading electronic health record (EHR) systems.
buyer parent: McKesson Corporation
buyer: Change Healthcare Corporation (CHNG:$1,646.91)
Change Healthcare is inspiring a better healthcare system. They leverage their software and analytics, network solutions, and technology-enabled services to help them improve efficiency, reduce costs, increase cash flow, and more effectively manage complex workflows. "
target: National Decision Support Company
National Decision Support Company (NDSC) is a leader in cloud-based solutions that deliver medical guidelines to the point of care through leading electronic health record (EHR) systems.
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closed 11/20/2017 via PR Newswire

Change Healthcare Corporation, acquired Docufill, LLC

synopsis: Change Healthcare has acquired Docufill, LLC, a cloud-based technology that allows providers to use a single shared form across the organization to streamline the otherwise administratively complex and redundant credentialing process.
buyer parent: McKesson Corporation
buyer: Change Healthcare Corporation (CHNG:$1,646.91)
Change Healthcare is inspiring a better healthcare system. They leverage their software and analytics, network solutions, and technology-enabled services to help them improve efficiency, reduce costs, increase cash flow, and more effectively manage complex workflows. "
target: Docufill, LLC
Docufill, LLC is a cloud-based technology that allows providers to use a single shared form across the organization to streamline the otherwise administratively complex and redundant credentialing process.
price ($mm)
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announced 6/28/2016 via BusinessWire

Change Healthcare Corporation will be merged with McKesson Corporation,

synopsis: McKesson Corporation, a leading global healthcare services and information technology company, and Change Healthcare Holdings, Inc., a leading provider of software and analytics, network solutions and technology-enabled services, announced the creation of a new healthcare information technology company.
buyer: McKesson Corporation (MCK:$214,319.00)
McKesson Corporation is a healthcare services and information technology company dedicated to making the business of healthcare run better. McKesson partners with payers, hospitals, physician offices, pharmacies, pharmaceutical companies and others across the spectrum of care. "
target parent: Blackstone Group LP
target: Change Healthcare Corporation (CHNG:$1,646.91)
Change Healthcare is a leading provider of software and analytics, network solutions and technology-enabled services that optimize communications, payments and actionable insights designed to enable smarter healthcare.
price ($mm)
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closed 12/8/2014 via BusinessWire

Emdeon, Inc., acquired Change Healthcare Corporation

synopsis: Emdeon Inc. announced it has acquired Change Healthcare, a market leader in healthcare consumer engagement and transparency. Change Healthcare is a premier national provider of healthcare consumer engagement and transparency solutions.
buyer parent: Blackstone Group LP
buyer: Emdeon, Inc.
Emdeon is a leading provider of revenue and payment cycle management and clinical information exchange solutions, connecting payers, providers, pharmacies and patients in the U.S. healthcare system. "
target: Change Healthcare Corporation (CHNG:$1,646.91)
Change Healthcare is a premier national provider of healthcare consumer engagement and transparency solutions, enabling consumers to: better understand and utilize their healthcare benefits; make informed healthcare purchasing decisions based on quality, cost and convenience; and realize savings.
price ($mm)
$135
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
announced 1/7/2021 via BusinessWire

Change Healthcare Corporation will be merged with Optum,

synopsis: Optum, a diversified health services company, and Change Healthcare, a health care technology leader, are to merge. Change Healthcare will join with OptumInsight to provide software and data analytics, technology-enabled services and research, advisory and revenue cycle management offerings to help make health care work better for everyone.
buyer parent: UnitedHealth Group
buyer: Optum
Optum is a health services and innovation company on a mission to help make the health system work better for everyone. They combine data and analytics with technology and expertise to power modern health care. "
target: Change Healthcare Corporation (CHNG:$1,646.91)
Change Healthcare is a leading independent healthcare technology company that provides data and analytics-driven solutions to improve clinical, financial and patient engagement outcomes in the U.S. healthcare system.
price ($mm)[EV]
$8,616 [$13,440]
rev ($mm)
$2,432
EBITDA ($mm)
EV / rev
5.6x
EV / EBITDA
closed 11/6/2019 via BNC Analysis

Optum, acquired Vivify Health Inc.

