PartsSource Acquisition, Valuation, Funding & Investors

PartsSource was acquired by Bain Capital for $1.3B in July 2021.

PartsSource acquisition price

$1.3B

Acquired by Bain Capital · Jul 2021

Key investors in PartsSource

  • Memorial Hermann Health System

PartsSource Overview

About PartsSource

PartsSource operates a B2B online marketplace and cloud software platform for medical equipment maintenance parts and services, helping hospitals and health systems source parts on demand, manage supply chains, and coordinate service contracts. Founded in 2001 and based near Cleveland, Ohio, the company connects more than 8,000 medtech OEMs and repair professionals with thousands of hospitals and clinics, and its platform extends into asset intelligence, workforce capacity, and decision support for clinical engineering teams. PartsSource also offers on-site and off-site repair services through a network of credentialed engineers.


Founded

2001

HQ

United StatesUnited States

Status

Acquired

Customer focus

B2B

Revenue model

Subscription

Valuation

$1.3B (acquired Jul 2021)

PartsSource Acquisition

PartsSource was acquired by Bain Capital for $1.3B on 20 July 2021.

PartsSource is a leading B2B online marketplace for medical equipment maintenance parts and services, providing cloud software and technology tools to help hospitals source parts on-demand, manage supply chains, and connect with over 8,000 medtech OEMs and repair professionals serving more than 3,500 hospitals and 15,000 clinics. The company, founded in 2001 and based near Cleveland, Ohio, expanded its platform in 2020 to include on-site and off-site repair services with access to over 2,000 credentialed engineers, which won a 2021 BIG Innovation Award. Bain Capital Private Equity agreed to acquire PartsSource from Great Hill Partners on July 20, 2021, with the deal closing in Q3 2021, supported by debt financing from Blue Owl Capital. The investment aims to accelerate PartsSource's growth, broaden its solutions, and expand its marketplace amid rising demand for efficient healthcare supply chains exposed by COVID-19. PartsSource will continue under its existing management led by CEO Philip Settimi. The transaction valued the company at approximately $1.25 billion according to sources cited by WSJ, Fierce Healthcare, PE Hub, and others, though official terms were not disclosed. Advisors included Robert W. Baird & Co. and Goodwin Procter for PartsSource, and TripleTree and Kirkland & Ellis for Bain.

PartsSource acquisition details
AcquirerDateTypePrice
  • Bain Capital
20 Jul 2021PE buyout$1.3B

Sources: pehub.com, businesswire.com

PartsSource Funding History

PartsSource has raised 1 funding round.

PartsSource funding rounds
DateStageInvestorsDeal Summary
Aug 2026Strategic investmentMemorial Hermann Health System (lead)Memorial Hermann Health System made a strategic investment in PartsSource in August 2026, deepening an existing partnership with the clinical technology performance platform. The investment was intended to strengthen healthcare technology infrastructure and clinical capacity across more than 1,600 hospitals using the PartsSource platform. PartsSource operates a platform for healthcare technology management that unifies parts sourcing, service contracts, asset intelligence, workforce capacity, and decision support for hospitals and health systems. The company describes its platform as helping organizations maximize asset availability and operational readiness through AI-enabled insights and enterprise workflows.

Who has invested in PartsSource?

1 investor has backed PartsSource across its funding rounds, including Memorial Hermann Health System.

Lead investors include Memorial Hermann Health System.


PartsSource Investors

Investors in PartsSource by funding rounds participated
InvestorHQRoundsRoleFirst check

This data is available for Pro users. Sign up to see all 1 PartsSource investors.

Start Free Trial

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 Trial

Acquisitions by PartsSource

PartsSource has acquired 4 companies to date.

Last acquisition by PartsSource was on June 8th 2026. PartsSource acquired SkillNet for undisclosed valuation.


