M&A advisory for healthcare software companies
Healthcare software M&A has held up through the broader software reset, supported by strategic consolidation across EHR, RCM and population health and an unusually active health tech PE community. Deal flow concentrates in operators with credible provider or payer contracting and clean retention across the renewal base.
The buyer set includes the major EHR, RCM and payer technology strategics, life sciences software groups like Veeva that consolidate around the R&D and clinical stack, and an unusually deep health tech PE bench running multi-year roll-ups. Flow has direct access to the health tech strategic acquirers and PE platforms that drive activity in the category.
Flow team has relevant sector experience and has worked with healthcare software companies across provider clinical and operational systems, payer technology, life sciences and clinical trial software, patient engagement and revenue cycle, and population health.
"Healthcare software" KPIs M&A buyers look at
Key metrics strategics and PE buyers look at when analayzing healthcare software M&A targets
ARR
Net retention
Providers / beds
Health system logos
Implementation backlog
Go-live timing
Gross margin
CAC payback
Compliance posture
Renewal rate
Healthcare software valuations in May 2026
Public healthcare software comps trade at 2.7x EV/Revenue. Median revenue multiple across healthcare software M&A deals was 3.3x in the last 12 months.
2.7x
Median EV/Revenue as of May 2026 for public healthcare software companies
10x
IDEXX Laboratories is the highest valued public healthcare software company based on EV/Revenue (excluding outliers)
3.3x
Median EV/Revenue across healthcare software M&A deals in the last 12 months
15x
Median EV/Revenue across healthcare software VC rounds in the last 12 months
Key recent healthcare software M&A deals
$8.9B acquisition of Clario by Thermo Fisher Scientific was the largest healthcare software M&A transaction completed in the last year.
See all healthcare software M&A deals| Logo | HQ | Description | Buyer | ||||
|---|---|---|---|---|---|---|---|
Oct-25 | Clario |  | Clario is a provider of integrated clinical trial technologies encompassing cardiac safety monitoring through ECG services, electronic clinical outcome assessments via the MyCap platform, medical imaging core lab analysis, respiratory endpoints with handheld spirometers, and precision motion tracking using wearable sensors. The company delivers software platforms, connected devices, and AI-driven analytics to support site-based, hybrid, and decentralized trial models worldwide. Clario serves pharmaceutical sponsors, biotechnology firms, and contract research organizations across therapeutic areas including oncology, neurology, and cardiology. Headquartered in Basel, Switzerland, with key offices in Philadelphia, London, and Singapore, it maintains regulatory compliance in over 100 countries and operates a global network of over 50 sites for data collection and evidence generation. | Thermo Fisher Scientific | $8.9B | 7.1x | |
Sep-25 | Premier Inc | | Premier Inc is a healthcare performance improvement company serving providers, suppliers, and payers with data, technology, advisory services, and group purchasing. Solutions help healthcare organizations enhance efficiency, reduce costs, and improve patient outcomes through comprehensive performance optimization tools and services. | Patient Square Capital | $2.6B | 2.6x | |
Nov-25 | Intelerad |  | Intelerad Medical Systems is a Montreal-headquartered provider of enterprise imaging platforms for radiology and cardiology. Its IntelePACS supports viewing of 10 million studies monthly across 1,000 sites globally. The suite includes InteleOrchestrator for workflow automation, InteleArchive for VNA storage, and InteleHeart for cardiac analytics. Intelerad integrates AI via InteleGence with tools from Aidoc and Viz.ai. Founded in 2001, it serves US hospitals like Cleveland Clinic and teleradiology networks in Europe. | GE HealthCare | $2.3B | 8.5x | |
Aug-25 | Solaris Health | | Solaris Health is a healthcare consulting firm that delivers operational optimization, patient engagement solutions, and data analytics services to providers. Based in the United States, the company partners with hospitals and clinics to implement efficiency strategies, clinical decision tools, and technology integrations for improved care delivery and outcomes. | Cardinal Health | $1.9B | - | |
