M&A advisory for digital therapeutics companies
DTx M&A has thinned out alongside the venture market and reorganised around a narrower set of acquirers. After Pear and Better wound down despite FDA clearance, strategics no longer pay premium multiples for clearance in isolation. The active buyer set is pharma corp dev teams adding digital companions to specific drug franchises, medtech groups extending into software-led care and a small number of payer-aligned platforms consolidating condition-specific programmes. Deals frequently include earnouts tied to prescription claim volume, formulary adds and clinical durability.
The active buyer set in DTx is narrow but well defined. Pharma corp dev teams at Pfizer, Roche, Merck, Novartis, J&J, GSK, AstraZeneca, Sanofi, Lilly, AbbVie, Bristol-Myers Squibb and Gilead engage where a DTx attaches to a specific drug franchise; the PBMs and payer-aligned platforms - UnitedHealth/Optum, CVS Health, Cigna/Evernorth, Humana - acquire where in-network distribution and benefits integration matter; and the PE-backed healthcare platforms continue to consolidate condition-specific programmes in the mid-market. Flow has direct access into this buyer set.
Flow team has relevant sector experience and has worked with digital therapeutics companies across prescription DTx, SaMD platforms, cardiometabolic programmes, respiratory and neurology operators, substance use platforms and OTC wellness adjuncts.
"Digital therapeutics" KPIs M&A buyers look at
Key metrics strategics and PE buyers look at when analayzing digital therapeutics M&A targets
Covered lives
Prescriptions written
Prescription fill rate
Net revenue per Rx
Payer contracts signed
Patient engagement rate
Clinical outcome delta
Adherence at 12 weeks
Gross margin
Cash runway
Digital therapeutics valuations in May 2026
Public digital therapeutics comps trade at 3.2x EV/Revenue. Median revenue multiple across digital therapeutics M&A deals was 1.9x in the last 12 months.
3.2x
Median EV/Revenue as of May 2026 for public digital therapeutics companies
0.8x
Alignment Healthcare is the highest valued public digital therapeutics company based on EV/Revenue (excluding outliers)
1.9x
Median EV/Revenue across digital therapeutics M&A deals in the last 12 months
17x
Median EV/Revenue across digital therapeutics VC rounds in the last 12 months
Key recent digital therapeutics M&A deals
$11B acquisition of OneOncology by Cencora was the largest digital therapeutics M&A transaction completed in the last year.
See all digital therapeutics M&A deals| Logo | HQ | Description | Buyer | ||||
|---|---|---|---|---|---|---|---|
Dec-25 | OneOncology |  | - | Cencora | $11B | - | |
Feb-26 | Eucalyptus |  | - | Hims & Hers | $1.1B | 2.6x | |
Jan-26 | Kaia Health | | Kaia Health is a Brooklyn-headquartered digital therapeutics firm founded in 2016. The company develops app-based programs for back pain and COPD management using machine learning for personalized interventions. Patients access exercises, education, and coaching via smartphones or tablets. Kaia Health collaborates with medical experts and holds FDA clearance for its back pain solution. The platform operates in the United States and Europe. | Sword Health | $285M | - | |
Mar-26 | Inflow |  | Inflow is a New York-based digital therapeutics company offering a science-backed app for ADHD management. The program combines cognitive behavioral therapy modules, skill-building exercises, and community support tailored to adults and teens. Clinically validated in studies published in JAMA Psychiatry, it serves over 100,000 users worldwide. Launched in 2021 from Rockefeller Neuroscience Institute research, Inflow partners with health insurers for reimbursement. | Cerebral | $49M | - | |
