Change Healthcare Mergers and Acquisitions Summary

Information Technology Company

Change Healthcare has acquired 23 companies, including 5 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 13 different US states. The Company’s most targeted sectors include business services (37%) and information technology (32%).

Join Mergr and gain access to Change Healthcare’s M&A summary, the M&A summaries of companies just like it, as well as recent M&A activity in the information technology sector.

M&A Summary

  • M&A Total Activity21
    • M&A Buy Activity18
    • M&A Sell Activity3
  • Total Sectors Invested 6
  • Total Countries Invested 1
  • M&A Buy/Sell Connections 18
  • M&A Advisors 1

Change Healthcare, Inc.

3055 Lebanon Pike Suite 1000,
Nashville, Tennessee 37214
United States,
(615) 932-3000
www.changehealthcare.com

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. Change Healthcare was founded in 2016 and is based in Nashville, Tennessee.


M&A Summary

Buy vs Sell

Year '16 '17 '18 '19 '20 T
Buy (0.8/yr) # - 1 2 1 - 18
vol $1.4B
Sell (0.2/yr) # - - 1 - - 3
vol $776M
  21

Most Recent M&A

Company Date Value Type
Connect America LLC - Patient Access Services 2019-11-21 - Divestiture
Broomall, Pennsylvania
PokitDok, Inc. - Intellectual Property & Other Key Assets 2018-12-18 - Divestiture
San Mateo, California
Change Healthcare, Inc. - Home Care and Hospice Solutions 2018-07-02 - Divestiture
Nashville, Tennessee
National Decision Support Co. 2018-01-18 - Add-on Acquisition
Madison, Wisconsin · www.nationaldecisionsupport.com
Docufill LLC - Credentialing Technology 2017-11-20 - Divestiture
Mayfield Heights, Ohio
Altegra Health, Inc. 2015-08-13 910M USD Add-on Acquisition
Miami Lakes, Florida · www.altegrahealth.com
Alegeus - Payment and Communication solutions (PCS) business 2014-12-11 - Divestiture
, United States
AdminiSource Communications, Inc. 2014-12-11 35M USD Add-on Acquisition
Carrollton, Texas
Capario, Inc. 2014-06-23 115M USD Add-on Acquisition
Santa Ana, California · www.capario.com
Goold Health Systems, Inc. 2013-06-12 - Add-on Acquisition
Augusta, Maine · www.ghsinc.com
View All >>

M&A by Sector

Sector Buy # Value Sell # Value
Business Services 7 (37%) 446M (26%) - -
Information Technology 6 (32%) 1.3B (74%) 2 (67%) 319M (41%)
Software 2 (11%) - 1 (33%) 457M (59%)
Internet Software and Services 2 (11%) - - -
Healthcare Services 1 (5%) - - -
Information Services 1 (5%) - - -
Total 19 $1.7B 3 $776M

By Geo

State/Country Buy Value Sell Value
United States 19 1.7B 3 776M
  California 3 115M - -
  Florida 2 929M 1 457M
  Tennessee 1 319M 2 319M
  Texas 2 35M - -
  Illinois 2 41M - -
  Wisconsin 1 - - -
  Utah 1 20M - -
  Pennsylvania 1 - - -
  Ohio 1 - - -
  Maine 1 - - -
  Indiana 1 11M - -
  Georgia 1 260M - -
Total 19 $1.7B 3 $776M

Top M&A Advisors

Financial Deals
Greenhill & Co., Inc.
1

Deal Values

buy # Total
$100M to $1B 4 $1.6B
< $100M 5 $126M
TOTAL $1.7B
Largest Altegra Health, Inc.
$910M (2015-08-13)
sell # Total
$100M to $1B 2 $776M
TOTAL $776M
Largest Emdeon Practice Services, Inc.
$457M (2006-08-08)

M&A Connections

Deals %
Acquired from
PE Firm(s)
53%
8 53%
Strategic(s)
47%
7 47%
Divested to
PE Firm(s)
33%
1 33%
Strategic(s)
67%
2 67%

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