Sep-25 | UST HealthProof | | UST HealthProof is a healthcare SaaS provider delivering claims processing, enrollment, and compliance platforms for health insurers and TPAs. Headquartered in Aliso Viejo, California, it integrates with EHR systems like Epic and Cerner for over 50 million covered lives. Launched in 2018, the platform automates prior authorizations and reduces processing times through AI-driven workflows. | HealthEdge | $1.3B | - | |
Jul-25 | Iodine Software | | Iodine Software is an AI platform for hospital revenue cycle management, headquartered in Austin, Texas. Founded in 2015, its IodineIQ engine uses NLP to scan 100 million clinical documents yearly, improving documentation for Medicare compliance. Adopted by 50 health systems including Mayo Clinic, it boosts case mix index by 5 percent. | Waystar | $1.3B | - | |
Apr-26 | MSQ | | MSQ is a transaction management services provider for healthcare and pharmacy sectors. | Council Capital | $1.1B | - | |
May-26 | PathAI | | PathAI is a Boston-based provider of AI-powered pathology solutions founded in 2016. The platform automates tissue analysis for pharmaceutical research and clinical diagnostics, enabling precise cancer detection and drug development workflows. PathAI partners with biopharma leaders like Bristol Myers Squibb and integrates with major labs such as Quest Diagnostics across the United States and Europe. Its technology processes whole-slide images to quantify biomarkers, supporting over 40 clinical trials and routine pathology practices worldwide. | Roche | $1.1B | - | |
May-26 | EqualizeRCM Services | | EqualizeRCM Services is a revenue cycle management firm for healthcare providers. Based in Franklin, Tennessee, the company optimizes reimbursements through coding, billing, and denial management services. EqualizeRCM develops custom software for claims scrubbing and payer contract analysis. Operating since 2008, it serves hospitals and physician groups across 30 states with AR recovery rates exceeding benchmarks. | Carlyle Group | $600M | - | |
Oct-25 | Cozeva | | Cozeva is a healthcare software provider offering a real-time operating system for value-based care. Its platform supports health plans and organizations with risk-based contracts, Medicare Stars, HEDIS measures, risk adjustment via HCC coding, alternative payment models like ACOs, and next-generation EHRs with coordinated care features. Cozeva delivers analytics, consulting, and dashboards for quality performance and revenue cycle management. | Vatica Health | $480M | - | |
Dec-25 | HotDoc |  | HotDoc is a Sydney-based healthcare technology company offering an online platform for real-time medical appointment booking. Founded in July 2012, it connects patients with a nationwide network of healthcare providers in Australia, streamlining supply and demand in the medical sector. The service equips health professionals with tools to manage schedules efficiently and enhances patient access to care. | Potentia Capital | $382M | 19x | |
Mar-26 | KUBRA | | KUBRA is a Phoenix-headquartered provider of customer communication platforms for utilities and government agencies across the U.S. and Canada. Its solutions include electronic billing, payment portals, mobile apps, outage alerts, and interactive mapping tools. Serving clients like Duke Energy and BC Hydro, KUBRA processes transactions reaching 40% of North American households. Founded in 1997, it integrates AI for personalized notifications. | Repay Holdings | $372M | 1.6x | |
Jan-26 | Kaia Health | | Kaia Health is a Brooklyn-headquartered digital therapeutics firm founded in 2016. The company develops app-based programs for back pain and COPD management using machine learning for personalized interventions. Patients access exercises, education, and coaching via smartphones or tablets. Kaia Health collaborates with medical experts and holds FDA clearance for its back pain solution. The platform operates in the United States and Europe. | Sword Health | $285M | - | |
Feb-26 | Gleamer |  | Gleamer is a Paris-headquartered AI software provider for radiology diagnostics. Its BoneView and ChestView tools integrate into PACS systems for automated fracture detection on X-rays and lung abnormality identification on chest scans. Deployed in over 300 institutions across 13 countries including France, U.K., and U.S., the solutions achieve 95% sensitivity in clinical validations. | DeepHealth | $271M | 9.0x | |
Mar-26 | Efferent Health | | Efferent Health delivers cloud-based applications, consulting, and IT services using FHIR technology to healthcare providers. | Hopper OS | $255M | - |
Most active buyers of healthcare software companies
Valsoft, Vitalhub and Arcadea Group are the most active acquirers of healthcare software companies in the last three years.
