Everside Health Acquisition, Valuation, Funding & Investors
Everside Health was acquired by Marathon Health in February 2024.
Everside Health acquisition price
Undisclosed
Acquired by Marathon Health · Feb 2024
Cumulative funding Everside Health raised
$329M
across 2 funding rounds
Key investors in Everside Health
New Enterprise Associates
Oak HC/FT
Alta Partners
Bossa Invest
Endeavor Catalyst
Greenspring Associates
About Everside Health
Everside Health is a Denver-headquartered direct primary care provider founded in 2010 that delivers on-site, near-site, and virtual primary care to over 1 million members through 500+ clinics nationwide. It serves employer-sponsored plans with unlimited visits, chronic care management, and behavioral health, partnering with companies like Walmart and Intel to lower costs by 20-30% compared to traditional insurance models.
Founded
2010
HQ
Denver, COWebsite
Status
Acquired
Customer focus
B2B
Revenue model
Subscription
Valuation
$1B (Jul 2022)
Everside Health Acquisition
Everside Health was acquired by Marathon Health for an undisclosed price on 8 February 2024.
Before the acquisition Everside Health had raised $329M across 2 funding rounds.
Everside Health, a direct primary care provider offering primary care, chronic condition management, mental health services, urgent care, occupational health, and care coordination through health centers and virtual care to employers and unions bypassing insurance intermediaries, merged with Marathon Health, an employer-sponsored primary care company providing onsite care, 24/7 virtual care, care navigation, and comprehensive care teams. The merger, announced in February 2024 and described as a merger-of-equals with talks starting the prior spring, created a combined entity operating as Marathon Health serving over 630 U.S. employer and union-sponsored clients and 2.5 million eligible patients across 680+ near-site, onsite, and network health centers in 41 states plus 50-state virtual care. Expected to generate well over $500 million in revenue that year, the deal integrated operations onto a single platform by March 2025, expanding to 750+ centers and 3 million covered lives while enhancing recruitment of clinical talent and local support. Marathon Health CEO Jeff Wells and Executive Chairman Ben Evans retained leadership, while Everside CEO Chris Miller departed for other opportunities but remained a significant shareholder. Existing investors including General Atlantic (Marathon majority owner since 2019), New Enterprise Associates, and Oak HC/FT supported the combined entity, with financial terms undisclosed. The strategic rationale focused on delivering improved health outcomes, over 25% cost savings for employer partners, value-based care amid rising primary care awareness, and countering point solution fatigue, with no immediate further M&A planned post-integration expected within 12 months. In a competitive landscape against Premise Health (acquired by OMERS for $1.1 billion in 2018), Concentra Health, Amazon, and CVS, Marathon Health earned the 2024 Best in KLAS award for employer-sponsored healthcare. Prior expansions included Marathon's 2021 Cerner Workforce Health Solutions acquisition adding 35 centers and Everside's purchases of R-Health (2021), Activate Healthcare (2019), and Healthstat (2020), with Everside scrapping 2021 IPO plans due to market conditions.
| Acquirer | Date | Type |
|---|---|---|
| 8 Feb 2024 | Strategic M&A |
Everside Health Valuation
Everside Health is currently valued at $1B, based on its undisclosed-stage round in July 2022.
The $164M round was led by New Enterprise Associates, with participation from Alta Partners, Endeavor Catalyst, Oak HC/FT and Bossa Invest.
Everside Health valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Jul 2022 | Undisclosed stage | $1B |
Everside Health Funding History
Everside Health has raised a total of $329M across 2 funding rounds.
Everside Health's first fundraising round was a $165M undisclosed-stage round in August 2018. The most recent completed round was a $164M undisclosed-stage round in July 2022.
