M&A advisory for EHR & practice management companies
EHR and practice management M&A has been steadily active across the cycle. Healthcare IT incumbents - Veradigm, Tebra, PointClickCare and larger vertical SaaS platforms - acquire to extend specialty coverage; PE has built consolidation platforms across behavioural, dental and post-acute; and RCM-led acquirers like R1 and athenahealth absorb specialty operators to add provider seats and claims volume. Buyers underwrite on contracted provider counts, services attach, NRR and the operational data the platform owns.
The active buyer set runs across the healthcare IT incumbents - Epic and Cerner (Oracle Health) at the hospital tier where consolidation continues, Veradigm, athenahealth, Greenway and Tebra at the ambulatory and specialty tier - alongside PE-backed consolidation platforms in behavioural, dental and post-acute, and the payer-aligned acquirers (UnitedHealth/Optum, CVS Health) that buy where claims and benefits infrastructure matters. Flow has direct access into this buyer set and runs the right strategic against the right PE platform to create competitive tension.
Flow team has relevant sector experience and has worked with EHR and practice management companies across specialty ambulatory EHR vendors, behavioural and dental practice platforms, post-acute and long-term care systems, RCM-led operators and clearinghouse and claims infrastructure.
"EHR & practice management" KPIs M&A buyers look at
Key metrics strategics and PE buyers look at when analayzing EHR & practice management M&A targets
Active providers
Practices live
Net revenue per provider
Encounters processed
Claims processed
RCM attach rate
Net retention
Gross retention
Days in AR
Gross margin
EHR & practice management valuations in May 2026
Public EHR & practice management comps trade at 2.1x EV/Revenue. Median revenue multiple across EHR & practice management M&A deals was 1.6x in the last 12 months.
2.1x
Median EV/Revenue as of May 2026 for public EHR & practice management companies
5.7x
B-Soft Co. is the highest valued public EHR & practice management company based on EV/Revenue (excluding outliers)
1.6x
Median EV/Revenue across EHR & practice management M&A deals in the last 12 months
33x
Median EV/Revenue across EHR & practice management VC rounds in the last 12 months
Key recent EHR & practice management M&A deals
$565M acquisition of TruBridge by IKS Health was the largest EHR & practice management M&A transaction completed in the last year.
See all EHR & practice management M&A deals| Logo | HQ | Description | Buyer | ||||
|---|---|---|---|---|---|---|---|
Apr-26 | TruBridge |  | TruBridge Inc is a provider of healthcare solutions and services for community hospitals, clinics, and other healthcare systems. It provides services such as Electronic health records & information systems, revenue cycle management, population health, and data management, etc. The segments of the company are Revenue Cycle Management (RCM), (ii) Electronic Health Records (EHR), and (iii) Patient Engagement The company derives maximum revenue from the RCM segment. | IKS Health | $565M | 1.6x | |
May-25 | Ezovion |  | Ezovion Health Care is a digital healthcare platform serving providers in India, Asia, Middle East, and Africa. Solutions include hospital information management systems, clinic software, EMR, telemedicine, PACS, pharmacy management, laboratory systems, inventory tracking, and patient engagement tools with AI/ML and IoT integration. Hyderabad-headquartered, it manages full hospital ecosystems from outpatient to inpatient care. | QuantumNexis | $5.7M | - | |
Oct-25 | Scribe.ology | | Scribe.ology is a provider of medical scribe services that deploys trained professionals to document patient encounters in real time. Operating across US clinics and hospitals, it reduces physician after-hours charting by integrating with EHR systems like Epic and Cerner. The service covers emergency departments, primary care, and specialties, allowing doctors to maintain eye contact during visits. | Fusion CX | $300K | - | |
May-26 | Medicus Health |  | Medicus Health is a patient record system for general practitioners delivering primary care. The platform addresses clinician and patient requirements through its design. | Doctolib | - | - | |
Apr-26 | Computalogic | | Computalogic provides MethodOne, a system for maintaining electronic patient records for Medication-Assisted Treatment providers. | Qualifacts | - | - | |
Mar-26 | Nora AI | Nora AI is an AI medical documentation platform that serves as an ambient scribe, converting clinician-patient conversations into structured notes. | Healthbridge | - | - | ||
Mar-26 | Moxe Health | | Moxe Health is a Denver-headquartered clinical data platform facilitating bidirectional exchange between health plans and EHR systems nationwide. It supports risk adjustment via HCC capture, HEDIS measures for quality reporting, Star ratings optimization, claims denial appeals, and care gap closures through ADT feeds and patient summaries. Launched in 2014, Moxe connects over 200 health systems and 100 payers, enabling abstracted data pulls without clinician workflow disruption. Neutral interoperability powers population health analytics for clients like UnitedHealthcare and Humana, streamlining value-based care transitions. | BV Investment Partners | - | - | |
Mar-26 | ISECO |  | ISECO Servicios Tecnológicos supplies integrated care technology to socio-healthcare centers in Spain and Portugal, including nursing homes and hospitals. The company serves over 900 facilities with more than 25 years of experience through its CALAS platform, which improves resident safety, staff efficiency, and care quality. | Sensio | - | - | |
Jan-26 | Alma | | Alma is a New York-based membership network for licensed mental health providers across the United States. Its platform handles insurance credentialing, client matching, scheduling, billing, and teletherapy tools, serving therapists, psychologists, and psychiatrists in all 50 states. | Spring Health | - | - | |
Jan-26 | Dentalsoft Group |  | Dentalsoft Group is a Toulouse-based provider of cloud-native software for dental practices, including patient management, imaging, and administrative tools tailored for European clinics. | Orthalis | - | - | |
Jan-26 | Klages & Partner |  | Klages & Partner develops Clinic Planner software for personnel scheduling, occupational safety, payroll, and evaluations in German clinics and care facilities. The Wallenhorst-based company has operated since 1991. | Ortec | - | - | |
Jan-26 | Sofia development | | Sofia Development is a France-based e-health specialist aiding healthcare professionals in digital transformation. It delivers tools and platforms to streamline care delivery, patient management, and operational efficiency. | Corilus | - | - | |
Dec-25 | Tebra | | - | Hildred Capital Management, LLCHLM Venture Partners+2 | - | - | |
Dec-25 | ECP | | ECP offers electronic health records and clinical charting for long-term care facilities. The system includes customizable assessments, care planning, state compliance reporting, and pharmacy integrations. | Level Equity Management | - | - | |
Dec-25 | Cerbo | | Cerbo is a cloud-based EHR platform tailored for functional medicine practices, integrating patient records, practice management, and direct-pay billing. | OptiMantra | - | - |
Most active buyers of EHR & practice management companies
ChiroHD, BV Investment Partners and Canopii Collaborative are the most active acquirers of EHR & practice management companies in the last three years.