synopsis: UnitedHealth subsidiary Optum acquired Texas-based remote patient monitoring (RPM) startup Vivify Health. Vivify equips payers and providers with a comprehensive RPM platform, complete with a suite of connected medical devices and mobile health apps.
buyer parent: UnitedHealth Group
buyer: Optum
Optum is a health services and innovation company on a mission to help make the health system work better for everyone. They combine data and analytics with technology and expertise to power modern health care. "
target: Vivify Health Inc.
Vivify equips payers and providers with a comprehensive RPM (Remote Patient Monitoring) platform, complete with a suite of connected medical devices and mobile health apps. Its platform has contributed to 76% fewer patient readmissions at University of Pittsburgh Medical Center (UPMC).
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
announced 8/29/2017 via PR Newswire

Optum, will acquire The Advisory Board Company

synopsis: The Advisory Board Company, a distinctive provider of research, technology and consulting to health care organizations and education institutions, announced that it has entered into a definitive merger agreement to sell its health care business to Optum, a leading health services company.
buyer parent: UnitedHealth Group
buyer: Optum
Optum is a health services and innovation company on a mission to help make the health system work better for everyone. They combine data and analytics with technology and expertise to power modern health care. "
target: The Advisory Board Company (ABCO:$799.15)
The Advisory Board Company is a best practices firm that uses a combination of research, technology and consulting to improve the performance of approximately 5,700 health care organizations and educational institutions.
price ($mm)
$1,300
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
announced 5/27/2015 via Company Press Release

N. Harris Computer Corporation, will acquire Picis, Inc.

synopsis: Constellation Software Inc. announced that it has entered into, through its wholly-owned subsidiary N. Harris Computer Corporation, a definitive agreement to acquire Picis clinical applications. Picis is the provider of perioperative management solutions and emergency department solutions for over 700 hospital sites worldwide.
buyer parent: Constellation Software, Inc.
buyer: N. Harris Computer Corporation
Harris Computer Systems is a wholly owned subsidiary of Constellation and is a leading provider of financial management and Customer Information Systems (CIS) software solutions to Public Sector, Schools, Utility, and Healthcare agencies throughout North America. "
target parent: UnitedHealth Group
target: Picis, Inc.
Picis is the provider of perioperative management solutions and emergency department solutions for over 700 hospital sites worldwide. Picis software provides solutions to optimize a hospital's perioperative, anesthesia and critical care environments and workflows.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
announced 9/30/2014 via BusinessWire

Optum, will acquire MedSynergies Inc.

synopsis: Optum, a leading information and technology-enabled health services business, announced it has entered into a definitive agreement to acquire MedSynergies, Inc., which provides physician practice management, revenue management, and other business services to physician groups aligned with large health systems.
buyer parent: UnitedHealth Group
buyer: Optum
Optum is a leading information and technology-enabled health services business dedicated to helping make the health system work better for everyone. Optum delivers intelligent, integrated solutions that help to modernize the health system and improve overall population health. "
target: MedSynergies Inc.
MedSynergies partners with health care organizations and physicians to align their operations by providing revenue cycle management, practice management, consulting services, business process analysis and software integration solutions.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 1/23/2013 via BNC Analysis

Optum, acquired Humedica

synopsis: Optum has acquired Humedica. Humedica is the clinical intelligence company that powers health care providers, life sciences and research organizations to make better-informed, more confident decisions by transforming unconnected data from multiple sources into real-world insights.
buyer parent: UnitedHealth Group
buyer: Optum
Optum, through its subsidiaries, provides information and technology-enabled health services. It offers health management solutions that address the physical, mental, and financial needs of individuals and organizations. "
target: Humedica
Humedica is the clinical intelligence company that powers health care providers and life sciences organizations to make better-informed, more confident decisions by transforming unconnected data from multiple sources into real-world insights.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
announced 8/16/2010 via BusinessWire

Ingenix, Inc., will acquire Axolotl Corporation

synopsis: Ingenix, a leading health information technology and services company, announced it is acquiring Axolotl, a leading provider of health information exchange services. The combined company will enable health information to be shared effectively and securely for the benefit of patients and health care professionals.
buyer parent: UnitedHealth Group
buyer: Ingenix, Inc.
Ingenix transforms organizations and improves health care through information and technology. Organizations rely on its innovative products, services and consulting to improve the delivery and operations of their business. "
target: Axolotl Corporation
Founded in 1995, Axolotl is a leading provider of browser-based products and services for secure health information exchange and management. Its Elysium® suite of solutions enables health care providers to instantly share information, reduce costs, and improve quality and efficiency.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
announced 8/4/2010 via BusinessWire

