M&A advisory for health data & analytics companies
Health data and analytics is one of the consistently most active M&A corridors in digital health. The large life-sciences services and data strategics - IQVIA, Veeva, Clarivate, IMS - acquire to extend dataset coverage, therapeutic-area depth and analytics capability; pharma services groups absorb commercial analytics players; and PE platforms have built across RWE and EHR data networks. Transactions price on contracted ARR, NRR, the strategic value of the underlying data network and the longevity of the provider and payer partnerships that supply it.
The active buyer set is led by the data and life-sciences services strategics - IQVIA, Veeva, Komodo, Datavant and Truveta - that acquire to extend dataset coverage and therapeutic-area depth, alongside pharma corp dev teams at Pfizer, Roche, Merck, Novartis, J&J, GSK, AstraZeneca, Sanofi, Lilly, AbbVie, Bristol-Myers Squibb and Gilead where the data supports a specific franchise, the payer-aligned acquirers (UnitedHealth/Optum, CVS Health, Cigna/Evernorth, Humana) on the claims and analytics side, and the PE platforms consolidating across RWE and EHR data networks. Flow has direct access into this buyer set.
Flow team has relevant sector experience and has worked with health data and analytics companies across real-world evidence platforms, claims and EHR data networks, life-sciences commercial analytics, clinical trial and patient registry businesses and specialty data providers.
"Health data & analytics" KPIs M&A buyers look at
Key metrics strategics and PE buyers look at when analayzing health data & analytics M&A targets
ARR
Net revenue retention
Gross retention
Enterprise customers
Data partners under contract
Therapeutic areas covered
Average contract value
Gross margin
Sales cycle days
Magic number
Health data & analytics valuations in May 2026
Public health data & analytics comps trade at 2.6x EV/Revenue. Median revenue multiple across health data & analytics M&A deals was 5.4x in the last 12 months.
2.6x
Median EV/Revenue as of May 2026 for public health data & analytics companies
2.6x
IQVIA is the highest valued public health data & analytics company based on EV/Revenue (excluding outliers)
5.4x
Median EV/Revenue across health data & analytics M&A deals in the last 12 months
29x
Median EV/Revenue across health data & analytics VC rounds in the last 12 months
Key recent health data & analytics M&A deals
$2.6B acquisition of Premier Inc by Patient Square Capital was the largest health data & analytics M&A transaction completed in the last year.
See all health data & analytics M&A deals| Logo | HQ | Description | Buyer | ||||
|---|---|---|---|---|---|---|---|
Sep-25 | Premier Inc |  | Premier Inc is a healthcare performance improvement company serving providers, suppliers, and payers with data, technology, advisory services, and group purchasing. Solutions help healthcare organizations enhance efficiency, reduce costs, and improve patient outcomes through comprehensive performance optimization tools and services. | Patient Square Capital | $2.6B | 2.6x | |
Mar-26 | Efferent Health | | Efferent Health delivers cloud-based applications, consulting, and IT services using FHIR technology to healthcare providers. | Hopper OS | $255M | - | |
Nov-25 | Movano | | Movano Inc is developing a platform to deliver purpose-driven healthcare solutions to bring medical-grade, high-quality data to the forefront of consumer health devices. its initial commercial product in development is the Evie Ring, a wearable designed specifically for women. The Evie Ring combines health and wellness metrics to give a full picture of one’s health, which includes resting heart rate, heart rate variability (HRV), blood oxygen saturation (SpO2), respiration rate, skin temperature variability, period and ovulation tracking, menstrual symptom tracking, activity profile, including steps, active minutes and calories burned, sleep stages and duration, and mood tracking. | Corvex | $220M | - | |
Mar-26 | Bioniq |  | Bioniq is a health technology firm that formulates personalized daily supplements tailored to individuals' blood biomarker profiles and lifestyle data. Customers submit at-home blood tests analyzed against a database exceeding six million data points via proprietary algorithms, yielding custom blends with up to 120 nutrients in exact dosages. London-headquartered since 2016, Bioniq serves clients across Europe and the Middle East through direct-to-consumer subscriptions and partnerships with clinics. | Herbalife | $150M | - | |
Jun-25 | Biocrates Life Sciences |  | Biocrates Life Sciences is an Austrian company specializing in targeted metabolomics kits for biomarker discovery and validation in precision medicine. Its MxP Quant 500 kit enables absolute quantification of over 630 metabolites across 61 pathways using LC-MS technology, supporting research in oncology, neurology, and cardiology. The platform includes automated sample preparation with the EVO kit and cloud-based MetaboAnalyst software for data processing. Innsbruck-headquartered since 1998, Biocrates serves academic labs and pharma companies worldwide, including collaborations with Roche and AstraZeneca. | Bruker | $108M | 8.3x | |
