Transactions

HGP has served as the exclusive investment banking advisor to over 140 health IT transactions representing over $6 billion in value since 2007.

150+

Transactions to Date

$6B

Aggregate Value

HGP offers a broad range of strategic planning methods that identify paths for growth and value creation while preparing for a potential sale or capital transaction.

Growth Strategy, Sell-Side
2026
Has Been Acquired By
Growth Strategy, Sell-Side
2025
Has Been Acquired By
Capital Advisory, Growth Strategy, Sell-Side
2022
Has Been Acquired By
Growth Strategy, Sell-Side
2021
Has Been Acquired By
Growth Strategy, Sell-Side
2020
Has Been Acquired By
Growth Strategy, Sell-Side
2018
Has Been Acquired By
Capital Advisory, Growth Strategy
2018
Has Partnered With
Growth Strategy, Sell-Side
2017
Has Been Acquired By
Growth Strategy, Sell-Side
2017
Has Been Acquired By
Growth Strategy, Sell-Side
2016
Has Been Acquired By
Capital Advisory, Growth Strategy
2015
Has Partnered With
Growth Strategy, Sell-Side
2013
Has Been Acquired By
Growth Strategy, Sell-Side
2012
Has Been Acquired By
Capital Advisory, Growth Strategy
2012
Has Partnered With
Buy-side, Growth Strategy
2011
Has Partnered With
Capital Advisory, Growth Strategy
2010
Has Partnered With

Other Transactions

Buy-side
2026
Has Acquired
Buy-side
2026
Has Acquired
Sell-Side
2025
Has Been Acquired By
Sell-Side
2025
Has Been Acquired By
Sell-Side
2025
Has Been Acquired By
Sell-Side
2025
Has Been Acquired By
Buy-side, Capital Advisory
2024
Has Partnered With
Sell-Side
2024
Has Been Acquired By

Patient Engagement Vendor

Buy-side
2024

Cost Containment Vendor

Has Acquired

Payment Integrity Vendor

Capital Advisory, Sell-Side
2023
Has Been Acquired By
Sell-Side
2023
Has Been Acquired By
Sell-Side
2023
Has Been Acquired By
Growth Strategy, Sell-Side
2026
Has Been Acquired By

Alora Health Has Been Acquired By LivTech

Year: 2026
Sectors: PM/EMR
Transaction Types: Growth Strategy, Sell-Side

Situational Overview

Alora Healthcare Systems is a leading developer of cloud-based, AI-enabled software solution for the home health, home care, and hospice industries. Prior to the transaction, the company was founder-owned and operated, with no institutional investors. Alora engaged HGP to evaluate strategic alternatives, including a potential sale of the business.

HGP Value Add

HGP engaged with Alora nearly a year in advance of the planned go-to-market launch to position the company for a successful auction process. During this period, HGP conducted a comprehensive review of the company’s financial and operational performance to ensure readiness for market engagement, cultivated relationships with a targeted group of high-quality prospective buyers, and advised management on key strategic decisions related to both the transaction and ongoing business operations.

Throughout the preparation phase, HGP also supported Alora in evaluating preemptive interest, providing thoughtful guidance on whether to pursue these opportunities or continue toward a broader, competitive auction process.

Ultimately, HGP executed a rigorous dual-track process, managing a broad universe of prospective buyers while maintaining strategic flexibility. This approach enabled Alora to evaluate multiple pathways and make a well-informed decision regarding the optimal transaction outcome.

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Growth Strategy, Sell-Side
2025
Has Been Acquired By

Compliatric Has Been Acquired By Ntracts

Year: 2025
Sectors: Infrastructure Technology
Transaction Types: Growth Strategy, Sell-Side

Situational Overview

Compliatric is a complete Healthcare Administration Operating System (HAOS) for healthcare organizations, serving as the backbone for administrative compliance management needs by providing real-time insights, automating workflows, and offering unparalleled flexibility. From tracking audits and managing training to maintaining regulatory standards, Compliatric streamlines every aspect of administrative compliance management, allowing teams to work smarter, not harder. Since 2014, Compliatric has been helping healthcare organizations by making compliance tasks seamless and stress-free, mitigating risks before they escalate, and empowering teams to achieve more with less effort—all within a single, fully integrated management platform.

HGP Value Add

HGP served as the exclusive financial advisor to Compliatric in its acquisition by Ntracts, bringing together two leading healthcare compliance solutions providers. Through a long-term strategic partnership, HGP prepared Compliatric for market and identified Ntracts as a strategic acquirer early in the engagement. By facilitating direct discussions, HGP secured an optimal outcome without a broad go-to-market process, allowing Compliatric to remain focused on serving its customers. HGP provided hands-on support throughout all phases of the transaction, from initial preparation through diligence and closing, ensuring a smooth and successful process. This acquisition strengthens compliance capabilities in the market, and HGP is proud to have played a key role in delivering a successful result.