See all EHR & practice management acquirers| Logo | HQ | Description | Key acquisitions | ||
|---|---|---|---|---|---|
ChiroHD | | ChiroHD is a Marietta-headquartered cloud-based electronic health records system tailored for chiropractic practices. Launched in 2017, it streamlines patient charting, SOAP notes, billing, and scheduling with mobile access. The platform integrates insurance verification, automated superbills, and compliance tools for HIPAA. ChiroHD serves solo practitioners and multi-doctor clinics across the United States with subscription plans emphasizing ease of use and revenue cycle management. | SKEDSpark | 2 | |
BV Investment Partners | | BV Investment Partners is a Boston-headquartered private equity firm investing exclusively in information services, business services, and communications sectors. Founded in 1983, it has deployed over $2.7 billion across more than 80 platform investments and numerous add-ons. The firm manages $1.5 billion in committed capital, targeting North American companies with $10-100 million in revenue for control stakes and operational improvements. | Moxe HealthAlacrity (managed repair unit)The Millennium Alliance+1 | 1 | |
Canopii Collaborative | | Canopii Collaborative is a healthcare IT consulting firm focused on Epic implementations for payer-provider integrations. Services support data exchange, interoperability, and operational efficiency in medical systems. Nashville-based, the firm assists hospitals, insurers, and clinics with Epic module deployments including MyChart, Ambulatory, and Revenue Cycle Management. | Anchor Healthcare Consultants | 1 | |
Sonitor Technologies |  | Sonitor Technologies is a real-time locating system provider offering tiered resolution RTLS platforms with area, room, and sub-room accuracy for asset tracking, nurse calls, and workflow optimization. The wireless battery-powered infrastructure minimizes total cost of ownership in healthcare and enterprise settings. Headquartered in Oslo, Norway, the company delivers robust solutions for hospitals and manufacturing facilities. | Tagnos | 1 | |
Doctolib | | Doctolib is a Paris-headquartered online booking platform serving 80,000+ practitioners across France, Germany, Italy, and expanding regions. Patients book appointments 24/7 with GPs, dentists, and therapists via app or web. The software manages agendas, teleconsultations, and prescriptions, integrating with French and German health records. Founded in 2013, it handles 100 million annual appointments. | Medicus HealthTypelessAaron.ai+1 | 1 | |
Spring Health | | Spring Health is a New York-headquartered provider of mental health benefits for employers and health plans. Its Precision Mental Healthcare platform matches employees to therapies, coaching, medication management, or digital programs using clinical data. The company serves Fortune 500 firms and insurance carriers, operating in the US with tools for depression, anxiety, and stress treatment. | AlmaWeldon | 1 | |
Qualifacts | | Qualifacts is largest provider of Software-as-a-Service and web-based electronic health records for the behavioral health and human services market. Helps over 50,000 behavioral healthcare providers and staff realize improved billing and clinical operations, increased agency revenue, faster payment, and better client and staff satisfaction through CareLogic platform. Customer community directs product development and resource allocation. | ComputalogicOnCall HealthInSync Healthcare Solutions | 1 | |
Vee Healthtek |  | Vee Healthtek is a Hyderabad-based provider of revenue cycle management services including medical coding, billing, claims processing, and denial management for US hospitals and clinics. It leverages EHR integrations like Epic and Cerner to ensure compliance with HIPAA and ICD-10 standards. Vee Healthtek expands into care coordination and analytics. | Precision Practice Management | 1 | |
Fusion CX | | - | Scribe.ologySkycomSequential Technology International+1 | 1 | |
HLM Venture Partners | | HLM Venture Partners is a San Mateo-based venture capital firm investing exclusively in healthcare startups. The fund has deployed over $800 million across seed to Series C rounds in therapeutics, diagnostics, and medtech since 1989. Portfolio companies include Rebiotix and Veracyte, with multiple IPOs and acquisitions. | Tebra | 1 |
Founders and investors we've worked with
We've supported winning builders across EHR & practice management 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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