Megadeals

Cerner/Oracle

Seller: Cerner

Buyer: Oracle

Announced: December 2021

Deal Value: $28.3B

EV/S Multiple: 5.2x

Oracle Cerner

Cerner, a provider of healthcare practice management software, was bought for $28.3B at 5.2x revenue by Oracle.

ProVation Medical /Fortive

Seller: ProVation Medical

Buyer: Fortive

Announced: December 2021

Deal Value: $1.4B

EV/S Multiple: 13x

Fortive ProVation Medical

Clinical workflow software solutions provider, ProVation Medical was bought by Fortive for $1.4Bat an estimated 13 times revenue, extending its Advanced Healthcare Solution offerings and customer reach. 

athenahealth/Hellman&Friedman and Bain Capital

Seller: athenahealth

Buyer: Hellman&Friedman and Bain Capital

Announced: November 2021

Deal Value: $17B

Hellman&Friedman and Bain Capital athenahealth

athenahealth, an EHR and practice management SaaS, was acquired for $17B by Private Equity firms, Hellman&Friedman and Bain Capital.

BK Medical/GE Healthcare

Seller: BK Medical

Buyer: GE Healthcare

Announced: September 2021

Deal Value: $1.45B

GE Healthcare BK Medical

GE Healthcare made its largest acquisition to date of AI-enabled visualization software and ultrasound firm BK Medical for $1.5B as it moves deeper into the imaging space.

Ginger/HeadSpace

Seller: Ginger

Buyer: HeadSpace

Announced: August 2021

Deal Value: $3B

HeadSpace Ginger

Ginger, a virtual mental health support platform, was acquired for $3B by web-based meditation platform developer, HeadSpace, to form HeadSpace Health, combining teletherapy services with guided meditation offerings.

inovalon/Nordic Capital [Insight Partners]

Seller: inovalon

Buyer: Nordic Capital [Insight Partners]

Announced: August 2021

Deal Value: $6.4B

EV/S Multiple: 10.2x

Insight Partners inovalon

US-based healthcare analytics firm inovalon was taken private for $6.4B at 10.2 times revenue by a PE consortium, led by Insight Partners and Nordic Capital

Microsoft/Nuance Communications​​​​​​​

Seller: Microsoft

Buyer: Nuance Communications​​​​​​​

Announced: April 2021

Deal Value: $19.7B

EV/S Multiple: 13.6x

Microsoft Nuance Communications​​​​​​​

The Acquisition of Nuance Communications by Microsoft is the largest healthtech deal in history. Microsoft purchased Nuance Communicationsa conversational AI and cloud-based ambient clinical intelligence platform, for $19.7B in all-cash transaction.

PRA Health Sciences/ICON

Seller: PRA Health Sciences

Buyer: ICON

Announced: February 2021

Deal Value: $10.8B

EV/S Multiple: 3.8x

ICON PRA Health Sciences

PRA Health Sciences, a clinical trial management platform, was purchased for $10.8B at 3.8x revenue by ICON, the Irish clinical trials group.

Cloud Platform

PatientPop/Kareo

Seller: PatientPop

Buyer: Kareo

Announced: November 2021

Kareo PatientPop

Healthcare practice growth management SaaS, PatientPop agreed to merge with Kareo, provider of web-based EMR & medical billing software, to create Tebra, which intends to provide an all-in-one digital solution for healthcare providers, serving more than 85M patients. 

DrChrono/EverCommerce

Seller: DrChrono

Buyer: EverCommerce

Announced: November 2021

Deal Value: $182.5M

EverCommerce DrChrono

Open-source practice EHR management and billing SaaS, DrChrono was purchased for $182.5M by EverCommerce, adding mobile capabilities to its EverHealth suite.