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Capital Advisory, Growth Strategy, Sell-Side
2022
Has Been Acquired By

Alivia Analytics Has Been Acquired By Council Capital/Health Enterprise Partners

Year: 2022
Sectors: Benefits Management, Payer Tech & Services
Transaction Types: Capital Advisory, Growth Strategy, Sell-Side

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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Growth Strategy, Sell-Side
2021
Has Been Acquired By

MDTech Has Been Acquired By EverCommerce

Year: 2021
Sectors: Revenue Cycle Management
Transaction Types: Growth Strategy, Sell-Side

Situational Overview

MDTech offers a top-tier mobile charge capture application that enables physicians to capture charges at the point of care, allowing for maximized productivity and revenue optimization.

HGP Value Add

HGP ran a competitive process, resulting in the strategic sale to EverCommerce. MDTech will join the EverHealth suite, offering solutions that streamline day-to-day healthcare practice operations, improving provider and administrative workflows, and modernizing engagement with patients.

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Growth Strategy, Sell-Side
2020
Has Been Acquired By

ePreop Has Been Acquired By Provation

Year: 2020
Sectors: Life Sciences Tech, Population Health Management
Transaction Types: Growth Strategy, Sell-Side

Situational Overview

ePreop, a leading provider of perioperative SaaS solutions, 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 Provation, backed by Clearlake Capital. ePreop adds critical perioperative care and reporting components to Provation’s innovative clinical productivity solutions.

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Growth Strategy, Sell-Side
2018
Has Been Acquired By

Chartswap Has Been Acquired By Ontellus

Year: 2018
Sectors: Payer Tech & Services
Transaction Types: Growth Strategy, Sell-Side

Situational Overview

Not available

HGP Value Add

Not available

Close
Capital Advisory, Growth Strategy
2018
Has Partnered With

Diameter Health Has Partnered With Optum

Year: 2018
Sectors: Benefits Management, Payer Tech & Services, Population Health Management
Transaction Types: Capital Advisory, 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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Growth Strategy, Sell-Side
2017
Has Been Acquired By

ClockwiseMD Has Been Acquired By DocuTAP

Year: 2017
Sectors: PM/EMR, Population Health Management
Transaction Types: Growth Strategy, Sell-Side

Situational Overview

Clockwise.MD, a patient engagement software provider of online scheduling and wait time transparency solutions for healthcare organizations, found an excellent strategic partner in DocuTAP that brings together the complementary strengths of both companies to form an industry leader in the on-demand healthcare market.

HGP Value Add

As a long-term strategic advisor for Clockwise.MD, HGP helped position the Company for success in their strategic sale.

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Growth Strategy, Sell-Side
2017
Has Been Acquired By

Prognosis Innovation Healthcare Has Been Acquired By Azalea Health Innovations

Year: 2017
Sectors: PM/EMR
Transaction Types: Growth Strategy, Sell-Side

Situational Overview

Prognosis is a leading EMR vendor serving acute-care facilities in rural and CAH markets. The company was experiencing growth and not specifically seeking an exit.

HGP Value Add

HGP identified Azalea Health, an ambulatory EMR vendor serving the rural market, as an excellent strategic fit. HGP made the introduction and supported Prognosis through the deal that resulted in liquidity and the potential for future equity value creation given the strong synergy potential.

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Growth Strategy, Sell-Side
2016
Has Been Acquired By

DocbookMD Has Been Acquired By scrypt

Year: 2016
Sectors: Population Health Management, Telemed
Transaction Types: Growth Strategy, Sell-Side

Situational Overview

DocBookMD is a provider communications company serving providers and payers, which engaged HGP to support strategic planning and an exit.

HGP Value Add

HGP ran a narrow auction process resulting in the sale of DocBookMD to scrypt.

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Capital Advisory, Growth Strategy
2015
Has Partnered With

ClockwiseMD Has Partnered With Martin Ventures

Year: 2015
Sectors: PM/EMR
Transaction Types: Capital Advisory, 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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Growth Strategy, Sell-Side
2013
Has Been Acquired By

Care Team Connect Has Been Acquired By The Advisory Board Company

Year: 2013
Sectors: Population Health Management
Transaction Types: Growth Strategy, Sell-Side

Situational Overview

Care Team Connect is a care coordination software platform serving the health system market. The Advisory Board saw the potential of the platform, which “listens” to hospital medical records and creates a step-by-step guide for patient care post-discharge.