See all healthcare software acquirers| Logo | HQ | Description | Key acquisitions | ||
|---|---|---|---|---|---|
Valsoft | | Valsoft Corporation is a Montreal-headquartered firm acquiring and scaling vertical market software businesses. It targets established SaaS providers in niche industries, integrating technology services to expand customer reach and operational efficiency across sectors like public safety, healthcare, and construction. | FastMedicAmerican DataChordline Health+2 | 8 | |
Vitalhub | | Vitalhub Corp provides technology to Health and Human Service providers, including Hospitals, Regional Health Authorities, Mental Health, Long-Term Care, Home Health, and Community and Social Services. Vitalhub solutions span the categories of Electronic Health Records (EHR), Case Management, Care Coordination, Patient Flow, Operational Visibility, and Mobile Apps. It operates in one segment for its operations related to healthcare information systems in the mental health, long-term care, community health service, and hospital sectors. Geographically, it's available in Canada, the United Kingdom, Australia, the USA, Western Asia, and the Rest of the world, and the majority of the revenue comes from the United Kingdom. | Novari HealthInduction Healthcare GroupStrata Health+2 | 5 | |
Arcadea Group | | Arcadea Group is a New York-based investment firm focused on founder-led software companies. It deploys permanent capital for long-term partnerships in enterprise SaaS, fintech, and infrastructure sectors. | Sofis TecnologiaWellness Management InnovationIntuitive Care+1 | 4 | |
Accel-KKR | | Accel-KKR is a Menlo Park-headquartered private equity firm targeting growth-stage and middle-market companies in software, technology-enabled services, and cybersecurity sectors across North America and Europe. Formed as a joint venture between Accel Partners and KKR in 2000, it invests in established firms like Duck Creek Technologies and invests in companies such as AvidXchange. | ExxatCareLineLiveResiDex Software+2 | 4 | |
Healwell AI | | Healwell AI Inc is a healthcare technology company focused on AI and data science for preventative care. The group's proprietary AI technology and competencies, including data science, electronic health records, and clinical research offerings, enable it is develop and commercialize clinical decision support systems. Its tools help healthcare providers detect rare and chronic diseases, improve the efficiency of their practice, and ultimately help improve patient health outcomes. | Orion HealthMutuo Health SolutionsIntrahealth+1 | 4 | |
Health Catalyst | | Health Catalyst Inc provides data and analytics technology and services to healthcare organizations. It has two operating segments. The Technology segment, the key revenue driver, includes data platforms, analytics applications, and support services. This generates revenues mainly from contracts that are cloud-based subscription arrangements, time-based license arrangements, and maintenance and support fees; the Professional Services segment is generally the combination of analytics, implementation, strategic advisory, outsourcing, and improvement services to deliver expertise to its customers to more fully configure and utilize the benefits of the technology offerings. | Upfront Healthcare ServicesIntraprise HealthLumeon+1 | 4 | |
Asker Healthcare Group |  | Asker Healthcare Group AB is a provider of medical products and solutions that drive progress in the European healthcare sector. The company is engaged in building and acquiring companies to support the healthcare system to improve patient outcomes, reduce the total cost of care, and ensure a fair and sustainable value chain. The company also offers a range of value-added solutions to support its suppliers and customers in, for example, market access, efficiency, and sustainability. | InnoMedicusHealthNetConnectionsScan Modul+2 | 3 | |
Diversis Capital | | Diversis Capital is a Chicago-based private equity firm specializing in lower middle-market B2B software companies. It invests in SaaS providers across verticals like construction, healthcare, and manufacturing, deploying capital for organic growth and acquisitions. The firm partners with management teams to implement operational improvements and pursues tuck-in M&A strategies. Diversis manages over $500 million in assets and has completed investments in companies such as Procore alternatives and ERP systems. Established in 2013, it maintains offices in Chicago and Dallas, focusing on North American opportunities with enterprise value between $10 million and $100 million. | Genesis Automation HealthcareKermitMeperia | 3 | |
GE HealthCare | | GE HealthCare Technologies is a leading medical technology firm with leading market share in imaging and ultrasound equipment. The company reports four major segments: imaging (45% of revenue), advanced visualization solutions (26%), patient care solutions (15%), and pharmaceutical diagnostics (14%). The company’s sales are geographically diverse, with the United States, EMEA, China, and the rest of the world accounting for 46%, 26%, 11%, and 17% respectively. We estimate approximately half of its revenue is recurring, which consists of servicing (about one third of revenue), pharmaceutical diagnostics (about 10%-15%), and digital solutions (just over 5%). | InteleradicometrixMIM Software | 3 | |
Matrix One |  | - | SimplouddokspotGalen Data | 3 |
Founders and investors we've worked with
We've supported winning builders across healthcare software and beyond.
MAILINGWORK
We acted as exclusive sell-side advisor to MAILINGWORK, a Chemnitz-based email marketing software platform, on its sale to French digital marketing leader Positive Group.
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TestSolutions
We acted as exclusive financial advisor to Swiss PE firm Patrimonium on its majority stake acquisition of TestSolutions, a Frankfurt-based software testing and IT services provider.
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Resillion
We provided buy-side advice to a dominant TIC industry player on the carve-out and acquisition of Resillion (fka Eurofins Digital Testing), a Hasselt-based digital testing, cybersecurity and forensics provider.
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Digital Asset Management Software Provider
We provided buy-side advice to Byron Capital Partners on its acquisition of a leading European digital asset management (DAM) software platform.
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Boryszew
We provided buy-side advice to Boryszew, a Warsaw-listed diversified industrial group across automotive, metals and chemicals, on industrial software market mapping and target screening for its buy-and-build strategy.
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