Change Healthcare - M&A Summary and Business Overview

Information TechnologyCompany

Change Healthcare M&A Summary

Change Healthcare has acquired 25 companies, including 4 in the last 5 years. A total of 8 acquisitions came from private equity firms. It has also divested 4 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 Business to The Sage Group for $457M. Change Healthcare has acquired in 13 different US states. The Company’s most targeted sectors include information technology (34%) and business services (34%).

Change Healthcare Business Overview

Where is Change Healthcare headquartered?

Change Healthcare is headquartered in Nashville, Tennessee.

What is Change Healthcare’s revenue?

Change Healthcare disclosed revenue of 3,090M USD for 2021 and 197M USD for 2020.

How many employees does Change Healthcare have?

Change Healthcare has 15,000 employees.

What sector is Change Healthcare in?

Change Healthcare is an information technology company.

When was Change Healthcare founded?

Change Healthcare was founded in 2007.

M&A Summary

  • M&A Total Activity25
    • M&A Buy Activity21
    • M&A Sell Activity4
  • Total Sectors Invested 6
  • Total Countries Invested 1
  • M&A Buy/Sell Connections 20
  • M&A Advisors 2

Change Healthcare

Change Healthcare, Inc.

424 Church Street Suite 1400,
Nashville, Tennessee 37219
United States,
(615) 932-3000
www.changehealthcare.com

Change Healthcare 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 2007 and is based in Nashville, Tennessee.


M&A Summary

Buy vs Sell

Year ≤ '19 '20 '21 '22 '23 '24 T
Buy (0.6/yr) # 18 3 - - - - 21
vol $1.4B $1.4B
Sell (0.4/yr) # 2 2 - - - - 4
vol $457M $68M $525M
  25

Most Recent M&A

Company Date Value Type
Change Healthcare, Inc. - ANSOS Staff Scheduling 2020-11-30 68M USD Divestiture
Nashville, Tennessee
PROMETHEUS Analytics 2020-08-26 - Divestiture
Ann Arbor, Michigan · www.prometheusanalytics.net
NucleusHealth LLC 2020-08-18 - Add-on Acquisition
San Diego, California · www.nucleus.io
PDX, Inc. 2020-06-01 - Add-on Acquisition
Fort Worth, Texas · www.pdxinc.com
Change Healthcare, Inc. - Connected Analytics 2020-05-04 - Divestiture
Nashville, Tennessee
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
View All >>

M&A by Sector

Sector Buy # Value Sell # Value
Information Technology 7 (33%) 965M (68%) 3 (75%) 68M (13%)
Business Services 7 (33%) 446M (32%) - -
Software 3 (14%) - 1 (25%) 457M (87%)
Internet Software and Services 2 (10%) - - -
Healthcare Services 1 (5%) - - -
Information Services 1 (5%) - - -
Total 21 $1.4B 4 $525M

By Geo

State/Country Buy Value Sell Value
United States 21 1.4B 4 525M
  California 4 115M - -
  Texas 3 35M - -
  Florida 2 929M 1 457M
  Tennessee - - 3 68M
  Illinois 2 41M - -
  Wisconsin 1 - - -
  Utah 1 20M - -
  Pennsylvania 1 - - -
  Ohio 1 - - -
  Michigan 1 - - -
  Maine 1 - - -
  Indiana 1 11M - -
  Georgia 1 260M - -
Total 21 $1.4B 4 $525M

Top M&A Advisors

Financial Deals
Greenhill & Co., Inc.
 1
William Blair
 1

Deal Values

buy # Total
$100M to $1B 3 $1.3B
< $100M 5 $126M
TOTAL $1.4B
Largest Altegra Health, Inc.
$910M (2015-08-13)
sell # Total
$100M to $1B 1 $457M
< $100M 1 $68M
TOTAL $525M
Largest Emdeon - Practice Services Business
$457M (2006-08-08)

M&A Connections

Deals
Acquired from
Investor(s)
19%
4 (19%)
Strategic(s)
38%
8 (38%)
Divested to
Strategic(s)
100%
4 (100%)

Company Summary

SECTOR

Information Technology

Revenue

3,090   1469% 2021
197   2020
(millions of USD)

Employees

15,000

Established

2007

Former Name

Emdeon, Inc.

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