Ingenix, Inc., will acquire Executive Health Resources, Inc.

synopsis: Ingenix, a leading health information technology and services company, announced it is acquiring Executive Health Resources, a leading provider of medical necessity compliance and physician medical management solutions for hospitals.
buyer parent: UnitedHealth Group
buyer: Ingenix, Inc.
Ingenix transforms organizations and improves health care through information and technology. Organizations rely on its innovative products, services and consulting to improve the delivery and operations of their business. "
target parent: ABRY Partners
target: Executive Health Resources, Inc.
Executive Health Resources is a leading provider of medical necessity regulatory compliance and physician medical management solutions to hospitals and health systems in the United States.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 8/23/2010 via Company Press Release

Picis, Inc. merged with Ingenix, Inc.,

synopsis: Ingenix has completed its acquisition of Picis. This acquisition combines “health intelligence” provided by Ingenix with the clinical workflow solutions of Picis to increase efficiency and help optimize delivery of services in high acuity care areas of hospitals, which includes emergency departments
buyer parent: UnitedHealth Group
buyer: Ingenix, Inc.
Ingenix transforms organizations and improves health care through information and technology. Organizations rely on its innovative products, services and consulting to improve the delivery and operations of their business. "
target: Picis, Inc.
Picis is a global provider of innovative information solutions that enable rapid and sustained delivery of clinical, financial and operational results in the high-acuity care areas of the hospital.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 3/24/2010 via Company Press Release

Ingenix, Inc., acquired QualityMetric, Inc.

synopsis: Ingenix, a leading health information and technology company, announced that it has expanded its health outcomes measurement capabilities with the acquisition of QualityMetric Incorporated. QualityMetric is a leader in helping health care companies assess health outcomes as reported by patients themselves, known as patient-reported outcomes.
buyer parent: UnitedHealth Group
buyer: Ingenix, Inc.
Ingenix, a UnitedHealth Group company, is a leading provider of health information, technologies, consulting and services. Organizations, institutions, businesses and government agencies that comprise the health care system depend on Ingenix solutions and insights to improve their performance. "
target parent: Psilos Group
target: QualityMetric, Inc.
QualityMetric Incorporated offers generic and disease-specific health outcome surveys used to measure health status for health plans, disease management and pharmaceutical companies, health care providers, and government agencies.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
announced 11/10/2009 via BusinessWire

Ingenix, Inc., will acquire CareMedic Systems, Inc.

synopsis: Ingenix, a leading health information, technology and consulting company, announced that it will acquire CareMedic Services Inc., an industry leader in revenue cycle management (RCM) solutions for hospitals and health systems, in a cash transaction.
buyer parent: UnitedHealth Group
buyer: Ingenix, Inc.
Ingenix, a UnitedHealth Group company, is a leading provider of health information, technologies and consulting services. Organizations, institutions, businesses and government agencies that comprise the health care system depend on Ingenix solutions and insights to improve their performance. "
target parent: Oak Investment Partners
target: CareMedic Systems, Inc.
CareMedic provides high value enterprise class solutions that streamline cash flow and speed the reimbursement process for hospitals and health systems, helping customers manage the complexity of the revenue cycle to increase their bottom lines.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 6/1/2009 via BusinessWire

Ingenix, Inc., acquired AIM Healthcare Services, Inc.

synopsis: Ingenix, a leading health information, technology and consulting company, announced that it has acquired AIM Healthcare Services, Inc. and its affiliated companies, Netwerkes and Ingram & Associates. AIM is a leading provider of payment accuracy solutions for health care payer and hospital clients in all 50 states.
buyer parent: UnitedHealth Group
buyer: Ingenix, Inc.
Ingenix, a UnitedHealth Group company, is a leading provider of health information, technologies and consulting services. Organizations, institutions, businesses and government agencies that comprise the health care system depend on Ingenix solutions and insights to improve their performance. "
target: AIM Healthcare Services, Inc.
AIM Healthcare Services, Inc. provides claims management services for government and commercial payers of health care benefits and health care providers in the United States. It provides claims resolution and health information management services.
price ($mm)
$440
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
announced 10/7/2008 via PR Newswire