Jun-25 | See-Mode Technologies |  | See-Mode Technologies is a Sydney-based medical imaging company using AI and computational fluid dynamics to predict strokes from routine scans. Its software analyzes carotid artery ultrasounds to quantify plaque vulnerability and flow disruptions overlooked by standard tools. Deployed in hospitals worldwide, the platform integrates with existing workflows to deliver quantitative risk scores, aiding clinicians in prioritizing interventions for the second leading cause of death globally. | RadNet | $29M | - | |
Mar-26 | Biocentre | | Biocentre is a UK biomedical research institute for academic, pharmaceutical, and biotech sectors. | Azenta | $28M | 1.3x | |
May-26 | CaryHealth | | CaryHealth is a health technology company that applies AI to population management for health plans and develops digital therapeutics. The firm works with pharmaceutical manufacturers and health systems on data-driven health intelligence ecosystems. | CareTria | - | - | |
Mar-26 | ARO | ARO develops health prevention technologies. | Alan | - | - | ||
Feb-26 | Leal Health | | Leal Health is an AI platform formerly Trialjectory that matches cancer patients to clinical trials and optimal treatments using natural language processing on medical records. Recognized by TIME's 100 Best Inventions of 2020, the New York-based company partners with Memorial Sloan Kettering and pharma firms like Pfizer for trial recruitment. | Nexus Health | - | - | |
Jan-26 | Rebound Health | | Rebound Health is a New York-based telehealth provider delivering cognitive behavioral therapy protocols for PTSD and trauma. Clinicians use app-based sessions with exposure therapy modules backed by VA research studies. Available nationwide in the US, Rebound partners with employers and insurers covering 5 million lives for mental health support. | NOCD | - | - | |
Jan-26 | Clue |  | Clue is a Berlin-based femtech company offering a period-tracking app that delivers personalized reproductive health insights to users in over 190 countries. Founded in 2012, it provides free core tracking features plus Clue Plus subscriptions for conception and menopause modes, collaborating with universities and clinicians on health research studies. | Verdane | - | - | |
Dec-25 | SilentCloud | | SilentCloud is a digital health application offering personalized tinnitus management and treatment plans based on individual patient profiles. | Sonova | - | - | |
Nov-25 | Inaho Digital Solutions Co. |  | Inaho Digital Solutions Co. is a Singapore-headquartered technology consultancy serving Japanese enterprises with international footprints. The firm excels in digital transformation projects, including legacy system modernization, cloud migrations, and application reinvention using microservices and DevOps practices. Services encompass enterprise-wide transformations for sectors like manufacturing, finance, and retail, delivered through agile teams blending Japanese business acumen with global tech expertise. | Nagarro | - | - | |
Nov-25 | Tonic Health | | Tonic Health is a Boston-based digital health platform addressing medical data collection challenges through patient engagement software. Developed by scientists and UI experts, the system boosts response rates above 80 percent via personalized surveys, gamified interfaces, and real-time analytics for clinical trials and telemedicine. Integrated with EHR systems like Epic and Cerner, it serves pharmaceutical firms and hospitals to tailor care plans based on patient-reported outcomes. | Luma Health | - | - | |
Nov-25 | Fitterfly |  | Fitterfly is a digital health company delivering virtual care programs for metabolic conditions including type 2 diabetes, prediabetes, obesity, and PCOS. Headquartered in Chicago, it combines AI-driven coaching, connected devices like continuous glucose monitors, and clinician support within a mobile app. Programs feature personalized meal plans, behavioral therapy, and lab integrations for sustained health improvements. | ProDentim Oral Health New Update | - | - |
Most active buyers of digital therapeutics companies
Sword Health, Huma and Sidekick Health are the most active acquirers of digital therapeutics companies in the last three years.
