Change Healthcare Acquisition & Valuation

Glaukos Corp is an ophthalmic pharmaceutical and medical technology company focused on developing novel, dropless therapies and commercializing associated products for the treatment of glaucoma, corneal disorders, and retinal diseases. It has commenced commercialization activities for iDose TR, a first-of-its-kind, long-duration, intracameral procedural pharmaceutical implant designed to continuously deliver glaucoma drug therapy inside the eye for extended periods of time. The company also offer commercially a proprietary bio-activated pharmaceutical therapy for the treatment of a rare corneal disorder, keratoconus. The company has three primary commercialized micro-scale surgical device products designed to treat glaucoma: the iStent, the iStent inject W, and the iStent infinite.

Shanghai United Imaging Healthcare Co Ltd provides customers with high-performance medical imaging equipment, radiotherapy products, life science instruments, and medical digitalization and intelligent solutions. The company’s products include MRI systems, CT scanners, X-ray imaging equipment, molecular imaging systems, radiotherapy linear accelerators, and life science instruments.

Pro Medicus is a healthcare IT company specializing in radiology imaging software. Its main product, Visage 7, is a clinical desktop application that radiologists use to view, enhance, and manipulate images from any device and make a diagnosis. Its main customers are US private academic hospitals. In fiscal 2026, Pro Medicus earned 90% of revenue in North America, 7% from Australia, and the remaining 3% in Europe.

Icon is a global contract research organization that provides outsourced clinical development services to pharmaceutical and biotechnology firms. Icon supports clients across late-stage clinical trials through the regulatory approval process and postmarket studies. Icon’s services include clinical trial management, patient recruitment, data analytics, laboratory services, and regulatory consulting. With more than 40,000 employees operating in over 50 countries, the company partners with life sciences firms to run clinical trials and bring new drugs to market.

M3 Inc is a Japan-based company engaged in providing medical-related services through internet-based platforms and real-world operations. The company operates six reportable segments: Medical Platform, Evidence Solutions, Career Solutions, Site Solutions, Patient Solutions, and Overseas. Its businesses include online marketing for medical professionals, clinical trial support, human resources services for medical professionals, operational support for medical institutions, and patient support services. The Overseas segment offers similar services internationally, including in the United States, the United Kingdom, China, South Korea, India, France, Germany, and Spain.

Commure is a privately held healthcare technology company that sells an AI platform for health systems and physician practices covering revenue cycle management, ambient clinical documentation, patient engagement and practice management. It was incubated at General Catalyst in 2017 and grew by acquisition, buying PatientKeeper from HCA Healthcare in 2021, merging with Athelas in 2023 and acquiring Augmedix and Memora Health in 2024. Tanay Tandon, the Athelas co-founder, has been chief executive since the merger. The company reported more than 500 healthcare organizations as customers and annual recurring revenue above 200 million dollars in 2025. In May 2026 it raised 70 million dollars led by General Catalyst at a 7 billion dollar post-money valuation, bringing total capital raised to 750 million dollars.

Benchling is a software company that sells a cloud R&D platform to life sciences and biotechnology organisations. The platform brings electronic lab notebooks, sequence design and molecular biology tools, sample and inventory registries, workflow management and data analysis into one system of record for scientific work. Customers are pharmaceutical and biotechnology companies, agricultural and industrial biology firms, and academic laboratories, which pay recurring subscriptions for access. Benchling also offers a developer platform with APIs for connecting laboratory instruments and other systems, and has added artificial intelligence tools to its product through acquisitions. The company was founded in 2012 by Sajith Wickramasekara and Ashu Singhal and is headquartered in San Francisco, California. It is privately held and backed by venture and growth investors.

Doximity Inc is a digital platform for U.S. medical professionals. The cloud-based platform provides members with tools specifically built for medical professionals, enabling them to collaborate with their colleagues, securely coordinate patient care, conduct virtual patient visits, stay up-to-date with the latest medical news and research, and manage their careers and on-call schedules.

Cityblock Health is a New York value-based healthcare provider for Medicaid, dual-eligible and lower-income Medicare members, founded in 2017 by Toyin Ajayi, Iyah Romm and Bay Gross as a spin-out of Alphabet's Sidewalk Labs. It delivers primary care, behavioral health, urgent care and social support through community health workers, clinicians and its Commons care-coordination platform, and is paid by health plans on risk contracts. It serves almost 200,000 members across several states and states annualized revenue of $2.2 billion, up 77 percent year over year. Backers include General Catalyst, Kinnevik, Tiger Global, SoftBank, Maverick, Redpoint and Thrive Capital. A $400 million round in September 2021 was reported at a $5.7 billion valuation, and in August 2026 it raised a $116 million Series E and agreed to acquire the rural Medicare Advantage provider Homeward Health in an all-stock deal.