Ingenix, Inc., will purchase Medicaid Solutions Business from Bull SA

synopsis: Bull - expert in open, flexible and secure information systems, solutions and services has signed a definitive agreement for the acquisition of its Medicaid solutions business, mainly dedicated to Public Health and Human Services management in the United States by Ingenix, a leading health information, technology and consulting services company.
buyer parent: UnitedHealth Group
buyer: Ingenix, Inc.
Ingenix, a UnitedHealth Group company, is a leading provider of health information, technologies and consulting services. Organizations, institutions, businesses and government agencies that comprise the health care system depend on Ingenix solutions and insights to improve their performance. "
seller: Bull SA (ENXTPA:BUL:$1,718.68)
Bull designs and develops servers and software for an open environment, integrating the most advanced technologies, and proposes a wide range of services, from system integration consulting to outsourcing.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 5/25/2006 via BusinessWire

Ingenix Health Intelligence, acquired Claredi Corporation

synopsis: Ingenix has completed the acquisition of Claredi Corporation (Claredi), a leading provider of e-commerce software solutions, implementation and consulting services to the health care industry.
buyer parent: UnitedHealth Group
buyer: Ingenix Health Intelligence
Ingenix, a UnitedHealth Group company, is a leading provider of health information, technologies and consulting services. Organizations, institutions, businesses and government agencies that comprise the health care system depend on Ingenix solutions and insights to improve their performance. "
target: Claredi Corporation
Claredi Corporation (Claredi), a Salt Lake City-based company that pioneered the concept of health care transaction validation, provides comprehensive electronic data interchange solutions that enable health care organizations to easily connect with trading partners.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 8/9/2006 via PR Newswire

Ingenix Health Intelligence, acquired NWH, Inc.

synopsis: NWH, Inc., the parent company of health care payer services organization Electronic Network Systems, Inc., announced that the merger with Ingenix, Inc., a leading health information company and a subsidiary of UnitedHealth Group UNH, was completed. NWH is now a wholly-owned subsidiary of Ingenix.
buyer parent: UnitedHealth Group
buyer: Ingenix Health Intelligence
Ingenix, a UnitedHealth Group company, is a leading provider of health information, technologies and consulting services. Organizations, institutions, businesses and government agencies that comprise the health care system depend on Ingenix solutions and insights to improve their performance. "
target: NWH, Inc.
NWH, Inc., a holding and strategic resource company, owns and operates Electronic Network Systems, Inc., which offers Internet and e-commerce connectivity between thousands of health care providers such as physicians, hospitals, clinics, practice management software vendors.
price ($mm)[EV]
$53 [$34]
rev ($mm)
$19
EBITDA ($mm)
$2
EV / rev
1.8x
EV / EBITDA
14.3x
closed 3/31/2021 via BusinessWire

Cloudmed, Inc., acquired Databound

synopsis: Cloudmed, the leader in Revenue Intelligence solutions for healthcare providers, has acquired Databound, a healthcare technology company specializing in Robotic Process Automation. Together, Cloudmed and Databound deliver unprecedented accuracy, productivity, and revenue opportunities through sophisticated automation technology and human expertise.
buyer parent: New Mountain Capital, LLC
buyer: Cloudmed, Inc.
Cloudmed is a healthcare technology company focused on Revenue Intelligence and data-driven insights. Its market-leading platform utilizes intelligent automation and human expertise to help providers enhance productivity and increase revenue. "
target: Databound
Databound provides specialized automation software and services designed for the healthcare revenue cycle. By providing high ROI solutions that work, they help organizations increase productivity, save time, and capture missed revenue.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 12/18/2020 via Company Press Release

SphereCommerce, LLC, acquired HealthiPASS Inc

synopsis: Sphere, a leading provider of end-to-end integrated payments and security software, has acquired Health iPASS, an innovative provider of cloud-based patient engagement software and revenue cycle management technology. The acquisition of Health iPASS allows Sphere to further its capability within healthcare and wellness,
buyer: SphereCommerce, LLC
Sphere is a software and financial technology company providing integrated solutions that reduce friction and facilitate better and more secure commercial interactions with customers in primarily healthcare and non-profit. "
target: HealthiPASS Inc
Health iPASS is an innovative provider of cloud-based patient engagement software and revenue cycle management technology. Health iPASS’s solutions enhance provider revenue collections and deliver a streamlined healthcare consumer experience from appointment to final payment.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 11/18/2020 via PR Newswire

