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- HealthEdge
HealthEdge Acquisition, Valuation, Funding & Investors
HealthEdge was acquired by Bain Capital for $2.6B in April 2025, a 6.5x multiple on $400M of revenue.
HealthEdge acquisition price
$2.6B
Acquired by Bain Capital · Apr 2025
HealthEdge revenue at acquisition
$400M
Last twelve months · Apr 2025
HealthEdge revenue multiple at acquisition
6.5x
EV/Revenue · Apr 2025
HealthEdge EBITDA multiple at acquisition
30.2x
EV/EBITDA · Apr 2025
About HealthEdge
HealthEdge is a Burlington Massachusetts-headquartered software provider offering the HealthRules suite for healthcare payers via cloud or on-premises deployment. Founded in 2004, it acquired 125 million dollars in assets and Click4Care in 2012, enabling claims processing, care management, utilization review, and cost reductions with an R&D center in Powell Ohio.
Founded
2004
HQ
Website
Status
Acquired
Customer focus
B2B
Revenue model
Subscription, Licensing
Revenue
$400M (Apr 2025)
Valuation
$2.6B (acquired Apr 2025)
HealthEdge Acquisition
HealthEdge was acquired by Bain Capital for $2.6B on 8 April 2025.
The acquisition price implies a 6.5x revenue and 30.2x EBITDA multiple on $400M of revenue.
Before the acquisition HealthEdge had raised $66M across 3 funding rounds.
| Acquirer | Date | Type | Price | EV/Revenue | EV/EBITDA |
|---|---|---|---|---|---|
| 8 Apr 2025 | PE buyout | $2.6B | 6.5x | 30.2x |
HealthEdge Funding History
HealthEdge has raised a total of $66M across 3 funding rounds.
HealthEdge's first fundraising round was a $30M undisclosed-stage round in September 2014. The most recent completed round was a $34M undisclosed-stage round in July 2017.
HealthEdge funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Jul 2017 | Undisclosed stage | Medica (lead) | $34M | HealthEdge is a healthcare software company providing SaaS solutions for payers, including core administration (HealthRules Payer), payment integrity, care management (GuidingCare), and member experience (Wellframe) to automate processes and improve outcomes. On July 14, 2017, HealthEdge completed a Corporate Minority round with investor Medica (lead). Total funding across all rounds reached $93.04M over 17-18 rounds by 2025. The 2017 round is distinct from unrelated HealthEdge Investment Partners' activities in healthcare services like hospitalist providers. Later developments include Acq - Fin in 2020 at $700M (Blackstone acquisition) and 2025 Bain acquisition at $2.6B (30x EBITDA multiple), with $86M EBITDA in 2025. |
| Feb 2015 | Seed | - | $2M | - |
| Sep 2014 | Undisclosed stage | - | $30M | HealthEdge is a Burlington, Massachusetts-based healthcare software company that provides integrated financial, administrative, and clinical platforms for healthcare payers. The company's primary product is HealthRules, a software suite serving health insurance organizations with core administrative processing, payment integrity, care management, and member engagement capabilities. The company began operations in November 2004 using technology acquired from the defunct DeNovis Inc. HealthEdge has a long funding history dating back to a $13 million Series A round led by Psilos Group in April 2007, followed by two $3.5 million equity rounds in July 2009 and June 2010, and a $17.5 million venture debt facility in October 2013 from Fifth Street Finance and Silicon Valley Bank. By March 2020, the company had achieved a $700 million valuation. The company later entered a growth equity partnership with Blackstone, which announced a majority stake acquisition, highlighting HealthEdge's position as a leading healthcare technology provider competing in the core administrative processing systems market alongside established competitors like Siemens and TriZetto. |
Who has invested in HealthEdge?
1 investor has backed HealthEdge across its funding rounds, including Medica.
Lead investors include Medica.
HealthEdge Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
This data is available for Pro users. Sign up to see all 1 HealthEdge investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by HealthEdge
HealthEdge has acquired 4 companies to date.
Last acquisition by HealthEdge was on September 4th 2025. HealthEdge acquired UST HealthProof for $1.3B.
