Lyric Acquisition, Valuation, Funding & Investors

Lyric was acquired by TPG for $2.2B in April 2022.

See full Lyric profile

Lyric acquisition price

$2.2B

Acquired by TPG · Apr 2022

Cumulative funding Lyric raised

$91M

across 1 funding round

Lyric Overview

About Lyric

Lyric is a King of Prussia-based provider of payment integrity software for healthcare payers. Its platform applies clinical edits derived from American Medical Association guidelines, Centers for Medicare and Medicaid Services rules, and specialty society standards to scrutinize claims at scale. Healthcare organizations use Lyric's tools to detect overpayments, prevent improper reimbursements, and streamline revenue cycle management. The company delivers analytics dashboards for performance tracking alongside professional services that customize implementations for health plans and insurers across the United States.


Founded

2007

HQ

United StatesPhiladelphia, PA

Website

lyric.ai

Status

Acquired

Customer focus

B2B

Revenue model

Subscription

Valuation

$2.2B (acquired Apr 2022)

Lyric Acquisition

Lyric was acquired by TPG for $2.2B on 25 April 2022.

Before the acquisition Lyric had raised $91M across 1 funding round.

TPG acquired Lyric, then known as ClaimsXten, from Change Healthcare in 2022 for $2.2 billion. The sale was tied to UnitedHealth Group's $13 billion acquisition of Change Healthcare, and the divestment helped address potential antitrust concerns about that merger. Lyric is a US healthcare software company whose platform supports payment accuracy, helping health insurers identify and prevent inaccurate medical claims payments. Its customers include large US health plans such as UnitedHealthcare, CVS Health and Humana. Since the acquisition TPG has said Lyric delivered a significant acceleration in revenue growth, without disclosing the scale.

Lyric acquisition details
AcquirerDateTypePrice
25 Apr 2022PE buyout$2.2B

Sources: finance.biggo.com, privateequitywire.co.uk

Lyric Funding History

Lyric has raised a total of $91M across 1 funding round.

Lyric funding rounds

Lyric funding rounds
DateStageRaisedDeal Summary
Aug 2023Undisclosed stage$91MFounded in 2022 and headquartered in Sunnyvale, CA, Lyric positions itself as next-generation infrastructure for complex, volatile supply chains, emphasizing adaptability over static software. The company offers Lyric Studio, an AI-powered composable platform for modeling, planning, and operating supply chains using machine learning optimization, handling large data volumes for actionable insights. It targets enterprise supply chain teams across planning, logistics, and inventory. Lyric reported revenue growth exceeding 500% since launching around 18 months before the 2025 Series B (approximately early 2024), with adoption by multiple Fortune 500 customers including Mondelēz International across industries like food and beverages. This appears to follow a prior Seed VC round on August 7, 2023. In August 2025, Lyric announced a $43.5M Series B round led by Insight Partners, bringing total funding to $67M including prior rounds. Investors in the Series B included Primary Venture Partners, Permanent Capital Ventures, VMG Partners, PSP Growth, and NewBuild Venture Capital, with Insight's Teddie Wardi joining the board. The 2025 funding will accelerate product roadmap, expand supply chain algorithms and AI automation, simulation tools, and grow customer success teams.

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Acquisitions by Lyric

Lyric has acquired 2 companies to date.

Last acquisition by Lyric was on July 14th 2026. Lyric acquired Concert for $576M.


Latest Acquisitions by Lyric

Concert
ClaimShark
Description
Concert is a healthcare technology company that delivers test order management and diagnostic benefit programs.
ClaimShark is a technology firm delivering healthcare payment integrity solutions, helping health plans build and optimize audit capabilities.
HQ CountryUnited StatesUnited States
HQ City
Nashville, TN
Los Angeles, CA
Deal Date14 Jul 202622 Apr 2025
Valuation$576Mundisclosed
EV/Revenue
EV/EBITDA

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Lyric Competitors

Lyric competitors include listed companies like Schrödinger and Omnicell, and private ones like Uptake Technologies, Saviynt, MasterControl and EliseAI.

Public and private companies comparable to Lyric
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Uptake TechnologiesUnited StatesUnited StatesPrivate$100M-$2.3B23.0x
SaviyntUnited StatesLos Angeles, CAPrivate$200M-$3B15.0x
MasterControlUnited StatesSalt Lake City, UTPrivate$100M-$1.3B13.0x
EliseAIUnited StatesNew York City, NYPrivate$200M-$4B20.0x
SchrödingerUnited StatesUnited StatesPublicly listed$256M($96M)$2.2B7.7x
OmnicellUnited StatesUnited StatesPublicly listed$1.2B$92M$1.7B1.3x

Lyric Public Comps

Lyric is no longer listed, but its public comps include Schrödinger, Tieto, Amplitude, DoubleVerify, Qingdao Baheal Medical, Karooooo, Planisware, Business-intelligence, Shanghai DZH and Omnicell.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Schrödinger$256M($96M)7.7x7.7x(20.4x)(16.7x)
Tieto$2.1B$182M1.3x1.4x15.3x7.5x
Amplitude$343M($76M)5.8x4.9x(26.4x)101.6x
DoubleVerify$748M$136M2.6x2.5x14.5x7.2x
Qingdao Baheal Medical$1.1B$140M2.1x2.1x16.6x18.5x
Karooooo$333M$147M6.0x5.2x13.6x12.8x
Planisware$222M$76M7.7x7.0x22.7x18.9x
Business-intelligence$391M$54M6.8x6.1x48.7x-

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Common questions about Lyric

When was Lyric founded?Lyric was founded in 2007.
Where is Lyric headquartered?Lyric is headquartered in Philadelphia, PA, United States.
Is Lyric publicly listed?No, Lyric was acquired by TPG in April 2022.
Who acquired Lyric?Lyric was acquired by TPG in April 2022.
How much was Lyric acquired for?Lyric was acquired for $2.2B in April 2022.
How much funding has Lyric raised?Lyric has raised $91M across 1 funding round.
What was Lyric's last funding round?Lyric's last funding round was a $91M undisclosed-stage round in August 2023.
Which companies are comparable to Lyric?Companies comparable to Lyric include Uptake Technologies, Saviynt, MasterControl, EliseAI, Schrödinger and Omnicell.
How many companies has Lyric acquired?Lyric has acquired 2 companies, including Concert and ClaimShark.
What was the largest acquisition by Lyric?The $576M acquisition of Concert in July 2026 is the largest acquisition Lyric has made to date.

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