Change Healthcare, Inc.

3055 Lebanon Pike,
Nashville, Tennessee 37214
United States,
(615) 932-3000

Change Healthcare, Inc. is a provider of revenue and payment cycle management solutions, connecting payers, providers and patients in the U.S. healthcare system. Emdeon’s product and service offerings integrate and automate key business and administrative functions for healthcare payers and healthcare providers throughout the patient encounter, including pre-care patient eligibility and benefits verification, clinical exchange capabilities, claims management and adjudication, payment integrity, payment distribution, payment posting and denial management, and patient billing and payment processing.

M&A Summary

Buy vs Sell

Year ≤ '13 '14 '15 '16 '17 '18 T
Buy (1.2/yr) # 10 3 1 - 1 1 16
vol $351M $150M $910M $1.4B
Sell (0.2/yr) # 2 - - - - 1 3
vol $776M $776M

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Deal Values

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Largest Altegra Health, Inc.
$910M (2015-08-13)
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Largest Emdeon Practice Services, Inc.
$457M (2006-08-08)

Change Healthcare was acquired by Hellman & Friedman And The Blackstone Group on August 04, 2011.

Change Healthcare has acquired 21 companies of its own, including 6 in the last 5 years. A total of 8 acquisitions came from private equity firms. It has also divested 3 assets.

Change Healthcare’s largest acquisition to date was in 2015, when it acquired Altegra Health for $910M. It’s largest disclosed sale occurred in 2006, when it sold Emdeon Practice Services to The Sage Group for $457M. Change Healthcare has acquired in 12 different US states. The Company’s most targeted sectors include business services (42%) and information technology (30%).

When analyzing the information technology sector as a whole, according to Mergr, in the last 3 years, there are 1128 information technology companies that have made at least 1 acquisition, 60 have acquired at least 5 companies, and 9 have acquired more than 10 companies. The most prolific strategic information technology acquirer over the past 3 years is Accenture, with 32 acquisitions. The most prolific private equity acquirer in the information technology sector over the past 3 years is H.I.G. Capital with 11 platform acquisitions.

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