Mar-26 | Ostro | | Ostro is a Miami-based health engagement platform founded in 2019. It delivers personalized digital journeys for life sciences brands connecting patients, healthcare providers, and pharma companies. Features include content delivery, adherence tracking, and analytics for medications in oncology, cardiology, and rare diseases. | Veeva | $100M | - | |
Jan-26 | Torch Health | | Torch Health is an AI-driven health application that consolidates medical records from hospitals, labs, wearables, and consumer devices into a unified platform. | OpenAI | $100M | - | |
Aug-25 | Pathway Medical |  | Pathway Medical is a San Francisco-headquartered health tech firm building an AI-driven medical knowledge graph aggregating data from 30 million publications and clinical guidelines. Its platform delivers evidence-based decision support to physicians via mobile apps during consults, covering cardiology, oncology, and neurology. Used by 500 U.S. hospitals, Pathway integrates with Epic and Cerner EHRs, reducing diagnostic errors by 25% in pilot studies since 2020. | Doximity | $26M | - | |
Mar-26 | Vital Data Technology | | Vital Data Technology is a Newport Beach-headquartered healthcare analytics company founded in 2005. The firm processes billions of medical and pharmacy claims records through its vInsight platform, applying machine learning and AI to deliver real-world evidence for pharmaceutical manufacturers. Its services include patient journey mapping, treatment pathway analysis, and outcomes research that support clinical trial design, market access strategies, and post-market surveillance for clients in oncology, cardiology, and immunology. | MedReview | $25M | - | |
May-26 | WellCare Today | | WellCare Today is a provider of customized solutions. WellCare Today develops products that reduce costs and optimize management for healthcare sectors. | Wellgistics Health | $15M | 9.4x | |
Jul-25 | RehaMedia |  | RehaMedia is a Germany-based distributor of assistive technologies for people with physical and cognitive disabilities, headquartered in Hannover. The company supplies cognition aids like MEMOplanner, eye-gaze communication systems, environmental controls, computer adaptations, and therapy tools from brands such as Tobii and Pretorian. RehaMedia provides nationwide consultation, sales, training, and maintenance services, partnering with clinics and schools across North Rhine-Westphalia and beyond. | Dynavox Group | $6.0M | 0.8x | |
May-26 | P | Perx Health (US operations) | | Perx Health (US operations) is a digital health platform. Perx Health (US operations) manages chronic diseases and supports treatment adherence for patients in the United States. | Clutch | - | - |
May-26 | CaptureRx | | CaptureRx is a healthcare technology company founded in 2000 and based in San Antonio. The firm delivers 340B program solutions that manage inventory, financial flows, and eligibility verification for prescriptions at contract pharmacies. Its Cumulus platform has handled more than 190 million patient encounters and 750 million switch claims while serving over 500 hospitals and health centers across 45 states through a network of more than 3,500 pharmacies. | Pillr Health | - | - | |
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 | - | - | |
May-26 | Nextiles | | Nextiles is a New York-headquartered developer of smart textiles embedding conductive fibers into athletic wear for motion analytics and injury prevention. The platform pairs garments with apps tracking joint angles and muscle activation via sewn circuitry. Founded in 2019 from MIT research, Nextiles supplies prototypes to NFL teams and runs pilot programs with universities for biomechanical feedback. | Betterguards | - | - |
Most active buyers of health data & analytics companies
Herbalife, Myant and Nearmap are the most active acquirers of health data & analytics companies in the last three years.
See all health data & analytics acquirers| Logo | HQ | Description | Key acquisitions | ||
|---|---|---|---|---|---|
Herbalife | | Herbalife Ltd is a health and wellness company. It provides health and wellness products in 95 markets through a direct-selling business model. Its product categories include Weight Management, Targeted Nutrition, Energy, Sports and Fitness, Outer Nutrition, and Literature, Promotional, and Other. Weight Management generates the majority of revenue, with products such as meal replacements, protein shakes, drink mixes, weight loss enhancers, and healthy snacks. Products are manufactured at facilities in Changsha and Suzhou, China; Lake Forest, California; and Winston-Salem, North Carolina, as well as by third-party providers. Revenues reflect sales to Members across North America, Latin America, EMEA, Asia Pacific, and China. | BioniqPro2col HealthPrüvit+1 | 2 | |
Myant | | - | mmHgNanoleqBitnobi | 2 | |
Nearmap |  | Nearmap is an aerial imagery and mapping service supplying high-resolution photos updated quarterly. Sydney-headquartered since 2008, it covers 80 percent of the Australian population and has expanded to the United States since 2018, serving construction, architecture, utilities, and municipal governments. Nearmap delivers 5.5cm ground sample distance images accessible via us.nearmap.com for property measurement and site planning. | ITEL LaboratoriesBetterview | 2 | |
Viome | | Viome is a Bellevue-headquartered precision health company analyzing microbiome, mitochondrial, and cellular data through at-home test kits. Established in 2016, it provides personalized nutrition and lifestyle recommendations based on RNA sequencing of gut, oral, and cellular samples. The platform tracks biological age and health metrics for users seeking optimized wellness plans. | DiscernDxNaring HealthHabit Food Personalized | 2 | |
