Transactions

HGP has served as the exclusive investment banking advisor to over 140 health IT transactions representing over $5 billion in value since 2007.

140+

Transactions to Date

$5B

Aggregate Value

HGP advises on strategic and institutional capital transactions that generate high strategic value, shareholder and cultural alignment, and long-term value creation.

Capital Raise, Sell-Side
2023
Has Been Acquired By
Capital Raise
2022
Received Funding From
Capital Raise, Sell-Side
2019
Has Been Acquired By
Capital Raise, Growth Strategy
2018
Received Funding From
Capital Raise
2016
Received Funding From
Capital Raise
2016
Received Funding From
Capital Raise
2016
Received Funding From
Capital Raise
2016
Received Funding From
Capital Raise, Sell-Side
2015
Has Been Acquired By
Capital Raise
2015
Received Funding From
Capital Raise
2015
Received Funding From
Capital Raise
2015
Received Funding From

Strategic Investor

Capital Raise, Growth Strategy
2015
Received Funding From
Capital Raise
2014
Received Funding From
Capital Raise
2014
Received Funding From
Capital Raise
2014
Received Funding From

Other Transactions

Sell-Side
2024

Patient Engagement Vendor

Has Been Acquired By

Patient Engagement Vendor

Buy-side
2024

Cost Containment Vendor

Has Acquired

Payment Integrity Vendor

Sell-Side
2023
Has Been Acquired By
Sell-Side
2023
Has Been Acquired By
Buy-side
2023
Has Acquired
Sell-Side
2023

Patient Engagement Vendor

Has Been Acquired By

HIT Specialty Software Vendor

Buy-side
2023
Has Acquired
Sell-Side
2022
Has Been Acquired By
Sell-Side
2022
Has Been Acquired By
Buy-side
2022
Has Acquired
Buy-side
2022
Has Acquired
Buy-side
2021
Has Acquired
Capital Raise, Sell-Side
2023
Has Been Acquired By

Cantata Has Been Acquired By TT Capital Partners

Year: 2023
Sectors: PM/EMR, Revenue Cycle Management
Transaction Types: Capital Raise, Sell-Side

Situational Overview

Cantata offers a complete platform, including an integrated electronic health records (EHR) system, revenue cycle management (RCM), and a suite of clinical solutions that are fully configurable. Its Arize EHR solution was built for the health and human services market and with the clinician in mind. Arize allows providers of all sizes and types to customize dashboards and configure workflows to meet their unique needs.

HGP Value Add

HGP ran a competitive process, supported diligence, and advised on the structure of the transaction between Cantata and TTCP. Through the acquisition, Cantata has found a partner with deep healthcare expertise and a growth mindset that further enables the company to scale and bring their modern solutions to market.

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Capital Raise
2022
Received Funding From

Alivia Analytics Received Funding From Council Capital/Health Enterprise Partners

Year: 2022
Sectors: Payer Tech & Services
Transaction Types: Capital Raise

Situational Overview

Alivia provides a next-generation technology platform ensuring the accuracy of healthcare payments and leading the fight against fraud, waste, abuse and error in healthcare claims. The Company was seeking partners to provide capital and talent to reach the next level of success, expand its mission of providing superb technological innovation, and outstanding customer service.

HGP Value Add

HGP facilitated the investment and partnership process between Alivia, Health Enterprise Partners and Council Capital to establish the company’s market leadership position in payment integrity and to provide liquidity to Alivia’s investors. The industry veteran Michael Taylor, MD, an Executive-in-Residence at the firms who assisted with the search for a leading company in the payment integrity and fraud, waste and abuse space, joins as the Chief Executive Officer.

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Capital Raise, Sell-Side
2019
Has Been Acquired By

Clearwave Has Been Acquired By Frontier Capital

Year: 2019
Sectors: Population Health Management, Revenue Cycle Management
Transaction Types: Capital Raise, Sell-Side

Situational Overview

Clearwave is a leading provider of digital check-in, insurance eligibility, and patient payments solutions to health systems and physician practices.

HGP Value Add

HGP ran a competitive auction process to provide liquidity to Clearwave’s investors by partnering with a top tier investor to further the company’s market leadership position in patient registration.

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Capital Raise, Growth Strategy
2018
Received Funding From

Diameter Health Received Funding From Optum

Year: 2018
Sectors: Payer Tech & Services, Population Health Management
Transaction Types: Capital Raise, Growth Strategy

Situational Overview

Diameter Health is a software vendor enabling better clinical insights through the normalization, cleansing, de-duplication and enrichment of medical data. Diameter approached HGP to assess capitalization and growth strategies.

HGP Value Add

HGP initiated a strategic review which led to a capital transaction involving a strategic investment from Optum Ventures and existing shareholders.