Volaris Group Inc., acquired MedAptus, Inc.

synopsis: Canada-based Volaris Group (Volaris) has acquired medaptus. For over 20 years, medaptus has applied information technology to solve problems that are common and costly to healthcare organizations. The medaptus acquisition expands Volaris' footprint in the healthcare information technology space.
buyer parent: Constellation Software, Inc.
buyer: Volaris Group Inc.
Headquartered in Canada, Volaris acquires, strengthens and grows vertical market technology companies. As an Operating Group of Constellation Software Inc., Volaris is all about strengthening businesses within the markets they compete and enabling them to grow. "
target parent: Boston Millennia Partners
target: MedAptus, Inc.
Medaptus applies information technology to solve problems that are common and costly to healthcare organizations that include single-specialty groups, acute care hospitals, hospital medicine teams, ambulatory care settings, and cancer centers.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
announced 9/28/2020 via GlobeNewswire

CloudMD Software & Services Inc., will acquire Benchmark Systems

synopsis: CloudMD Software & Services Inc., a Canadian telehealth company, will acquire an 87.5% stake in Benchmark Systems from AntWorks, a global AI and intelligent automation company. Benchmark Systems is a provider of healthcare solutions. They offer cloud-based solutions for revenue management, practice management and electronic records management.
buyer: CloudMD Software & Services Inc. (CNSX:PHGI:$9.28)
CloudMD offers SaaS based health technology solutions to medical clinics across Canada. The Company has developed proprietary technology to deliver quality healthcare through the combination of connected primary care clinics, telemedicine, and artificial intelligence (AI). "
target parent: Antworks
target: Benchmark Systems
Benchmark Systems is a leading cloud-based provider of fully integrated solutions that automate healthcare workflow processes. Benchmark Systems offers a suite of solutions for revenue management, practice management and electronic records management.
price ($mm)
$4.38*
rev ($mm)
$5
EBITDA ($mm)
$1
EV / rev
1.0x
EV / EBITDA
9.8x
announced 8/13/2020 via PR Newswire

Waystar, will acquire eSolutions, Inc.

synopsis: Waystar, a leading provider of healthcare payments software, announced a definitive agreement to acquire eSolutions, a revenue cycle technology company with unique Medicare-specific solutions.
buyer parent: Bain Capital
buyer: Waystar
Waystar provides cloud-based technology that simplifies and unifies the healthcare revenue cycle. Their platform removes friction in payment processes, streamlines workflows and improves financials for providers. They support over 450,000 providers, 750 health systems, and 5,000 health plans. "
target: eSolutions, Inc.
eSolutions is a healthcare technology company working to strengthen providers’ revenue health so they can focus on their patients. eSolutions focuses on eligibility, claims, data & analytics, audits & denials, and quality & compliance to save providers time and money.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
announced 8/11/2020 via GlobeNewswire

Health Catalyst, will acquire VitalWare

synopsis: Health Catalyst, Inc., a leading provider of data and analytics technology and services to healthcare organizations, announced that it has entered into a definitive agreement to acquire Vitalware, LLC, a Yakima, Washington-based provider of revenue workflow optimization and analytics SaaS technology solutions to healthcare organizations.
buyer: Health Catalyst (HCAT:$171.30)
Health Catalyst is a leading provider of data and analytics technology and services to healthcare organizations. The company's customers leverage the cloud-based analytics software data platform to make data-informed decisions and realize measurable clinical, financial, and operational improvements."
target: VitalWare
Vitalware is the leading mid-cycle revenue SaaS solutions provider, specializing in Health-IT applications aimed at making the business of healthcare easier through its intuitive cloud-based technologies and regulatory content expertise.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 1/22/2020 via GlobeNewswire