Genomenon | | Genomenon is an Ann Arbor-headquartered software company founded in 2014 that develops diagnostic and discovery tools to identify disease-causing variants from genomic datasets. Its Mastermind Genomic Search Engine indexes over 2 million publications and variant records, aiding physicians, pharmaceutical firms, and researchers in genetic diagnoses. The platform prioritizes clinically relevant data for faster decision-making in rare diseases and oncology. | Jackson Laboratory (clinical knowledgebase unit)Boston Genetics | 2 | |
Innovaccer | | Innovaccer is a healthcare data platform provider offering the Healthcare Intelligence Cloud for data activation. San Francisco-headquartered, the company unifies electronic health records, claims, and social determinants data to support risk adjustment, population health, and patient engagement. Innovaccer powers value-based care for health systems, payers, and life sciences organizations across the United States. | Humbi AIPharmacy Quality SolutionsStory Health | 2 | |
P | Paradigm | - | Flatiron Health (clinical research unit) | 1 | |
Strados Labs | | Strados Labs is a Philadelphia-headquartered medical device company developing wearable biosensors for respiratory monitoring. The RESP biosensor tracks breathing rate, volume, and patterns via smartphone-connected patches. Strados partners with AstraZeneca for clinical trials in COPD management. Founded in 2016, it holds FDA clearance for its platform used in telehealth. | NuvoAir (clinical trials unit) | 1 | |
WindRose Health Investors | | - | Avalon Healthcare SolutionsSoleo HealthCIVIE+1 | 1 | |
Primus Capital Partners | | Primus Capital Partners is a New York-headquartered private equity firm targeting software, healthcare IT, and technology-enabled services. The firm manages over $4 billion in assets pursuing buyouts and growth equity in companies like Internet Brands and Procare Software. Primus Capital Partners supports portfolio firms through operational improvements and add-on acquisitions across North America. | RxAnteReach | 1 |
Founders and investors we've worked with
We've supported winning builders across health data & analytics 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.
See more
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.
See more
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.
See more
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.
See more
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.
See moreRecent M&A advisory track record
See our M&A advisory experience across health data & analytics and beyond.
Explore our M&A advisory offering for similar verticals
We're a specialized M&A advisor to digital health companies.
Our M&A experience spans across all digital health verticals.
Explore other sectors
We know tech inside & out.
We provide M&A advisory services to companies operating across the entire tech.
More services
M&A is the ultimate goal, but we play a long game. We're your fractional CFO to help you build financial discipline, and advise you on raising growth capital.
Fractional CFO for health data & analytics companies
We integrate into your workflows to help with financial modelling, build out FP&A tech stack, and ultimately provide guidance towards an M&A or raising venture capital.
Learn moreVC fundraising for health data & analytics companies
We help you prepare materials, reach out to investors in our extensive network, negotiate fair term sheets and structure the VC round.
Learn moreTalk to us
Schedule a call to get a health check on your business and see how we could help.
Fractional CFO
- Fractional CFO for Software
- Fractional CFO for AI & ML
- Fractional CFO for Fintech
- Fractional CFO for Consumer internet
- Fractional CFO for Digital media
- Fractional CFO for E-commerce & marketplaces
- Fractional CFO for Consumer products
- Fractional CFO for Mobility
- Fractional CFO for Digital health
- Fractional CFO for Industrial technology
- Fractional CFO for Digital infrastructure
- Fractional CFO for IT services
Stages
Countries
- UK Fractional CFO
- Ireland Fractional CFO
- France Fractional CFO
- Germany Fractional CFO
- Spain Fractional CFO
- Portugal Fractional CFO
- Italy Fractional CFO
- Netherlands Fractional CFO
- Belgium Fractional CFO
- Switzerland Fractional CFO
- Austria Fractional CFO
- Denmark Fractional CFO
- Sweden Fractional CFO
- Norway Fractional CFO
- Finland Fractional CFO
- Poland Fractional CFO
- Estonia Fractional CFO
- US Fractional CFO
- Canada Fractional CFO
- Mexico Fractional CFO
- Brazil Fractional CFO
- UAE Fractional CFO
- Australia Fractional CFO
Cities
- London Fractional CFO
- Dublin Fractional CFO
- Paris Fractional CFO
- Berlin Fractional CFO
- Madrid Fractional CFO
- Lisbon Fractional CFO
- Milan Fractional CFO
- Amsterdam Fractional CFO
- Brussels Fractional CFO
- Zurich Fractional CFO
- Vienna Fractional CFO
- Copenhagen Fractional CFO
- Stockholm Fractional CFO
- Oslo Fractional CFO
- Helsinki Fractional CFO
- Warsaw Fractional CFO
- Tallinn Fractional CFO
- New York Fractional CFO
- Toronto Fractional CFO
- Mexico City Fractional CFO
- São Paulo Fractional CFO
- Dubai Fractional CFO
- Sydney Fractional CFO