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Capital Raise
2016
Received Funding From

Livongo Health Received Funding From 7wire Ventures

Year: 2016
Sectors: Benefits Management, Telemed
Transaction Types: Capital Raise

Situational Overview

Not available

HGP Value Add

Not available

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Capital Raise
2016
Received Funding From

Vivify Health Received Funding From UPMC; Labcorp; Envision

Year: 2016
Sectors: Population Health Management, Telemed
Transaction Types: Capital Raise

Situational Overview

Vivify is a remote patient monitoring vendor serving health systems and payors which engaged HGP to raise strategic capital.

HGP Value Add

HGP served as long-term strategic advisor, supporting the company through multiple institutional and strategic capital raises, including an investment from UPMC.

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Capital Raise
2016
Received Funding From

InformedDNA Received Funding From Anthem

Year: 2016
Sectors: Benefits Management, Payer Tech & Services
Transaction Types: Capital Raise

Situational Overview

InformedDNA is a genetic counseling and utilization management business serving the payor market. InformedDNA engaged HGP to assist with a capital raise with a focus on strategic investors.

HGP Value Add

HGP contacted multiple strategic investors and ultimately structured a combined commercial and investment partnership with Anthem.

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Capital Raise
2016
Received Funding From

Lightbeam Health Received Funding From Hearst Health Ventures

Year: 2016
Sectors: Population Health Management
Transaction Types: Capital Raise

Situational Overview

Lightbeam is a population health management software vendor that HGP supported through multiple rounds of institutional and strategic capital.

HGP Value Add

HGP served as strategic advisor in Lightbeam’s capital raise from the Corporate Venture Capital arm of Hearst Corporation.

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Capital Raise, Sell-Side
2015
Has Been Acquired By

Sentry Data Systems Has Been Acquired By ABRY Partners

Year: 2015
Sectors: Benefits Management, Infrastructure Technology
Transaction Types: Capital Raise, Sell-Side

Situational Overview

Sentry is a software vendor serving hospital-based pharmacies which engaged HGP as a strategic advisor to support long-term valuation creation.

HGP Value Add

HGP served as strategic advisor, recruited board members, and helped the company plan and position for a transaction, resulting in a recap with ABRY Partners.

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Capital Raise
2015
Received Funding From

Ontellus Received Funding From Capstreet Group

Year: 2015
Sectors: Infrastructure Technology, Payer Tech & Services
Transaction Types: Capital Raise

Situational Overview

Keais is a medical record retrieval vendor serving insurance carriers and law firms.

HGP Value Add

HGP intermediated a proprietary recapitalization transaction between Keais and The CapStreet Group, which addressed the unique needs of the Keais shareholder base.

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Capital Raise
2015
Received Funding From

Zirmed Received Funding From Generation Partners

Year: 2015
Sectors: Revenue Cycle Management
Transaction Types: Capital Raise

Situational Overview

ZirMed is a privately-held revenue cycle claims and analytics vendor backed by Sequoia Capital. HGP was approached by Generation Partners to support a $25mm growth equity investment in ZirMed.

HGP Value Add

HGP provided market perspective that served as the formation of the investment thesis and performed valuation analyses. HGP leveraged a pre-existing relationship with ZirMed to streamline a smooth negotiation between the two parties.

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Capital Raise
2015
Received Funding From

Strategic InvestorLightbeam Health

Lightbeam Health Received Funding From Strategic Investor

Year: 2015
Sectors: Population Health Management
Transaction Types: Capital Raise

Situational Overview

Lightbeam is a population health management software vendor that HGP supported through multiple rounds of institutional and strategic capital.

HGP Value Add

HGP served as strategic advisor in Lightbeam’s capital raise from an undisclosed strategic investor.

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Capital Raise, Growth Strategy
2015
Received Funding From

ClockwiseMD Received Funding From Martin Ventures

Year: 2015
Sectors: PM/EMR
Transaction Types: Capital Raise, Growth Strategy

Situational Overview

HGP served as a long-term strategic advisor to ClockwiseMD, a self-scheduling and queue management vendor serving healthcare providers.

HGP Value Add

HGP introduced and supported a proprietary investment from Martin Ventures, the investment firm run by Vanguard Health founder, Charlie Martin.

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Capital Raise
2014
Received Funding From

Vivify Health Received Funding From Labcorp; Envision

Year: 2014
Sectors: Population Health Management, Telemed
Transaction Types: Capital Raise

Situational Overview

Vivify is a remote patient monitoring vendor serving health systems and payors which engaged HGP to raise strategic capital.

HGP Value Add

HGP served as long-term strategic advisor, supporting the company through multiple institutional and strategic capital raises, including an investment from LabCorp and Envision Health.

