Seller: HillRom

Buyer: Baxter

Announced: September 2021

Deal Value: $10.5B

Baxter HillRom

HillRom acquired by medical supply firm Baxter

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.

Cloud Platform


Seller: PatientlySpeaking

Buyer: Kareo

Announced: December 2021

Kareo PatientlySpeaking

In the medical billing space, practice management firm Kareo made its first acquisition in over six years, buying RPA-based medical billing SaaS PatientlySpeaking. 

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.


Seller: Ciitizen

Buyer: Invitae

Announced: September 2021

Deal Value: $325M

Invitae Ciitizen

Genetic testing firm Invitae acquired AI-based medical record and healthcare data platform Ciitizen for $325M to provide patients a centralized hub for clinical and genomic information.

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

Avelead /Streamline Health

Seller: Avelead

Buyer: Streamline Health

Announced: August 2021

Streamline Health Avelead

And Streamline Health acquired revenue cycle solutions firm Avelead to improve revenue integrity for healthcare providers.


Seller: SignalPath

Buyer: Verily

Announced: August 2021

Verily SignalPath

Alphabet’s life sciences arm Verily purchased clinical trials management software firm SignalPath.