Healthcare ITM&A Valuation Benchmarks

The healthcare it M&A market is currently trading at a median 16.47× EBITDA (interquartile range 11×–21.1×) and 3.6× revenue (interquartile range 1.92×–6.8×), based on 483 disclosed transactions at a median deal size of $150M. The market trend is currently growing.

Recent (2018+) deals are pricing at 17.25× EBITDA — a step UP from the all-time median of 16.47×. Multiples have expanded as institutional capital has entered the space.

Active acquirers include Hims & Hers Health, Inc., Infosys Limited, Blue Cross Blue Shield of New Jersey, RadNet, Inc.. Recent named transactions: Eucalyptus (2026, $1,150M); Optimum Healthcare IT, LLC (2026, $465M); HealthEZ (2026, $360M, 21.1× EBITDA).

Premium multiples in healthcare it are driven by recurring saas revenue above 70% with nrr above 105% (lifts to 7-12x revenue); ehr integration breadth (epic + cerner + athena + greenway) — every hospital becomes addressable; hitrust / soc 2 type ii certification (pe platform requirement, not nice-to-have).

What depresses multiples: implementation-services revenue above 40% (services drag multiple toward 1-2x); single-customer concentration above 25% of arr (pe platforms heavily discount this); on-prem deployment majority (modern buyer pool is cloud-native; 2-3 turn discount).

All figures based on disclosed deals only. Source: SEC filings, EDGAR 8-K/S-4, and verified press releases (483 deals total, 214 with EBITDA, 438 with revenue). Quality grade: green.