Medical Transcription Billing, Corp., acquired CareCloud Corporation

synopsis: MTBC, Inc., a leading provider of cloud-based healthcare IT and revenue cycle management solutions, announced the closing of its acquisition of CareCloud, which provides its proprietary, award-winning, enterprise cloud platform and business solutions to more than 7,000 healthcare providers nationwide.
buyer: Medical Transcription Billing, Corp. (MTBC:$65.19)
MTBC is a healthcare information technology company that provides a fully integrated suite of proprietary cloud-based solutions, together with related business services, to healthcare providers and hospitals throughout the United States. "
target: CareCloud Corporation
Founded in 2009 as a practice management software company, CareCloud subsequently evolved to serve the full spectrum of practice workflows, including revenue cycle management (RCM), practice management (PM), electronic health records (EHR), and patient experience management (PXM).
price ($mm)
$37
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 9/12/2019 via BNC Analysis

New Mountain Capital, LLC, acquired Ontario Systems, LLC

synopsis: Ontario Systems has been acquired by New Mountain Capital, a New York-based investment firm. Ontario Systems is a leading provider of enterprise software that automates operations and accelerates revenue recovery for clients in the healthcare, accounts receivable management (ARM), and government markets.
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. They currently manages private equity, public equity, & credit funds with approximately $20 billion in aggregate capital commitments."
target parent: Arlington Capital Partners
target: Ontario Systems, LLC
Ontario Systems is a leading provider of enterprise software designed to improve operations and revenue recovery for clients in the healthcare industry and the accounts receivable management (ARM) market as well as federal, state, and local governments.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
announced 7/29/2019 via PR Newswire

CPP Investment Board, EQT AB, will acquire Waystar

synopsis: CPPIB, a professional investment management organization that invests the funds not needed by the Canada Pension Plan, and EQT, a leading Swedish investment firm with around EUR 40B in assets under management, will acquire Waystar, a company that provides cloud-based technology that simplifies and unifies the healthcare revenue cycle.
buyer: EQT AB (EQT:$687.20)
buyer: CPP Investment Board
CPPIB is a professional investment management organization that invests the funds not needed by the Canada Pension Plan to pay current benefits. EQT is a leading Swedish investment firm with over EUR 61B in raised capital and around EUR 40B in assets under management. "
target parent: Bain Capital
target: Waystar
Waystar provides cloud-based technology that simplifies and unifies the healthcare revenue cycle. Their platform removes friction in payment processes, streamlines workflows and improves financials for providers. They support over 450,000 providers, 750 health systems, and 5,000 health plans.
price ($mm)
$2,700
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 3/12/2019 via BusinessWire

ImagineSoftware, acquired ProviderAlly

synopsis: Leading Revenue Cycle Management SaaS Platform ImagineSoftware announced the acquisition of ProviderAlly, a provider of accounting reconciliation services and related capabilities to the healthcare RCM space.
buyer parent: Mountaingate Capital
buyer: ImagineSoftware
ImagineSoftware is the leading provider of billing automation software and revenue cycle management applications. Offering powerful technology solutions for medical billing offices, practices, and hospitals, Imagine Software currently serves more than 46,000 physicians. "
target: ProviderAlly
ProviderAlly is a provider of accounting reconciliation services and related capabilities to the healthcare RCM space. ProviderAlly provides a compelling and comprehensive financial data picture to the healthcare industry, bridging the divide between banking and practice management systems.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 2/11/2019 via PR Newswire

Providence St. Joseph Health, acquired Lumedic

synopsis: Providence St. Joseph Health, one of the largest health systems in America, has acquired Lumedic, a next-generation revenue cycle management platform based on blockchain technology. Lumedic enables healthcare payers and providers to reduce inefficiencies and improve the patient experience.
buyer: Providence St. Joseph Health
Providence St. Joseph Health is a not-for-profit Catholic health system comprising a diverse family of organizations. Providence St. Joseph Health operates 51 hospitals, 829 physician clinics, senior services, supportive housing, and many other health and educational services. "
target: Lumedic
Lumedic is a next-generation revenue cycle management platform based on blockchain technology. Lumedic transforms revenue cycle management processes for modern healthcare payers and providers. Their solution enables payers and providers to reduce inefficiencies and improve the patient experience.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 2/11/2019 via BusinessWire

Evergreen Coast Capital, Veritas Capital, acquired athenahealth, Inc.

