Fairness opinions › Segments
Digital / HealthTech fairness opinions
36 public-company healthcare transactions in Digital / HealthTech, 2010-2026, each with the banker's fairness opinion from the SEC filing: the DCF discount rate and terminal assumptions, the selected companies and precedent transactions, and the deal terms.
Valuation benchmarks
EV / LTM EBITDA
14.9x / 17.0x / 30.4x
Q1 / median / Q3 · n=31
EV / LTM revenue
2.20x / 3.87x / 5.01x
Q1 / median / Q3 · n=36
DCF discount rate (midpoint)
9.0% / 11.0% / 13.0%
Q1 / median / Q3 · n=36
Digital / HealthTech transactions with a fairness opinion, 2010-2026. Multiples are enterprise value over the last-twelve-months figure disclosed in the filing; the discount rate is the midpoint of the range the banker used in its DCF.
Bankers most often engaged in Digital / HealthTech
Morgan Stanley (6) · Barclays (4) · Houlihan Lokey (3) · Goldman Sachs (3) · William Blair (3) · Evercore (3) · J.P. Morgan (3) · Centerview Partners (2)
All Digital / HealthTech transactions
| Announced | Target | Acquirer | EV | EV/EBITDA | EV/Rev | DCF rate | Fairness opinion |
|---|---|---|---|---|---|---|---|
| 2026-06-15 | Simulations Plus | Altaris | $375M | 16.7x | 4.66x | 9.4%–11.4% | Morgan Stanley |
| 2026-04-23 | TruBridge | Inventurus Knowledge Solutions Health | $557M | 8.1x | 1.61x | 12.0%–13.0% | Solomon Partners |
| 2026-04-02 | Forian | Management-Led Consortium | $68.0M | 85.0x | 2.24x | 13.5%–16.5% | Houlihan Lokey |
| 2026-03-09 | Talkspace | Universal Health Services | $835M | 23.9x | 2.85x | 11.0%–13.0% | Wells Fargo Securities |
| 2025-05-29 | Streamline Health | MDaudit | $37.4M | — | 2.09x | 16.9%–18.9% | Cain Brothers |
| 2025-04-15 | iCAD | RadNet | $85.8M | — | 8.09x | 19.6%–20.4% | Piper Sandler |
| 2025-01-08 | Accolade | Transcarent | $621M | 35.5x | 1.33x | 13.2%–15.2% | Morgan Stanley |
| 2024-06-21 | ShareCare | Altaris | $419M | 18.9x | 1.00x | 11.5%–12.5% | Houlihan Lokey, MTS Health Partners |
| 2024-04-08 | Model N | Vista Equity Partners | $1.3B | 24.5x | 4.73x | 10.0%–11.0% | Jefferies |
| 2023-09-05 | NextGen Healthcare | Thoma Bravo | $1.8B | 16.1x | 2.76x | 8.9%–10.6% | Morgan Stanley |
| 2023-08-07 | Tabula Rasa HealthCare | Nautic Partners / ExactCare Pharmacy | $570M | 27.1x | 1.58x | 13.0%–15.5% | Goldman Sachs |
| 2022-11-01 | Benefitfocus | Voya Financial | $570M | 11.6x | 2.25x | 11.0%–13.0% | Barclays |
| 2022-02-02 | SOC Telemed | Patient Square Capital | $341M | — | 2.79x | 14.0%–16.0% | William Blair |
| 2022-01-06 | Vocera Communications | StrykerCorp. | $2.6B | 52.3x | 9.35x | 8.0%–9.0% | Evercore |
| 2022-01-05 | Castlight Health | Vera Whole Health | $304M | 30.4x | 2.18x | 10.0%–12.0% | William Blair |
| 2021-12-20 | Cerner | Oracle | $29B | 15.2x | 5.00x | 7.2%–8.5% | Centerview Partners |
| 2021-08-19 | Inovalon Holdings | Nordic Capital / Insight Partners | $7.3B | 26.9x | 9.42x | 8.0%–9.0% | Evercore, J.P. Morgan |
| 2021-04-12 | Nuance Communications | Microsoft | $19B | 45.9x | 13.53x | 8.0%–9.0% | Evercore |
| 2021-01-06 | Change Healthcare | Optum | $14B | 13.8x | 4.46x | 6.8%–7.8% | |
| 2020-12-21 | HMS | Gainwell Technologies | $3.4B | 18.4x | 5.01x | 9.0%–10.0% | Barclays |
| 2020-08-05 | Livongo Health | Teladoc Health | $14B | 155.5x | 23.14x | 8.3%–10.2% | Lazard, Morgan Stanley |
| 2019-06-12 | Medidata Solutions | Dassault Systemes | $5.8B | 32.4x | 7.84x | 8.9%–9.9% | Morgan Stanley |
| 2018-11-12 | Athenahealth | Veritas Capital / Evergreen Coast Capital | $5.7B | 15.5x | 4.24x | 10.5%–12.0% | Centerview Partners, Lazard |
| 2018-06-19 | Cotiviti | Verscend Technologies | $4.9B | 16.3x | 6.61x | 8.5% | |
| 2018-01-05 | Connecture | Francisco Partners | $40.8M | — | 0.53x | 18.0%–22.0% | Houlihan Lokey |
| 2017-07-24 | WebMD | Internet Brands | $2.9B | 11.9x | 3.96x | 8.0%–10.0% | J.P. Morgan |
| 2016-10-24 | Everyday Health | Ziff Davis | $465M | 10.3x | 1.82x | 8.0%–12.5% | Qatalyst Partners |
| 2016-08-09 | Press Ganey Holdings | EQT | $2.4B | 16.1x | 6.28x | 8.0%–10.0% | Barclays, Goldman Sachs |
| 2016-07-13 | Imprivata | Thoma Bravo | $544M | — | 3.78x | 11.0%–15.0% | Barclays |
| 2015-08-06 | Merge Healthcare | IBM Watson Health | $1.0B | 19.5x | 3.97x | 10.0%–12.0% | Goldman Sachs |
| 2014-01-30 | Accelrys | Dassault Systèmes SA | $750M | 16.3x | 3.55x | 8.3%–9.4% | Morgan Stanley |
| 2013-09-24 | Greenway Medical Technologies | Vista Equity Partners | $644M | 33.9x | 4.24x | 9.0%–10.0% | J.P. Morgan |
| 2010-07-28 | HealthGrades | Vestar Capital Partners | $294M | 17.0x | 4.32x | 11.6%–13.3% | Citi |
| 2010-06-09 | Eclipsys | Allscripts-Misys Healthcare Solutions | $1.3B | 14.9x | 2.47x | 10.3%–11.3% | William Blair, UBS, Perella Weinberg Partners |
| 2010-04-16 | Phase Forward | Oracle | $685M | 11.6x | 2.78x | 12.0%–13.0% | Thomas Weisel Partners |
| 2010-04-05 | Symyx Technologies | Accelrys | $105M | 10.1x | 1.23x | 14.0%–18.0% | UBS |
3,000+ healthcare deal-level valuation multiples
The Valuation database includes financial details for more than 3,000 healthcare M&A transactions, private and public, with deal-level multiples, categorized by segment, type, and year.