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Capital Raise
2014
Received Funding From

Array Health Received Funding From Vocap Investment Partners; Noro-Moseley Partners

Year: 2014
Sectors: Benefits Management, Payer Tech & Services
Transaction Types: Capital Raise

Situational Overview

Array Health is a health insurance exchange software vendor serving health plans and employers. Angel funded to date, the company approached HGP to advise on first round institutional capital.

HGP Value Add

HGP advised the company through a highly competitive auction process that resulted in a $13mm capital raise led by Noro-Moseley Partners with participation from VoCap Partners and Highmark.

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Capital Raise
2014
Received Funding From

Livongo Health Received Funding From General Catalyst Partners

Year: 2014
Sectors: Benefits Management, Telemed
Transaction Types: Capital Raise

Situational Overview

Livongo is a diabetes care management company serving employers & payers. Previously funded by angels, Livongo (fka, Eos Health) sought first round institutional capital to accelerate growth.

HGP Value Add

HGP leveraged existing relationships with Livongo (Eos Health) and 7wire to facilitate a seamless transaction with General Catalyst, which led to subsequent investments from Humana, Merck GHI, and Kleiner Perkins.

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Sell-Side
2024

Patient Engagement Vendor

Has Been Acquired By

Patient Engagement VendorPatient Engagement Vendor

Patient Engagement Vendor Has Been Acquired By Patient Engagement Vendor

Year: 2024
Sectors: Population Health Management, Revenue Cycle Management
Transaction Types: Sell-Side

Close
Buy-side
2024

Cost Containment Vendor

Has Acquired

Payment Integrity VendorCost Containment Vendor

Cost Containment Vendor Has Acquired Payment Integrity Vendor

Year: 2024
Sectors: Payer Tech & Services, Revenue Cycle Management
Transaction Types: Buy-side

Situational Overview

In a retained buyside engagement, HGP completed a strategic review, market assessment, and target landscaping. After an extensive search, on a proprietary basis, HGP identified and executed against the ideal strategic, sizable and transformational acquisition on behalf of our client.

HGP Value Add

HGP fostered the relationship between Buyer and Seller, facilitated due diligence, and negotiated the proprietary transaction, navigating the particular goals of both buyer and seller to land on the optimal transaction structure.

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Sell-Side
2023
Has Been Acquired By

Experience Care Has Been Acquired By WellSky

Year: 2023
Sectors: PM/EMR, Revenue Cycle Management
Transaction Types: Sell-Side

Situational Overview

Experience Care is an innovative technology company offering a suite of software solutions for post-acute and long-term care providers. The company has a proven track record with its leading electronic health record (EHR) platform NetSolutions, serving 150 long-term care clients with 850 facilities.

HGP Value Add

HGP ran a competitive process, supported diligence, and advised on the structure of the transaction between Experience Care and WellSky. Through the acquisition, the two firms will enable more providers to increase operational efficiencies, improve financial performance, and turn data into meaningful information that advances resident care—further establishing WellSky as a top technology partner for post-acute and long-term care providers.

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Sell-Side
2023
Has Been Acquired By

Access eForms Has Been Acquired By Phreesia

Year: 2023
Sectors: Infrastructure Technology, Population Health Management, Revenue Cycle Management
Transaction Types: Sell-Side

Situational Overview

Access eForms is an innovative electronic forms management and automation provider that helps hospitals across the country streamline workflows, improve compliance and deliver a better patient experience. Access was founded over 20 years ago, collects more than 1.6 billion e-signatures each year, and has seamless integrations with the leading EHRs.

HGP Value Add

HGP ran a competitive auction process and supported Access throughout diligence ultimately resulting in a highly synergistic and compatible transaction with Phreesia. This transaction expands phreesia’s offerings for acute-care hospitals, continuing to drive efficiency and a better patient experience.

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Buy-side
2023
Has Acquired

Solarity Has Acquired Disc

Year: 2023
Sectors: Infrastructure Technology
Transaction Types: Buy-side

Situational Overview

Through existing relationships, HGP was aware that Solarity and Disc were perfectly matched for a strategic transaction. Solarity was in an exceptional position to instigate a transformative market shift, while Disc stood ideally positioned to benefit from the additional resources of the acquirer.

HGP Value Add

HGP fostered the relationship between Solarity and Disc, facilitated due diligence, and structured the proprietary transaction. As a result of HGP’s deep expertise and extensive experience, all parties involved navigated this transaction seamlessly.

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Sell-Side
2023

Patient Engagement Vendor

Has Been Acquired By

HIT Specialty Software VendorPatient Engagement Vendor

Patient Engagement Vendor Has Been Acquired By HIT Specialty Software Vendor

Year: 2023
Sectors: Population Health Management, Revenue Cycle Management
Transaction Types: Sell-Side

Situational Overview

A patient engagement software vendor focused on clinical specialties engaged HGP to run an auction sale process.