HGP Value Add

HGP evaluated a dual-track capital raise and sale process. HGP helped investors and buyers in the process see the enormous growth potential of Care Team Connect’s platform.

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Growth Strategy, Sell-Side
2012
Has Been Acquired By

Net Health Has Been Acquired By Spectrum Equity

Year: 2012
Sectors: PM/EMR
Transaction Types: Growth Strategy, Sell-Side

Situational Overview

Net Health is a specialty EMR vendor focused on wound care, urgent care, and PT. A former HGP client stepped in as CEO of Net Health and hired HGP to pursue a recapitalization of the company to position the company for growth and acquisitions.

HGP Value Add

HGP initiated the process with a strategic review, which included an assessment of strategic alternatives, identification of markets and capabilities to drive growth, and landscaping of acquisition targets, leading to a recap with Spectrum Equity as well as multiple follow-on acquisitions.

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Capital Advisory, Growth Strategy
2012
Has Partnered With

DocuTAP Has Partnered With Bluff Point Associates

Year: 2012
Sectors: PM/EMR, Revenue Cycle Management
Transaction Types: Capital Advisory, Growth Strategy

Situational Overview

DocuTAP is a software vendor initially serving urgent care with subsequent expansion into the retail/telemedicine market. DocuTAP approached HGP to assess all strategic alternatives.

HGP Value Add

HGP initiated a strategic review which led to a competitive capital raise process that was completed in less than 4-months with multiple competing bids, ultimately resulting the 2016 sale of DocuTAP to Warburg Pincus.

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Buy-side, Growth Strategy
2011
Has Partnered With

Taylor Communications Has Partnered With Dialog Medical

Year: 2011
Sectors: Infrastructure Technology
Transaction Types: Buy-side, Growth Strategy

Situational Overview

Not available

HGP Value Add

Not available

Close
Capital Advisory, Growth Strategy
2010
Has Partnered With

eviCore Healthcare Has Partnered With TA Associates

Year: 2010
Sectors: Benefits Management, Payer Tech & Services
Transaction Types: Capital Advisory, Growth Strategy

Situational Overview

Not available

HGP Value Add

Not available

Close
Buy-side
2026
Has Acquired

DUOS Has Acquired Linkwell Health

Year: 2026
Sectors: Payer Tech & Services, Population Health Management
Transaction Types: Buy-side

Situational Overview

Following a recent strategic investment from FTV Capital, DUOS was well positioned to pursue an accelerated inorganic growth strategy through M&A. DUOS and FTV Capital sought to partner with an advisor to support the sourcing, evaluation, and execution of strategic acquisition opportunities.

HGP Value Add

HGP advised DUOS on its acquisition of Linkwell Health – a payer facing multi-channel content creation and member engagement engine. Across the engagement, HGP supported DUOS in refining its inorganic growth strategy, identifying and prioritizing acquisition targets aligned with its strategic criteria, and leading outreach to select companies.

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Buy-side
2026
Has Acquired

Medisolv Has Acquired Lilac Software

Year: 2026
Sectors: Benefits Management, Payer Tech & Services, Population Health Management
Transaction Types: Buy-side

Situational Overview

Following a recent strategic investment from BVP Forge, Medisolv was well positioned to pursue an accelerated inorganic growth strategy through M&A. Medisolv and BVP Forge sought to partner with an advisor to support the sourcing, evaluation, and execution of strategic acquisition opportunities.

HGP Value Add

HGP supported Medisolv in refining its inorganic growth strategy, identifying and prioritizing acquisition targets aligned with its strategic criteria, and leading outreach to select companies.

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Sell-Side
2025
Has Been Acquired By

Tonic Has Been Acquired By Luma Health

Year: 2025
Sectors: Population Health Management, Revenue Cycle Management
Transaction Types: Sell-Side

Situational Overview

Tonic Health is a leading provider in dynamic intake, e-consents, and patient-reported outcomes. The acquisition advances Luma’s mission to automate busywork, reduce staff friction, and make it simpler for patients to access care with its AI-native platform, and demonstrates Luma’s commitment to serving health systems using Oracle Health EHRs.

HGP Value Add

HGP ran a targeted and competitive auction for Tonic with the objective of identifying the right home for the Tonic business, its customers, and employees. Together, the combined team will innovate to help health systems across the US and beyond address some of their most persistent operational challenges – particularly leading up to and following patient visits. HGP is proud to have supported this acquisition, which reduces the effort required to successfully coordinate care and advances the mission of improving patient access at scale.

