BUYER POOL ANALYSIS
Selling a Healthtech to Private Equity / PE-Backed Roll-Up buyers
Private equity firms and PE-backed platform consolidators acquiring for roll-up, add-on, or platform plays. Pricing tends to lead the market for fee-viable scale, with multi-bidder competitive processes above the EBITDA floor.
Quick answers
- What multiple does this buyer pool pay?
- Median EV/EBITDA 16.55x across 10 disclosed deals (P25: 13.65x, P75: 25.1x). Median EV/Revenue 4x across 12 deals. Median deal value: $872M.
- How many disclosed transactions?
- 12 deals total (6 from 2018+), filtered to Private Equity / PE-Backed Roll-Up acquirers of healthtech businesses.
- Most active buyers
- Vista Equity Partners (2) · Thoma Bravo (2) · Altaris (1) · Patient Square Capital (1) · Nordic Capital / Insight Partners (1) · Veritas Capital/Evergreen Coast Capital (1)
Recent disclosed deals
Private Equity / PE-Backed Roll-Up acquisitions of healthtech businesses with named target, named acquirer, and disclosed financials.
| Year | Target | Acquirer | EV | EV/EBITDA | EV/Rev |
|---|---|---|---|---|---|
| 2024 | Model N | Vista Equity Partners | $1250.0M | 24.5x | 4.70x |
| 2024 | Sharecare, Inc. | Altaris | $419.0M | 18.9x | 1.00x |
| 2023 | NextGen Healthcare | Thoma Bravo | $1800.0M | 16.1x | 2.80x |
| 2022 | SOC Telemed | Patient Square Capital | $341.0M | — | 2.80x |
| 2021 | Inovalon | Nordic Capital / Insight Partners | $7300.0M | 26.9x | 9.40x |
| 2018 | Athenahealth, Inc. | Veritas Capital/Evergreen Coast Capital | $5700.0M | 15.5x | 4.20x |
What this buyer pool prices for
Private equity acquirers price for scale and roll-up arbitrage. They pay up for businesses that fit a platform thesis — recurring revenue mix above 30%, technician/professional depth, clean financials, and a management layer that survives integration. The same healthtech can command 1.5x to 2x the multiple of an individual-buyer transaction simply because the PE buyer is acquiring a platform piece, not an owner-operated shop.
Methodology note
Multiples shown are computed from disclosed M&A transactions in the ExitValue.ai database, filtered to healthtech businesses acquired by private equity / pe-backed roll-up 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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