HGP Value Add

The auction process generated multiple competitive bids and resulted in the sale to a specialty focused HIT vendor. Once announced, HGP will share more details.

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Buy-side
2023
Has Acquired

Intelligent Medical Objects Has Acquired Melax Technologies

Year: 2023
Sectors: Life Sciences Tech, Population Health Management
Transaction Types: Buy-side

Situational Overview

IMO engaged HGP to assess strategic opportunities to accelerate their Natural Language Processing (NLP) capabilities. The acquisition of Melax Tech will enhance IMO’s portfolio of healthcare data solutions and enable IMO to expand its offerings to various segments in the healthcare market to tackle diverse problems like improving clinical and administrative workflows, clinical research, and patient outcomes.

HGP Value Add

HGP supported IMO in the transaction, which aligns with IMO’s mission to help physicians document care in their own words while capturing the right codes behind the scenes. HGP is proud to have supported and advised IMO through the company’s first acquisition.

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Sell-Side
2022
Has Been Acquired By

BloodHub Has Been Acquired By InVita

Year: 2022
Sectors: Infrastructure Technology, Revenue Cycle Management
Transaction Types: Sell-Side

Situational Overview

BloodHub offers a reliable, simple, and innovative supply chain SaaS platform for blood, biologics and cellular services. The solution brings blood suppliers and hospitals closer with a paperless process that is automated and transparent, backed by exceptional reliability, ease of use, smart ideas, and responsive, personalized service. The Company engaged HGP to run a strategic sale auction with the objective to both maximize value and find a counterparty that would serve as a good home to the executive team and employees.

HGP Value Add

HGP ran a competitive auction process resulting in a highly synergistic and compatible transaction with InVita, backed by The Riverside Company. BloodHub adds critical order-to-cash functionality, transportation module, and its newest BloodRelay offering, which automates Immunohematology Reference Lab workflows, to InVita’s innovative blood management solution suite.

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Sell-Side
2022
Has Been Acquired By

MoveSpring Has Been Acquired By Reward Gateway

Year: 2022
Sectors: Benefits Management, Population Health Management
Transaction Types: Sell-Side

Situational Overview

MoveSpring offers an entertaining, easy-to-use and scalable wellbeing and activity challenge platform for employers, combining an end-user-oriented approach with elements of gamification and community-building around fitness.

HGP Value Add

HGP ran a competitive auction process resulting in a highly synergistic and compatible transaction with Reward Gateway. With this acquisition, Reward Gateway will offer one of the most comprehensive, end-to-end employee engagement platforms available to support companies of all sizes, all over the world.

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Buy-side
2022
Has Acquired

symplr Has Acquired Greenlight Medical

Year: 2022
Sectors: Infrastructure Technology
Transaction Types: Buy-side

Situational Overview

symplr’s Spend Management product suite will be strengthened by adding GreenLight’s quality and value-based purchasing decision support capabilities, together offering one of the most comprehensive spend management and value analysis SaaS solutions in the industry.

HGP Value Add

HGP supported symplr in the transaction, which aligns with symplr’s mission to deliver streamlined supply chain decision support for healthcare systems. HGP has served as financial and strategic advisor to symplr since 2014, with GreenLight Medical representing the 10th buy-side acquisition advised by HGP.

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Buy-side
2022
Has Acquired

nThrive Has Acquired Pelitas

Year: 2022
Sectors: Population Health Management, Revenue Cycle Management
Transaction Types: Buy-side

Situational Overview

nThrive, a comprehensive RCM platform provider, engaged HGP to assess strategic opportunities to execute on their buy-and-build thesis. Patient access and digital patient intake were identified as highly strategic extensions that advance nThrive’s position as a leading provider in front-end revenue cycle management.

HGP Value Add

HGP supported nThrive in the transaction, which extends nThrive’s leadership in revenue cycle management by adding innovative patient access offerings and new capabilities to support digital patient intake and patient engagement.

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Buy-side
2021
Has Acquired

symplr Has Acquired Phynd

Year: 2021
Sectors: Infrastructure Technology, Revenue Cycle Management
Transaction Types: Buy-side

Situational Overview

As the global healthcare GRC leader, symplr has been focused on driving consolidation in the industry and accelerating growth via strategic acquisitions. HGP has served as financial and strategic advisor to symplr in varying capacities since 2014, with Phynd representing the 7th buy-side acquisition advised by HGP.

HGP Value Add

HGP identified Phynd as an ideal acquisition target for enhancing symplr’s provider data management offering to enable management of a provider’s profile, location, clinical expertise, health plan and network participation, and programs.

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