synopsis: athenahealth, Inc., a leading provider of network-enabled services for hospital and ambulatory customers nationwide, announced that it has completed its previously announced sale to an affiliate of Veritas Capital and Evergreen Coast Capital.
buyer: Veritas Capital
buyer: Evergreen Coast Capital
Veritas Capital is a leading private equity firm that invests in companies that provide critical products and services, primarily technology and technology-enabled solutions. Elliott Management Corporation's Evergreen Coast Capital is a private equity firm which focuses on technology investing. "
target: athenahealth, Inc. (ATHN:$1,311.40)
athenahealth, Inc. is a leading provider of Internet-based business services for physician practices. athenahealth's service offerings are based on proprietary web-native practice management and electronic health record (EHR) software, and automated and live patient communication services.
price ($mm)[EV]
$5,645 [$5,600]
rev ($mm)
$1,311
EBITDA ($mm)
$265
EV / rev
4.3x
EV / EBITDA
21.3x
announced 10/10/2018 via GlobeNewswire

TransUnion LLC, will acquire Rubixis

synopsis: TransUnion has announced an agreement to acquire Rubixis through TransUnion Healthcare, a trusted provider of Healthcare Revenue Protection solutions. Rubixis is an innovative healthcare revenue cycle solutions company that helps providers maximize reimbursement from insurance payers.
buyer: TransUnion LLC (TRU:$2,696.90)
TransUnion Healthcare, a wholly owned subsidiary of TransUnion, is a trusted provider of Healthcare Revenue Protection solutions for maximizing reimbursement, improving patient engagement, and preventing revenue leakage. Transunion LLC is an American consumer credit reporting agency. "
target: Rubixis
Rubixis is an innovative healthcare revenue cycle solutions company whose sole purpose is to enable healthcare providers to achieve highest reimbursement for each patient encounter in fastest time possible at lowest possible cost.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
on offer 5/7/2018 via Wall Street Journal

Elliott Management Corp., offer to acquire athenahealth, Inc.

synopsis: Elliott Management Corporation, an American investment management firm, is to acquire athenahealth, Inc., a company that provides network-enabled services for healthcare and point-of-care mobile apps to drive clinical and financial results for its hospital and ambulatory clients in the United States.
buyer: Elliott Management Corp.
Elliott Management Corporation is one of the oldest fund managers of its kind under continuous management. As of January 1, 2018, Elliott manages more than $34 billion in assets under management. "
target: athenahealth, Inc. (ATHN:$1,311.40)
athenahealth, Inc. is a publicly traded American company that provides network-enabled services for healthcare and point-of-care mobile apps to drive clinical and financial results for its hospital and ambulatory clients in the United States.
price ($mm)[EV]
$6,533 [$6,660]*
rev ($mm)
$1,264
EBITDA ($mm)
$212
EV / rev
5.4x
EV / EBITDA
32.2x
closed 7/11/2018 via BusinessWire

Veritas Capital Partners, purchased Value-Based Care Division from GE Healthcare

synopsis: Veritas Capital and General Electric announced that an affiliate of Veritas has acquired the Enterprise Financial Management (Revenue-Cycle, Centricity Business), Ambulatory Care Management (Centricity Practice Solution) and Workforce Management (formerly API Healthcare) assets comprising GE Healthcare’s Value-Based Care Division.
buyer: Veritas Capital Partners
Veritas Capital is a leading private equity firm that invests in companies that provide critical products and services, primarily technology and technology-enabled solutions, to government and commercial customers worldwide. "
seller parent: General Electric Company
seller: GE Healthcare
The acquisition includes the Enterprise Financial Management (Revenue-Cycle, Centricity Business), Ambulatory Care Management (Centricity Practice Solution) and Workforce Management (formerly API Healthcare) assets comprising GE Healthcare’s Value-Based Care Division.
price ($mm)
$1,050
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 1/25/2018 via BusinessWire

Mediware, acquired MedTranDirect, Inc.

synopsis: Mediware Information Systems, Inc., a leading supplier of software for healthcare and human service providers and payers, announced it has acquired MEDTranDirect, Inc., a leader in software solutions for healthcare revenue cycle management and an approved network service vendor for Medicare.
buyer parent: TPG Capital
buyer: Mediware
Since 1980, Mediware has provided software solutions to healthcare providers and has since expanded to serve many state and federal agencies. Mediware’s solutions are perfect for high-growth, complex patient care environments that remain underserved by existing vendors. "
target: MedTranDirect, Inc.
MEDTranDirect, Inc. is a leader in software solutions for healthcare revenue cycle management and an approved network service vendor for Medicare. Established in 1986, MEDTranDirect serves several hundred customers.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
announced 9/14/2017 via BusinessWire