Everside Health funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jul 2022 | Undisclosed stage | New Enterprise Associates (lead); Alta Partners; Endeavor Catalyst; Oak HC/FT; Bossa Invest | $164M | $1B | Everside Health, a Denver-based direct primary care provider formerly known as Paladina Health, raised $164 million in growth equity funding on July 25, 2022, led by New Enterprise Associates (NEA) with participation from existing investors Oak HC/FT and Alta Partners, plus nine new investors including Endeavor Catalyst, Bossa Invest, and others. The round propelled the company's valuation north of $1 billion, specifically reported as $1,000M post-money. Proceeds were earmarked for opening new health centers, client acquisitions, technology investments, and potential M&A to expand services in primary care, mental health, chronic condition management, urgent care, occupational health, and care coordination delivered via on-site, near-site clinics, and virtual care directly to employers and unions. At the time, Everside operated nearly 400 health centers across 34 states, serving around 600,000 patients through 400 clients, and claimed to reduce employer healthcare spend growth from the typical 6-7% to about 1% annually while delivering 25-30% top-line growth. The company helps customers save an average of 17% on claims costs by year three and 31% by year five based on its retrospective analysis, emphasizing a value-based care model focused on outcomes over volume. Everside was named the #1 Employer Sponsored Healthcare Services Provider by KLAS for 2022. The funding came after NEA carved out Paladina Health from DaVita for $100 million in 2018 and led a prior $165 million raise that year. Subsequent acquisitions included Activate Healthcare in 2019, Healthstat in 2020, and an agreement for R-Health. Everside had scrapped IPO plans prior to this round, opting for private funding amid a hot primary care market, as evidenced by Amazon's $4 billion acquisition of One Medical. |
| Aug 2018 | Undisclosed stage | New Enterprise Associates (lead); Greenspring Associates; Alta Partners; Oak HC/FT | $165M | - | Everside Health, formerly Paladina Health, is a direct primary care provider offering on-site, near-site, and virtual healthcare services to employers and unions, including primary care, chronic condition management, mental health, urgent care, occupational health, and care coordination, bypassing traditional insurers. Everside operates over 375 health centers across 34 states, serving 400 clients and 600,000 patients with a value-based model emphasizing outcomes over volume. In 2018, the company was acquired by New Enterprise Associates (NEA) from DaVita for $100 million, and NEA led a subsequent $165 million growth equity raise with participation from investors including Oak HC/FT and Alta Partners. The funding supported expansion. A later 2022 $164 million growth equity round, also led by NEA with Oak HC/FT, Alta Partners, and new investors like Endeavor Catalyst, is frequently referenced, aimed at scaling operations, potential M&A, technology enhancements, mental health services, and specialty care additions. The company has pursued growth through acquisitions, including Activate Healthcare in 2019, Healthstat in 2020, and R-Health in 2021, forming its current structure after rebranding from the merger of Paladina Health, Activate Healthcare, and Healthstat. It was recognized as the #1 Employer Sponsored Healthcare Services Provider by KLAS in 2022. |
Who has invested in Everside Health?
6 investors have backed Everside Health across its funding rounds, including New Enterprise Associates, Oak HC/FT, Alta Partners, Bossa Invest, Endeavor Catalyst and Greenspring Associates.
Lead investors include New Enterprise Associates.
Everside Health Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| Jackson, MS | 2 | Participant | Aug 2018 | |
| San Francisco, CA | 2 | Lead | Aug 2018 | |
| Greenwich, CT | 2 | Participant | Aug 2018 | |
| Baltimore, MD | 1 | Participant | Aug 2018 | |
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialAcquisitions by Everside Health
Everside Health has acquired 3 companies to date.
Last acquisition by Everside Health was on July 13th 2021. Everside Health acquired R-Health for undisclosed valuation.