Latest Acquisitions by HealthEdge
| Description | UST HealthProof is a healthcare SaaS provider delivering claims processing, enrollment, and compliance platforms for health insurers and TPAs. Headquartered in Aliso Viejo, California, it integrates with EHR systems like Epic and Cerner for over 50 million covered lives. Launched in 2018, the platform automates prior authorizations and reduces processing times through AI-driven workflows. | Wellframe is a Boston-headquartered digital health company founded in 2012 that partners with UnitedHealth Group and Humana to deliver mobile care management programs. Its platform assigns personalized daily tasks to members for chronic condition support, medication adherence, and post-discharge care, reaching millions across 40 health plans. Evidence shows 20 percent reductions in hospital readmissions through integrated analytics and advocacy tools. | Altruista Health is a Rockville-headquartered developer of population care management software that optimizes clinical workflows and administrative tasks for health payers, systems, and organizations. Its web-based platform includes tools for chronic disease management, patient engagement, and health coaching via phone interactions with trained staff. Serving commercial insurers, Medicare Advantage plans, and government payers nationwide, the company focuses on reducing healthcare costs while enhancing patient outcomes through customizable solutions. | The Burgess Group is a Boston-headquartered software provider at the nexus of healthcare payments and analytics. Its cloud platform, Burgess Source, integrates regulatory pricing data, claims adjudication rules, and real-time dashboards for U.S. health insurers and accountable care organizations. The solution processes Medicare fee schedules, commercial contracts, and edit logic to ensure accurate reimbursements and compliance with CMS guidelines. |
| HQ Country | ||||
| HQ City | Los Angeles, CA | Boston, MA | Reston, VA | Washington, DC |
| Deal Date | 4 Sep 2025 | 19 Oct 2021 | 29 Dec 2020 | 21 Jul 2020 |
| Valuation | $1.3B | undisclosed | undisclosed | undisclosed |
| EV/Revenue | ||||
| EV/EBITDA | ||||
This data is available for Pro users. Sign up to see all HealthEdge acquisitions and their M&A valuation multiples. Start Free Trial | ||||
HealthEdge Competitors
HealthEdge competitors include listed companies like B-Soft Co. and Phreesia, and private ones like Shanghai LinkedCare Information Technology, Clarify Health Solutions, Abridge and Doctolib.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $1.5B | - | ||
| Private | - | - | $1.4B | - | ||
| Private | $117M | - | $5.3B | 45.3x | ||
| Private | $400M | - | $6.4B | 16.0x | ||
| Publicly listed | $157M | ($37M) | $769M | 4.8x | ||
| Publicly listed | $481M | $27M | $638M | 1.3x |
HealthEdge Public Comps
HealthEdge is no longer listed, but its public comps include Privia Health, Tieto, Schrödinger, Qingdao Baheal Medical, Omnicell, Indegene, EverCommerce, CCC Intelligent Solutions, U.S. Physical Therapy and Doximity.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $2.1B | $44M | 1.0x | 0.9x | 50.2x | 15.3x | |||
| $2.1B | $186M | 1.3x | 1.4x | 15.2x | 7.9x | |||
| $256M | ($96M) | 7.6x | 7.9x | (20.3x) | (14.0x) | |||
| $1.1B | $139M | 1.9x | 1.9x | 15.1x | 16.8x | |||
| $1.2B | $92M | 1.2x | 1.1x | 15.0x | 8.1x | |||
| $366M | $68M | 3.7x | 3.3x | 19.9x | 18.2x | |||
| $589M | $128M | 3.0x | 2.9x | 13.7x | 9.5x | |||
| $1.1B | $238M | 4.8x | 4.5x | 21.5x | 10.8x | |||
This data is available for Pro users. Sign up to see all HealthEdge competitors and their valuation data. Start Free Trial | ||||||||
Common questions about HealthEdge
| When was HealthEdge founded? | HealthEdge was founded in 2004. |
| Where is HealthEdge headquartered? | HealthEdge is headquartered in United States. |
| Is HealthEdge publicly listed? | No, HealthEdge was acquired by Bain Capital in April 2025. |
| Who acquired HealthEdge? | HealthEdge was acquired by Bain Capital in April 2025. |
| How much was HealthEdge acquired for? | HealthEdge was acquired for $2.6B in April 2025, a 6.5x revenue multiple. |
| How much funding has HealthEdge raised? | HealthEdge has raised $66M across 3 funding rounds. |
| What was HealthEdge's last funding round? | HealthEdge's last funding round was a $34M undisclosed-stage round in July 2017, led by Medica. |
| Who are HealthEdge's investors? | HealthEdge's investors include Medica. |
| Which companies are comparable to HealthEdge? | Companies comparable to HealthEdge include Shanghai LinkedCare Information Technology, Clarify Health Solutions, Abridge, Doctolib, B-Soft Co. and Phreesia. |
| How many companies has HealthEdge acquired? | HealthEdge has acquired 4 companies, including UST HealthProof, Wellframe, Altruista Health and The Burgess Group. |
| What was the largest acquisition by HealthEdge? | The $1.3B acquisition of UST HealthProof in September 2025 is the largest acquisition HealthEdge has made to date. |
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