ZirMed Inc. will be merged with Navicure,

synopsis: Healthcare revenue cycle management technology leaders Navicure and ZirMed announced that they have signed a definitive agreement to merge to provide hospitals, health systems, and ambulatory services organizations including physician practices with a comprehensive suite of analytics-driven solutions proven to help improve financial performance.
buyer parent: Bain Capital
buyer: Navicure
Navicure is a provider of integrated cloud-based medical claims management and patient payment solutions that enable healthcare organizations to increase revenue, accelerate cash flow, and reduce the cost and effort of managing claims, patient billing and payments, and healthcare data analytics. "
target: ZirMed Inc.
ZirMed empowers healthcare organizations to optimize revenue with a dynamic end-to-end platform of cloud-based financial performance management solutions—including Claims Management, Charge Integrity, AR Management, Eligibility and Coverage Detection.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 6/14/2017 via PR Newswire

Encoda, LLC., purchased RCM Division from MedCo Data, LLC

synopsis: Encoda LLC, a leader in healthcare reimbursement automation, has acquired the RCM division of MedCo Data, a provider of IT, RCM, and Web solutions for healthcare professionals. MedCo Data's RCM division includes Proof Module Analysis, a solution for capturing revenue and Revenue Shield System, a solution for the optimization of revenue capture.
buyer: Encoda, LLC.
Encoda is a leader in healthcare reimbursement automation that empowers medical business offices to cost-effectively collect the most money in the shortest time possible. Clients enhance their revenue cycle management process by licensing the patented, cloud-based Encoda BackOffice platform. "
seller: MedCo Data, LLC
MedCo Data offers IT, revenue cycle management, and Web solutions for healthcare professionals and business leaders. MedCo Data's RCM division includes Proof Module Analysis, a solution for capturing revenue and Revenue Shield System, a solution for the optimization of revenue capture.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 1/12/2017 via BusinessWire

Formativ Health, acquired Etransmedia Technology, Inc.

synopsis: Formativ Health, a joint venture of Northwell Health and Pamplona Capital, has acquired Etransmedia, a leading healthcare IT company based in Troy, NY. Etransmedia delivers EHR & PM, Patient Engagement, Healthcare Business Analytics, Care Coordination, Connectivity and Integration solutions, and Revenue Cycle and Clinical Documentation services.
buyer: Formativ Health
Formativ Health is a management services organization that is redefining Practice Management and end-to-end Revenue Cycle through the integration of technology-enabled Patient Access, Revenue Cycle Management, Practice Operations and Advisory Services. "
target: Etransmedia Technology, Inc.
Etransmedia delivers EHR & PM, Patient Engagement, Healthcare Business Analytics, Care Coordination, Connectivity and Integration solutions, and Revenue Cycle Management and Clinical Documentation services to group practices and health systems nationwide, serving 12,000+ providers and 40,000+ users.
price ($mm)
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA
closed 9/21/2016 via Market Wire

TransUnion LLC, acquired RTech Healthcare Revenue Technologies

synopsis: TransUnion, a leading global information solutions provider, has acquired RTech (Healthcare Revenue Technologies, Inc), a technology-driven healthcare services company that offers post-service eligibility solutions designed to maximize reimbursements and reduce uncompensated care costs for hospitals and healthcare systems of all sizes.
buyer: TransUnion LLC (TRU:$2,696.90)
TransUnion helps uncover unique stories, trends and insights behind each data point, using historical information as well as alternative data sources. This allows a variety of markets and businesses to better manage risk and consumers to better manage their credit, personal information and identity."
target: RTech Healthcare Revenue Technologies
RTech uses innovative proprietary technology to help healthcare providers protect revenue and cash. The company uses technology and a systematic, structured process to help healthcare providers uncover hard-to-find, billable revenue and implement long-term improvements that generate future value
price ($mm)
$62
rev ($mm)
EBITDA ($mm)
EV / rev
EV / EBITDA

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