What did Veritas Capital/Evergreen Coast Capital pay for Athenahealth, Inc.?

Veritas Capital/Evergreen Coast Capital acquired Athenahealth, Inc. for $5.70B in 2018 (15.5x EBITDA), equivalent to 4.20x revenue. Target revenue was approximately $1343.0M. Target EBITDA was approximately $368.0M.

What does Athenahealth, Inc. do?

Athenahealth, Inc. is a healthtech business.

What multiple did Veritas Capital/Evergreen Coast Capital pay for Athenahealth, Inc.?

15.5x EBITDA and 4.20x revenue, based on disclosed deal value of $5.70B and disclosed financials.

M&A TRANSACTION · 2018

Athenahealth, Inc. acquired by Veritas Capital/Evergreen Coast Capital

$5.70B· 15.5x EBITDA· 4.20x revenue

Target

Athenahealth, Inc.

Acquirer

Veritas Capital/Evergreen Coast Capital

Private Equity buyer

Disclosed financials at time of acquisition

Revenue

$1343.0M

EBITDA

$368.0M

Deal Value

$5.70B

EV/EBITDA

15.5x

Context

This $5.70B acquisition of Athenahealth, Inc. by Veritas Capital/Evergreen Coast Capital sits in the healthtech sub-vertical. The 15.5x EBITDA multiple paid in 2018 can be compared against the population median for healthtech transactions of similar size on our Healthtech valuation hub. Veritas Capital/Evergreen Coast Capital is acquiring as a private equity buyer; see how PE acquirers typically price healthtech businesses on our Healthtech PE buyer-pool page.

Source

Data sourced from SEC Fairness Opinion — primary source. All figures reflect disclosed values at the time of the acquisition; no estimated or imputed data. Methodology

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Citation: ExitValue.ai. (2018). Athenahealth, Inc. acquired by Veritas Capital/Evergreen Coast Capital. https://exitvalue.ai/deals/athenahealth-inc-acquired-by-veritas-capitalevergreen-coast-capital-fairness-opi