Latest Acquisitions by Everside Health
| Description | R-Health is a software provider that develops and licenses modular applications for healthcare practices, emphasizing interoperability and ease of use. Originally formed in 1998 as a general software firm, it rebranded and refocused on health technology in 2006. The Aliso Viejo-based company offers training, service, and integration capabilities for electronic health records and practice management systems. R-Health's solutions connect modules for scheduling, billing, and patient records within medical offices across the United States. | Healthstat is a Nashville-headquartered provider of onsite primary care clinics and comprehensive wellness programs tailored for employers nationwide. The company operates more than 170 health centers across 29 states, delivering integrated services including preventive care, chronic disease management, and occupational health screenings. Healthstat partners with large corporations such as Nissan and Pilot Flying J to reduce healthcare costs and improve employee health outcomes through data-driven wellness initiatives. Founded in 2007, it emphasizes virtual care options alongside physical clinics to enhance accessibility for worksite populations. | Activate Healthcare is an Indianapolis-headquartered employer-focused primary care provider delivering on-site clinics with predictive modeling for high-risk employee engagement. Services include preventive screenings, chronic disease management, and wellness programs using data analytics to reduce health risks. Founded in 2009, Activate Healthcare operates facilities at worksites for Fortune 500 companies across the Midwest. |
| HQ Country | | | |
| HQ City | Philadelphia, PA | Charlotte, NC | Indianapolis, IN |
| Deal Date | 13 Jul 2021 | 12 Oct 2020 | 16 Jan 2019 |
| Valuation | undisclosed | undisclosed | undisclosed |
| EV/Revenue | |||
| EV/EBITDA | |||
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Everside Health Competitors
Everside Health competitors include listed companies like Al Hammadi Holding, Life Healthcare Group, Clinica Baviera and HealthCare Global Enterprises, and private ones like Myhealth Medical Group and UpStream Care.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 Sydney | Private | - | $15M | $134M | - | |
| Greensboro, NC | Private | - | - | $1B | - | |
 Saudi Arabia | Publicly listed | $329M | $98M | $975M | 3.0x | |
 South Africa | Publicly listed | $1.5B | $55M | $1B | 0.8x | |
 Spain | Publicly listed | $348M | $98M | $1B | 2.7x | |
 India | Publicly listed | $263M | $44M | $1.1B | 4.3x |
Everside Health Public Comps
Everside Health is no longer listed, but its public comps include Al Hammadi Holding, Life Healthcare Group, Clinica Baviera, HealthCare Global Enterprises, Dr. Sulaiman Al Habib Medical Services, Infracore, Thomson Medical, Rhoen Klinikum, Terveystalo and Med Life.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $329M | $98M | 3.1x | 3.0x | 10.6x | 11.7x | |||
| $1.5B | $55M | 0.8x | 0.8x | 23.9x | 5.2x | |||
| $348M | $98M | 2.9x | 2.7x | 10.3x | 9.4x | |||
| $263M | $44M | 4.6x | 4.3x | 27.2x | 22.6x | |||
| $410M | $110M | 3.1x | - | 11.7x | - | |||
| $29K | - | 33943.9x | - | - | - | |||
| $330M | $53M | 6.0x | 5.8x | 37.2x | 28.9x | |||
| $2B | $122M | 0.3x | 0.3x | 5.4x | 5.4x | |||
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Common questions about Everside Health
| When was Everside Health founded? | Everside Health was founded in 2010. |
| Where is Everside Health headquartered? | Everside Health is headquartered in Denver, CO, United States. |
| Is Everside Health publicly listed? | No, Everside Health was acquired by Marathon Health in February 2024. |
| Who acquired Everside Health? | Everside Health was acquired by Marathon Health in February 2024. |
| What is Everside Health's valuation? | Everside Health was last valued at $1B in its undisclosed-stage round in July 2022. |
| How much funding has Everside Health raised? | Everside Health has raised $329M across 2 funding rounds. |
| What was Everside Health's last funding round? | Everside Health's last funding round was a $164M undisclosed-stage round in July 2022, led by New Enterprise Associates. |
| Who are Everside Health's investors? | Everside Health's investors include Alta Partners, New Enterprise Associates, Oak HC/FT, Greenspring Associates, Endeavor Catalyst and Bossa Invest. |
| Which companies are comparable to Everside Health? | Companies comparable to Everside Health include Myhealth Medical Group, UpStream Care, Al Hammadi Holding, Life Healthcare Group, Clinica Baviera and HealthCare Global Enterprises. |
| How many companies has Everside Health acquired? | Everside Health has acquired 3 companies, including R-Health, Healthstat and Activate Healthcare. |
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