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Sell-Side
2025
Has Been Acquired By

eVideon Has Been Acquired By TigerConnect

Year: 2025
Sectors: Infrastructure Technology
Transaction Types: Sell-Side

Situational Overview

eVideon is the trusted partner to leading hospitals and health systems who are redefining the care experience for patients, families, and clinicians. eVideon’s Vibe Health smart room platform streamlines clinical workflow and transforms the hospital room into a smart, interactive, and patient-centered care environment. Vibe Health integrates with the hospital’s EMR and other installed technologies to display accurate, real-time information via the in-room Smart TV, digital whiteboard, digital door sign, and bedside tablet. With automated service requests, education assignments, and documentation, Vibe Health by eVideon streamlines clinical workflow and reduces the technology burden on nurses.

HGP Value Add

HGP served as a trusted advisor to the Board throughout the sale process, guiding Board members through pre-emptive offers from multiple highly compelling bidders. HGP led the transaction end-to-end – developing materials, coordinating due diligence, and negotiating terms on the company’s behalf. In addition, HGP supported shareholder payouts and management alignment, ensuring a smooth process and successful outcome. Alongside TigerConnect’s cloud-native workflow automation platform, CareConduit, this acquisition will bolster the combined entity’s hospital and health system offering, and HGP is honored to have supported this milestone.

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Sell-Side
2025
Has Been Acquired By

Encoda Billing Services Has Been Acquired By RCM Services Vendor

Year: 2025
Sectors: Revenue Cycle Management
Transaction Types: Sell-Side

Situational Overview

Encoda’s Billing Services Division sought a partner aligned with the company’s strategic profile – one that would provide a strong long-term fit for both its employees and customers.

HGP Value Add

HGP facilitated the due diligence process, guided Encoda’s management in joining the optimal partner for the long-term success of the business unit, and provided hands-on support in negotiating the transaction.

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Sell-Side
2025
Has Been Acquired By

Envision Technology Partners Has Been Acquired By InductiveHealth

Year: 2025
Sectors: Infrastructure Technology, Population Health Management
Transaction Types: Sell-Side

Situational Overview

Envision Technology has 23 years of Immunization Information System (IIS) implementation, maintenance, and support experience as a leading developer of IIS software, currently supporting more than 20 of the CDC IIS awardee jurisdictions. Its flagship SaaS product, WebIZ, has been the industry standard for both IIS best practices and future technology innovation across the immunization space. Beyond development and delivery of critical public health infrastructure and immunization technology, Envision has established itself as the premier public health agency partner in terms of both service and market expertise. Through direct contracts with state and local public health departments as well as the CDC, Envision is the largest contributor of data to the CDC’s IZGateway, a cloud-based service that allows for real-time exchange of immunization data.

HGP Value Add

HGP ran a competitive auction process, supported diligence, and advised on the structure of the transaction between both firms. By integrating Envision’s immunization information system with InductiveHealth’s expertise in disease and syndromic surveillance technology, the company can now empower federal, state and local public health teams with a new platform and technology partnership that streamlines and enhances interoperability between applications. Focusing on this integrated platform can quickly move public health agencies to the forefront of data and system modernization. Further, combining disease, syndromic, and immunization datasets solves an unmet need for public health departments to predict infectious disease outbreaks in real-time.

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Buy-side, Capital Advisory
2024
Has Partnered With

Insight Partners Has Partnered With Azara Healthcare

Year: 2024
Sectors: Benefits Management, Payer Tech & Services, Population Health Management
Transaction Types: Buy-side, Capital Advisory

Situational Overview

Insight Partners engaged HGP to support the acquisition of Azara Healthcare, laying the foundation for the merger with i2i. The merger positions Azara and i2i to further support a full range of safety net providers in their government and commercial risk contracts, payer-provider collaboration, quality and compliance initiatives, care management, and cost and utilization strategies.

HGP Value Add

HGP supported Insight in the transaction, leveraging its deep expertise in population health to provide strategic guidance and execution support.

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Sell-Side
2024
Has Been Acquired By

Patient Engagement Vendor

Otech Has Been Acquired By Patient Engagement Vendor

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

Situational Overview

Healthmark was considering a potential divestiture of OTech as part of its broader strategic focus. While OTech benefitted from Healthmark’s support, its next phase was expected to be best advanced under a structure and partner fully dedicated to its market and long-term priorities.

HGP Value Add

HGP communicated the complexities of the divestiture, negotiated terms that enabled the transaction, and represented Healthmark’s and OTech’s interests throughout. HGP’s close relationship with the buyer, built on trust and creditability, allowed the sale to be consummated quickly.

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Buy-side
2024

Cost Containment Vendor

Has Acquired

Payment Integrity Vendor

Cost Containment Vendor Has Acquired Payment Integrity Vendor

Year: 2024
Sectors: Benefits Management, 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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Capital Advisory, 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 Advisory, 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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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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