BUYER POOL ANALYSIS
Selling a Healthcare It to Individual / Owner-Operator buyers
Owner-operators, SBA-financed independent buyers, and smaller management buyouts. Pricing reflects what an individual can finance (typically 10-25% down + SBA 7(a)) and operate hands-on. Below typical PE engagement size.
Quick answers
- What multiple does this buyer pool pay?
- Median EV/EBITDA 21.15x across 14 disclosed deals (P25: 15.43x, P75: 24.6x). Median EV/Revenue 7.1x across 19 deals. Median deal value: $1300M.
- How many disclosed transactions?
- 27 deals total (27 from 2018+), filtered to Individual / Owner-Operator acquirers of healthcare it businesses.
- Most active buyers
- Cotiviti (1) · Bregal Sagemount (1) · TA Associates (1) · Mubadala Investment, et. al. (1) · TPG (1) · FG Merger Corp. (1)
Recent disclosed deals
Individual / Owner-Operator acquisitions of healthcare it businesses with named target, named acquirer, and disclosed financials.
| Year | Target | Acquirer | EV | EV/EBITDA | EV/Rev |
|---|---|---|---|---|---|
| 2025 | Edifecs | Cotiviti | $3050.0M | 21.3x | — |
| 2025 | MDaudit | Bregal Sagemount | $600.0M | 30.0x | 15.00x |
| 2024 | Nexus AG | TA Associates | $1300.0M | 21.0x | 4.60x |
| 2024 | Zelis Healthcare | Mubadala Investment, et. al. | $17000.0M | 24.3x | — |
| 2023 | Nextech | TPG | $1400.0M | 24.6x | 8.00x |
| 2023 | iCoreConnect | FG Merger Corp. | $98.0M | — | 12.10x |
What this buyer pool prices for
Individual buyers — owner-operators, SBA-financed independents, smaller management buyouts — price for what they can finance (typically 10-25% down with SBA 7(a) loans up to $5M deal value) and operate hands-on. Multiples are below PE / strategic because the buyer is taking the owner-operator role, not stepping in as institutional capital. Owner-dependency and seasonality matter more here than to a PE buyer.
Methodology note
Multiples shown are computed from disclosed M&A transactions in the ExitValue.ai database, filtered to healthcare it businesses acquired by individual / owner-operator buyers. EV/EBITDA outliers outside the [0.5x, 60x] band and EV/Revenue outliers outside [0.05x, 25x] are excluded from medians. Where available, post-2018 transactions are weighted; otherwise the all-time sample is used. Deal counts shown reflect deals with disclosed financials only — total transaction count for this buyer pool is typically 2-3x larger. Full methodology
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