BUYER POOL ANALYSIS
Selling a Healthtech 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 30.4x across 7 disclosed deals (P25: 13.8x, P75: 35.5x). Median EV/Revenue 3.34x across 10 deals. Median deal value: $595.5M.
- How many disclosed transactions?
- 10 deals total (10 from 2018+), filtered to Strategic / Industry acquirers of healthtech businesses.
- Most active buyers
- Transcarent, Inc. (1) · MDaudit (1) · RadNet, Inc. (1) · Voya Financial (1) · Nautic Partners / ExactCare Pharmacy (1) · Vera Whole Health (1)
Recent disclosed deals
Strategic / Industry acquisitions of healthtech businesses with named target, named acquirer, and disclosed financials.
| Year | Target | Acquirer | EV | EV/EBITDA | EV/Rev |
|---|---|---|---|---|---|
| 2025 | Accolade, Inc. | Transcarent, Inc. | $621.0M | 35.5x | 1.30x |
| 2025 | Streamline Health | MDaudit | $37.0M | — | 2.10x |
| 2025 | iCAD, Inc. | RadNet, Inc. | $86.0M | — | 4.39x |
| 2023 | Benefitfocus | Voya Financial | $570.0M | 11.6x | 2.30x |
| 2023 | Tabula Rasa HealthCare, Inc. | Nautic Partners / ExactCare Pharmacy | $570.0M | 27.1x | 1.60x |
| 2022 | Castlight Health, Inc. | Vera Whole Health | $304.0M | 30.4x | 2.20x |
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 healthtech 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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