M&A Deal Summary

Cotiviti Acquires Edifecs

On February 10, 2025, Cotiviti acquired software company Edifecs from TA Associates and Francisco Partners

Acquisition Highlights
  • This is Cotiviti’s 1st transaction in the Software sector.
  • This is Cotiviti’s 3rd transaction in the United States.
  • This is Cotiviti’s 1st transaction in Washington.

M&A Deal Summary

Date 2025-02-10
Target Edifecs
Sector Software
Buyer(s) Cotiviti
Sellers(s) TA Associates
Francisco Partners
Deal Type Add-on Acquisition
Advisor(s) J.P. Morgan Securities
William Blair (Financial)
Kirkland & Ellis (Legal)

Target

Edifecs

Bellevue, Washington, United States
Edifecs is a provider of data interoperability software solutions in the U.S. healthcare market. Edifecs provides data interoperability software connecting payors, providers and government agencies. The company provides mission-critical software to its customers’ core business processes, with a strong value proposition in reducing administrative cost, workflow automation, ensuring compliance and achieving proper reimbursement from government agencies. Edifecs was founded in 1996 and is based in Bellevue, Washington.

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Buyer(S) 1

Buyer

Cotiviti

South Jordan, Utah, United States

Category Company
Founded 1996
Sector Information Technology
DESCRIPTION

Cotiviti is a healthcare service provider that leverages data analytics and technology to limit costs and ensure regulatory compliance for various stakeholders in the healthcare industry, including payors, providers, and employers. Cotiviti was founded in 1996 and is based in South Jordan, Utah.


DEAL STATS #
Overall 3 of 3
Sector (Software) 1 of 1
Type (Add-on Acquisition) 3 of 3
State (Washington) 1 of 1
Country (United States) 3 of 3
Year (2025) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-06-19 Cotiviti

South Jordan, Utah, United States

Cotiviti is a payment accuracy provider that helps healthcare payers and retailers achieve their business objectives by unlocking value from the incongruities it discovers in the complex interactions they have with stakeholders. Cotiviti was founded in 2014 and is based in South Jordan, Utah.

Buy $4.9B

Seller(S) 2

SELLER

TA Associates

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1968
PE ASSETS 65.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

TA Associates is a private equity firm that targets investments in middle-market and large companies around the world. TA will consider control or minority investments in profitable companies and looks to commit between $70 and $500 million per transaction. TA proactively reaches out to companies directly in sourcing potential investment opportunities. Prospective businesses are generally valued between $100 million and $3 billion. Areas of interest include technology, software, communications, financial services, healthcare, business services, semiconductors/electronics, and consumer products/services. In addition to investing equity capital, TA also makes subordinated debt investments. TA's geographic preference is North America, Asia/Pacific, and Europe. TA Associates was formed in 1968 and is based in Boston, Massachusetts.


DEAL STATS #
Overall 256 of 256
Sector (Software) 56 of 56
Type (Add-on Acquisition) 131 of 131
State (Washington) 7 of 7
Country (United States) 207 of 207
Year (2025) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-01-30 Brycer

Warrenville, Illinois, United States

Brycer provides inspection, testing, and maintenance (“ITM”) compliance software for fire prevention bureaus, water municipalities, state building departments, and other regulatory organizations. The Company’s flagship product, The Compliance Engine, equips Authorities Having Jurisdiction (“AHJs”) – such as fire prevention bureaus, water municipalities, and state building departments – to efficiently collect, manage and track ITM reports for all commercial properties in their respective governing areas. Brycer was formed in 2011 and is based in Warrenville, Illinois.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-02-25 Egnyte

Mountain View, California, United States

Egnyte provides secure content collaboration and governance solutions by combining the power of cloud content management, data security, and AI into one intelligent content platform. It improves employee productivity, automates business processes, and safeguards critical data. In addition, it offers specialized content intelligence and automation solutions across industries, including architecture, engineering, and construction (AEC), life sciences, and financial services. Egnyte is based in Mountain View, California.

Buy -
SELLER

Francisco Partners

San Francisco, California, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1999
PE ASSETS 45.0B USD
Size Mega
Type Sector Focused
DESCRIPTION
Francisco Partners' headquarters in San Francisco, California.
Francisco Partners' headquarters in San Francisco, California.

Francisco Partners is a private equity firm focused exclusively on investments in technology and technology-enabled services. Specific areas of interest include semiconductors, capital equipment, electronics components, systems and manufacturing, IT services and business process outsourcing, communications, security and enterprise applications, and infrastructure software. Prospective investment situations include divisional buyouts, growth equity financings, acquisitions of private companies, sponsored mergers and acquisitions, and take-privates. Francisco Partners looks for opportunities where it can commit a minimum of $100 million per investment. Francisco Partners was formed in 1999 and is based in San Francisco, California.


DEAL STATS #
Overall 85 of 85
Sector (Software) 29 of 29
Type (Add-on Acquisition) 52 of 52
State (Washington) 5 of 5
Country (United States) 70 of 70
Year (2025) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-11-01 Evite

Glendale, California, United States

Evite is an event planning company that offers a fully integrated ecosystem of customizable invitation and greeting card designs, RSVP tracking, event reminders, guest messaging and contact management. It brings together people to make celebrating face-to-face effortless and more memorable. Evite was established in 1998 and is based in Glendale, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-03-04 Quorum Software

Houston, Texas, United States

Quorum Software is a portfolio of finance, operations, and accounting software that empowers energy companies of all sizes to conquer their most complex business challenges. Quorum Software was founded in 1998 and is based in Houston, Texas.

Buy -