Latest Acquisitions by PartsSource

SkillNet
NVRT Labs
Glassbeam
Radiological Service Training Institute
Description
SkillNet is a workforce intelligence platform serving healthcare technology management.
NVRT Labs is a software development company and extended reality training provider focused on content for medical device training. It builds virtual reality and extended reality simulations that teach biomedical equipment technicians and healthcare technology management professionals to maintain and repair clinical equipment, offered through a platform with a content library and custom content services. The company draws on relationships with equipment manufacturers, service providers, health systems and biomedical educators for access to devices and technical documentation. It is led by founder and chief executive Matthew Bassuk and works with the College of Biomedical Equipment Technology in San Antonio on shared training content for colleges. Its customers are health systems, service organisations and educators in the healthcare technology management industry, and it earns revenue from licensing its platform and library and from custom content development.
Glassbeam is a Santa Clara-headquartered provider of cloud-based predictive analytics for connected medical equipment. Launched in 2013 on AWS, the platform processes multi-structured data from heterogeneous device fleets to optimize uptime and utilization. Serving clients like Canon Medical Systems USA, MultiCare Health System, UCSF Health, Scripps Health, Harris Health, and US Radiology, Glassbeam delivers insights on maintenance, contracts, and performance since pivoting to healthcare in 2017.
Radiological Service Training Institute is a training provider for diagnostic imaging service professionals, based in Solon, Ohio. It was founded in 1985 and teaches field engineers and biomedical technicians to install, maintain and repair imaging equipment across radiology, mammography, CT, MRI, ultrasound, networking, PACS and DICOM. Courses are delivered through eLearning, hybrid and in-person immersion formats, and the in-person courses run at its own training facility with dozens of equipment bays that simulate real healthcare environments. Its customers are hospitals, health systems, independent service organisations and equipment manufacturers who send their staff for certification and skills training. The institute earns revenue from course tuition and from selling imaging parts and equipment alongside its training. Its programmes also serve military personnel moving into civilian imaging service careers.
HQ Country-United StatesUnited StatesUnited States
HQ City
-
San Antonio
San Jose, CA
Solon
Deal Date8 Jun 20261 Jun 20251 Jun 20251 Sep 2023
Valuationundisclosedundisclosedundisclosedundisclosed
EV/Revenue
EV/EBITDA

This data is available for Pro users. Sign up to see all PartsSource acquisitions and their M&A valuation multiples.

Start Free Trial

PartsSource Competitors

PartsSource competitors include listed companies like Vitec Software and PHC Holdings, and private ones like Ambience Healthcare, Cadence Solutions, Viz and MasterControl.

Public and private companies comparable to PartsSource
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Ambience HealthcareUnited StatesSan Francisco, CAPrivate$38M-$1.3B32.9x
Cadence SolutionsUnited StatesNew York City, NYPrivate$35M-$1.2B-
VizUnited StatesUnited StatesPrivate$100M-$1.3B12.8x
Vitec SoftwareSwedenSwedenPublicly listed$370M$150M$1.2B4.0x
MasterControlUnited StatesSalt Lake City, UTPrivate$100M-$1.3B13.0x
PHC HoldingsJapanJapanPublicly listed$2.3B$315M$1.1B1.0x

PartsSource Public Comps

PartsSource is no longer listed, but its public comps include Vitec Software, PHC Holdings, EverCommerce, MedicalSystem Technology, U.S. Physical Therapy, iFLYHealth, Indegene, HealthStream, Lunit and B-Soft Co..

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Vitec Software$370M$150M4.1x4.0x10.2x10.1x
PHC Holdings$2.3B$315M1.0x1.0x7.1x6.0x
EverCommerce$589M$128M3.1x3.0x14.3x10.5x
MedicalSystem Technology$45M$12M22.4x17.8x83.7x69.6x
U.S. Physical Therapy$781M$110M2.8x2.6x20.3x21.6x
iFLYHealth$137M($7M)7.5x5.9x(147.8x)517.8x
Indegene$373M$69M3.8x3.3x20.7x18.3x
HealthStream$304M$63M2.6x2.4x12.3x10.2x

This data is available for Pro users. Sign up to see all PartsSource competitors and their valuation data.

Start Free Trial

Common questions about PartsSource

When was PartsSource founded?PartsSource was founded in 2001.
Where is PartsSource headquartered?PartsSource is headquartered in United States.
Is PartsSource publicly listed?No, PartsSource was acquired by Bain Capital in July 2021.
Who acquired PartsSource?PartsSource was acquired by Bain Capital in July 2021.
How much was PartsSource acquired for?PartsSource was acquired for $1.3B in July 2021.
What was PartsSource's last funding round?PartsSource's last funding round was a strategic investment round in August 2026, led by Memorial Hermann Health System.
Who are PartsSource's investors?PartsSource's investors include Memorial Hermann Health System.
Which companies are comparable to PartsSource?Companies comparable to PartsSource include Ambience Healthcare, Cadence Solutions, Viz, Vitec Software, MasterControl and PHC Holdings.
How many companies has PartsSource acquired?PartsSource has acquired 4 companies, including SkillNet, NVRT Labs, Glassbeam and Radiological Service Training Institute.

See companies similar to PartsSource

Start Your
Free Trial Today

Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.

Start Trial