Waystar Holding Corp is a provider of mission-critical cloud technology to healthcare organizations. Its enterprise-grade platform transforms the complex and disparate processes comprising healthcare payments received by healthcare providers from payers and patients, from pre-service engagement through post-service remittance and reconciliation. its platform enhances data integrity, eliminates manual tasks, and improves claim and billing accuracy, which results in transparency, reduced labor costs, and faster, more accurate reimbursement and cash flow. The market for solutions extends throughout the United States and includes Puerto Rico and other USA Territories.

Abridge is an AI-powered platform that converts patient-clinician conversations into structured clinical notes for electronic health records. Pittsburgh-based and founded in 2018, it serves over 100 health systems including UPMC and Mass General Brigham. The system uses generative AI to generate SOAP notes, discharge summaries, and billing codes, reducing documentation time by integrating with Epic and Cerner. Abridge processes millions of encounters annually, ensuring HIPAA compliance and supporting multilingual transcription across U.S. hospitals.

Reify Health is a Boston-headquartered provider of cloud-based software for clinical trial operations. Its StudyTeam platform streamlines patient recruitment, site activation, and enrollment tracking for sponsors, CROs, and research sites. The system integrates with electronic health records and delivers real-time dashboards, used in trials across oncology, rare diseases, and neurology.

CCC Intelligent Solutions Holdings Inc is a provider of cloud, mobile, AI, telematics, hyperscale technologies, and applications for the property and casualty insurance economy. The company's SaaS platform connects trading partners, facilitates commerce, and supports mission-critical, AI-enabled digital workflows. It operates in a single segment being Domestic segment, which provides SAAS platform for the P&C insurance economy and derives revenues from providing customers with software subscriptions to the platform in addition to providing professional services and non-software services. The company has its presence in the United States and China. The majority of the revenue is generated from the United States.

GE HealthCare Technologies is a leading medical technology firm with leading market share in imaging and ultrasound equipment. The company reports four major segments: imaging (45% of revenue), advanced visualization solutions (26%), patient care solutions (15%), and pharmaceutical diagnostics (14%). The company’s sales are geographically diverse, with the United States, EMEA, China, and the rest of the world accounting for 46%, 26%, 11%, and 17% respectively. We estimate approximately half of its revenue is recurring, which consists of servicing (about one third of revenue), pharmaceutical diagnostics (about 10%-15%), and digital solutions (just over 5%).

Doctolib is a healthcare technology company that runs an online platform on which patients book appointments with doctors, dentists, nurses and other practitioners, and sells practice-management software to those practitioners. Its subscription product covers agenda and patient management, electronic patient records, video consultation, secure messaging and tools for hospitals and clinics, while patients use the service free of charge. The company earns most of its revenue from monthly subscriptions paid by healthcare professionals and from software sold to health facilities. Doctolib was founded in 2013 by Stanislas Niox-Chateau and partners and is headquartered in Paris. It operates in France, Germany and Italy and entered the United Kingdom through an acquisition. It has grown partly through acquisitions of booking, communication and artificial intelligence businesses, and it develops clinical assistant tools based on language models.

EliseAI is a New York-based AI platform automating communications for multifamily housing and healthcare providers. It handles leasing inquiries, maintenance tickets, renewals, and appointments via SMS, email, voice, and chat in 17 languages. EliseAI integrates with Yardi, RealPage, and EHR systems like Epic, serving 2 million units and clinics in women's health and orthopedics with CRM modules.

Medlinker is a Shenzhen-based digital health platform connecting over 1.5 million Chinese physicians through social networking, case discussions, and quizzes. The app serves 5,000 hospitals with knowledge sharing, anonymous forums, and industry news for specialties like internal medicine. Listed on Hong Kong Stock Exchange in 2022, Medlinker reaches 300 million patients via telemedicine. Founded in 2014, it employs 2,000 staff.

Iqvia is the result of the 2016 merger of Quintiles, a leading global contract research organization, and IMS Health, a leading healthcare data and analytics provider. The research and development segment focuses primarily on providing outsourced late-stage clinical trials for pharmaceutical, device, and diagnostic firms. The technology and analytics segment provides aggregated information and technology services to clients in the healthcare industry, including pharmaceutical companies, providers, payers, and policymakers, as well as data and analytics capabilities for clinical trials, including virtual trials. The company also has a small contract sales business.