M&A Deal Summary

Change Healthcare Acquires Altegra Health

On August 13, 2015, Change Healthcare acquired information technology company Altegra Health from Parthenon Capital for 910M USD

Acquisition Highlights
  • This is Change Healthcare’s 4th transaction in the Information Technology sector.
  • This is Change Healthcare’s largest (disclosed) transaction.
  • This is Change Healthcare’s 14th transaction in the United States.
  • This is Change Healthcare’s 2nd transaction in Florida.

M&A Deal Summary
Date 2015-08-13
Target Altegra Health
Sector Information Technology
Buyer(s) Change Healthcare
Sellers(s) Parthenon Capital
Deal Type Add-on Acquisition
Deal Value 910M USD
Advisor(s) Goldman Sachs
Triple Tree LLC (Financial)

Target

Altegra Health

Miami Lakes, Florida, United States
Altegra Health, Inc. is a provider of software and analytics, network solutions and technology-enabled services that optimize communications, payments and actionable insights by leveraging its intelligent healthcare platform.

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Buyer(S) 1

Buyer

Change Healthcare

Nashville, Tennessee, United States
Category Company
Founded 2007
Sector Information Technology
Employees15,000
Revenue 3.1B USD (2021)
DESCRIPTION

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.

DEAL STATS #
Overall 14 of 21
Sector (Information Technology) 4 of 7
Type (Add-on Acquisition) 10 of 13
State (Florida) 2 of 2
Country (United States) 14 of 21
Year (2015) 1 of 1
Size (of disclosed) 1 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-12-11 Alegeus - Payment and Communication solutions business

United States

Alegeus’ payment and communications platform, allows payments via check, web payment or automated clearing house. Alegeus is a benefit manager based in Boston.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-11-20 Docufill - Credentialing Technology

Mayfield Heights, Ohio, United States

Docufill LLC - Credentialing Technology is a provider of dental credentialing software technology.

Buy -

Seller(S) 1

SELLER

Parthenon Capital

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1998
PE ASSETS 5.5B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Parthenon Capital is a private equity firm focused on investing in service-based businesses with recurring revenues, defensible niches and competitive advantages. Parthenon looks for businesses valued between $75 and $750 million operating in sectors that include business services, financial services, manufacturing, technology-enabled services, and distribution/logistics. Prospective transaction types include recapitalizations, management buyouts, acquisitions, privatizations, and growth capital financings. Parthenon Capital was formed in 1998 and has offices in Boston, Massachusetts and San Francisco, California.

DEAL STATS #
Overall 17 of 34
Sector (Information Technology) 2 of 5
Type (Add-on Acquisition) 7 of 15
State (Florida) 3 of 4
Country (United States) 17 of 34
Year (2015) 2 of 3
Size (of disclosed) 3 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-07-01 Alarm Security Group

Beltsville, Maryland, United States

Alarm Security Group is a provider of security and safety solutions including video surveillance, access control, monitored fire and intrusion alarm systems to more than 110,000 customers in the commercial/industrial, government and residential market sectors.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-09-23 Inspira Financial

Oak Brook, Illinois, United States

Inspira Financial is a provider of retirement and custody services, empowering clients with unmatched service, access to a wide range of custody solutions and expertise they can count on. Whether it’s the custody of alternative assets, investment accounts or retirement funds, Millennium Trust is uniquely qualified to support our clients’ success. Millennium Trust Company performs the duties of a directed custodian, and as such does not provide due diligence to third parties on prospective investments, platforms, sponsors or service providers and does not sell investments or provide investment, legal, or tax advice. Inspira Financial was founded in 2000 and is based in Oak Brook, Illinois.

Buy -
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