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.

Change Healthcare/OptumHealth

Seller: Change Healthcare

Buyer: OptumHealth

Announced: January 2021

Deal Value: $7.9B

EV/S Multiple: 7.7x

OptumHealth Change Healthcare

Change Healthcare, a medical revenue cycle management SaaS, was acquired for $7.9B at 7.7x revenue by OptumHealth,  a sub of UnitedHealth Group, specialized in healthcare management and analytics.

Livongo Health/Teladoc

Seller: Livongo Health

Buyer: Teladoc

Announced: August 2020

Deal Value: $18.5B

EV/S Multiple: 88.3x

Teladoc Health Livongo

The Acquisition of Livongo Health by Teladoc is the largest healthtech deal in history. Telehealth giant Teladoc purchased connected health platform Livongo Health for $1B in cash and almost $17B in stock.

Cloud Platform


Seller: Perigen

Buyer: Halma

Announced: April 2021

Deal Value: $58M

EV/S Multiple: 2.9x

Halma Perigen

UK-based medical risk management software provider, Halma paid $58M at 2.9x revenue to acquire US-based AI-enabled perinatal monitoring software, PeriGen. The addition enables Halma’s AI capabilities and extend its reach on advanced patient assessment and monitoring market.

Intrahealth Systems/WELL Health

Seller: Intrahealth Systems

Buyer: WELL Health

Announced: March 2021

Deal Value: $12.1M

EV/S Multiple: 1.7x

WELL Health Intrahealth Systems

Canadian HealthTech top buyer, Well Health, paid $12.1M to acquire New Zealand-based EMR SaaS, IntraHealth Systems, to expand its reach to new geographies and bolster its product offerings with more cross-selling opportunities.

Capsule Technologies/Royal Philips

Seller: Capsule Technologies

Buyer: Royal Philips

Announced: January 2021

Deal Value: $635M

EV/S Multiple: 6.4x

Royal Philips Capsule Technologies

Capsule Technologies, a vendor-agnostic patient monitoring platform, was bought for $635M at 6.4x revenue Royal Philips, a consumer electronics manufacturer, bolstering its current product offering.


Buyer: Accolade

Announced: January 2021

Deal Value: $360M

EV/S Multiple: 10.3x

Accolade, a digital health platform, was acquired by Accolade, a provider of personalized health and benefits solutions, which paid $360M at 10.3x revenue to add 2nd MD’s telehealth capabilities to its own platform.