See all digital therapeutics acquirers| Logo | HQ | Description | Key acquisitions | ||
|---|---|---|---|---|---|
Sword Health | | Sword Health is a Lisbon-headquartered digital therapeutics company offering AI-guided physical therapy for musculoskeletal and pelvic floor conditions. Patients access virtual sessions via app with motion-tracking sensors and clinician oversight. The platform supports remote recovery programs for back pain, joint issues, and postpartum care. | Kaia HealthSurgery HeroVigilant Technologies | 2 | |
Huma | | Huma is a global health technology company offering a modular platform for digital hospitals at home across various disease areas. The platform employs predictive algorithms, digital biomarkers, and real-world data from hospital databases, patient wearables, and mobile devices to enable real-time information delivery to healthcare providers. London-headquartered Huma advances proactive and predictive care models through seamless data integration. | AlunaeConsult HealthAlcedis | 2 | |
Sidekick Health |  | Sidekick Health is a Reykjavik-headquartered digital therapeutics company offering patient engagement platforms for chronic conditions like diabetes, cardiovascular disease, and respiratory disorders. The solution integrates behavioral science, gamification, and clinician oversight to improve medication adherence and lifestyle changes. Partnerships with Pfizer, Novartis, and European payers deploy the platform in over ten countries. | PINK Against Breast Canceraidhere | 2 | |
Stella Mental Health | | Stella Mental Health is a telepsychiatry provider offering integrated treatments for mental health conditions including depression and anxiety. Services feature Spravato esketamine nasal spray, transcranial magnetic stimulation including deep and accelerated protocols, dual sympathetic reset via stellate ganglion block, ketamine infusions and injections, plus medication management and therapy. Board-certified psychiatrists, nurse practitioners, and psychologists deliver personalized care nationwide through virtual platforms. Headquartered in the United States, the company operates clinics in multiple states emphasizing biological and psychological interventions. | Numinus WellnessField Trip HealthBespoke Treatment | 2 | |
XRHealth | | XRHealth is a Tel Aviv and Boston-based provider of extended reality therapeutic platforms for physical rehabilitation, mental health, and neurology. FDA-cleared since 2016, its VR/AR clinic-in-a-headset solutions treat conditions like stroke recovery, phantom limb pain, and anxiety via biofeedback-integrated games. XRHealth serves 100+ U.S. clinics and insurers including Blue Cross Blue Shield with remote monitoring dashboards. | NeuroRealityRealizedCareInnerworld | 2 | |
Bow River Capital | | Bow River Capital is a Denver-headquartered private investment firm specializing in lower middle-market opportunities across diverse industries and capital structures. The firm manages multiple strategies including private equity, real estate, and credit funds, with a focus on value creation through operational improvements and strategic partnerships in sectors like manufacturing and services. | meQuilibriumTrackViaSpur Capital Partners+1 | 1 | |
hinlab | | hinlab is a medical technology firm with offices in Palo Alto, California, and Paris, France. It develops AI-powered devices for cardiology, focusing on diagnostics and treatment of cardiovascular diseases. The team of AI engineers, hardware experts, physicians, and scientists creates advanced tools to enhance cardiac care accessibility worldwide. | Gabi SmartCare | 1 | |
Nexus Health | | Nexus Precision Health is a precision medicine technology company that links patients, clinicians, payers, and biopharma partners via an AI platform targeting cancer, rare genetic diseases, and mental health conditions. | Leal Health | 1 | |
Cairns Health | | Cairns Health is a digital health platform for senior living and home care based in the United States. It combines radar-based ambient sensing, AI analytics, and large language models to automate care plans, monitor activities, and facilitate caregiver interactions. The solution supports facilities in early intervention for falls and health changes. | Together by Renee | 1 | |
Fabric | | Fabric is a health technology company automating patient intake and care coordination for clinics and hospitals. Its platform digitizes scheduling, virtual visits, and billing through mobile-first interfaces modeled on consumer apps. Based in New York City, Fabric integrates with EHR systems like Epic and has deployed to over 200 providers. The solution cuts administrative time by 40 percent for primary care and urgent care settings. | UCM Digital HealthTeamHealth VirtualCareMeMD+1 | 1 |
Founders and investors we've worked with
We've supported winning builders across digital therapeutics and beyond.
MAILINGWORK
We acted as exclusive sell-side advisor to MAILINGWORK, a Chemnitz-based email marketing software platform, on its sale to French digital marketing leader Positive Group.
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TestSolutions
We acted as exclusive financial advisor to Swiss PE firm Patrimonium on its majority stake acquisition of TestSolutions, a Frankfurt-based software testing and IT services provider.
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Rebellion Pay
We acted as exclusive sell-side advisor to Rebellion Pay, Spain's leading Gen Z neobanking platform, on its sale to Turkish consumer fintech unicorn Papara.
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HAPPYCAR
We acted as exclusive sell-side advisor to HAPPYCAR, a Hamburg-based pan-European rental car comparison and booking platform, on its sale to Dutch online price comparison player EasyTerra.
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Resillion
We provided buy-side advice to a dominant TIC industry player on the carve-out and acquisition of Resillion (fka Eurofins Digital Testing), a Hasselt-based digital testing, cybersecurity and forensics provider.
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