BUYER POOL ANALYSIS
Selling a Healthcare It to Strategic / Industry buyers
Industry operators, larger competitors, and corporate buyers acquiring for synergies, geographic expansion, or capability fill. Typically pays a premium for clear strategic fit but discounts for integration cost and overlap.
Quick answers
- What multiple does this buyer pool pay?
- Median EV/EBITDA 17.23x across 60 disclosed deals (P25: 11.56x, P75: 23.6x). Median EV/Revenue 5.11x across 155 deals. Median deal value: $133.81M.
- How many disclosed transactions?
- 161 deals total (161 from 2018+), filtered to Strategic / Industry acquirers of healthcare it businesses.
- Most active buyers
- WELL Health Technologies Corp. (11) · Teladoc Health, Inc. (3) · UnitedHealth Group Inc. (3) · CloudMD Holdings Corporation Inc. (3) · Vitalhub Corp. (2) · symplr (2)
Recent disclosed deals
Strategic / Industry acquisitions of healthcare it businesses with named target, named acquirer, and disclosed financials.
| Year | Target | Acquirer | EV | EV/EBITDA | EV/Rev |
|---|---|---|---|---|---|
| 2026 | Eucalyptus | Hims & Hers Health, Inc. | $1150.0M | — | 2.60x |
| 2026 | Forian Inc. | 2025 Acquisition Company, LLC | $39.6M | — | 1.31x |
| 2026 | Gleamer SAS | RadNet, Inc. | $251.6M | — | 8.40x |
| 2026 | HealthEZ | Blue Cross Blue Shield of New Jersey | $360.0M | 21.1x | — |
| 2026 | Unbound Medicine | MPS Ltd | $16.5M | — | 1.90x |
| 2025 | AccessOne | Phreesia, Inc. | $160.0M | 14.6x | 4.60x |
What this buyer pool prices for
Strategic buyers — operators in adjacent geographies, larger competitors, or corporate consolidators — price for synergies and capability fill. They tend to discount integration cost and overlap risk but pay above market when there's clear strategic fit (key customer relationship, license, geography, technician/professional team). Multiples are competitive with PE for fee-viable deals; below PE for sub-scale acquisitions.
Methodology note
Multiples shown are computed from disclosed M&A transactions in the ExitValue.ai database, filtered to healthcare it businesses acquired by strategic / industry 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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