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- Tabula Rasa Healthcare
Tabula Rasa Healthcare Acquisition, Valuation, Funding & Investors
Tabula Rasa Healthcare was acquired by ExactCare Pharmacy for $570M in August 2023, a 1.9x multiple on $300M of revenue.
Tabula Rasa Healthcare acquisition price
$570M
Acquired by ExactCare Pharmacy · Aug 2023
Tabula Rasa Healthcare revenue at acquisition
$300M
Last twelve months · Aug 2023
Tabula Rasa Healthcare revenue multiple at acquisition
1.9x
EV/Revenue · Aug 2023
Cumulative funding Tabula Rasa Healthcare raised
$4M
across 1 funding round
About Tabula Rasa Healthcare
Tabula Rasa Healthcare is a healthcare technology company providing medication management through a combination of technology, science, and services. Tabula Rasa reduces costs, improves quality of care, and decreases risks associated with ineffective medication plans through state-of-the-art medication management solutions.
Founded
2010
HQ
Website
Status
Acquired
Customer focus
B2B
Revenue model
Subscription, Services
Revenue
$300M (Aug 2023)
Valuation
$570M (acquired Aug 2023)
Tabula Rasa Healthcare Acquisition
Tabula Rasa Healthcare was acquired by ExactCare Pharmacy for $570M on 9 August 2023.
The acquisition price implies a 1.9x revenue multiple on $300M of revenue.
Before the acquisition Tabula Rasa Healthcare had raised $4M across 1 funding round.
ExactCare Pharmacy, a portfolio company of Nautic Partners, acquired Tabula Rasa HealthCare in an all-cash transaction valued at approximately $570 million on an enterprise value basis, including approximately $262 million in net debt. Tabula Rasa stockholders received $10.50 per share, representing a 34% premium to the closing price on August 4, 2023. The deal closed on November 6, 2023, with the combined organization subsequently rebranded as AnewHealth. Tabula Rasa HealthCare was a healthcare company providing personalized, comprehensive care solutions for value-based care organizations, featuring technology-enabled medication management and pharmacy benefit management capabilities. ExactCare Pharmacy specializes in medication management and comprehensive long-term pharmacy services, particularly for home- and community-based settings. The strategic rationale centered on combining two complementary platforms: ExactCare's home- and community-based delivery model with proven ability to improve medication adherence and reduce facility-based utilization, and Tabula Rasa's proprietary technology to optimize medication therapy and deliver full-service pharmacy benefits management. The combined organization serves over 100,000 beneficiaries across PACE (Program of All-Inclusive Care for the Elderly), Medicare, Medicaid, and dual-eligible plans. Following closing, John Figueroa, ExactCare's former Executive Chairman, became Chairman and CEO of the combined company, while Tabula Rasa's Brian Adams assumed the role of President. The merger positioned the combined entity as one of the few independent, value-based pharmacy management companies capable of delivering integrated solutions across medical and pharmacy benefit silos as providers increasingly adopt full capitation models.
| Acquirer | Date | Type | Price | EV/Revenue |
|---|---|---|---|---|
| 9 Aug 2023 | Strategic M&A | $570M | 1.9x |
Tabula Rasa Healthcare Funding History
Tabula Rasa Healthcare has raised a total of $4M across 1 funding round.
Tabula Rasa Healthcare funding rounds
| Date | Stage | Investors | Raised |
|---|---|---|---|
| Sep 2013 | Seed | Radius Ventures (lead) | $4M |
Who has invested in Tabula Rasa Healthcare?
1 investor has backed Tabula Rasa Healthcare across its funding rounds, including Radius Ventures.
Lead investors include Radius Ventures.
Tabula Rasa Healthcare Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
This data is available for Pro users. Sign up to see all 1 Tabula Rasa Healthcare 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 TrialAcquisitions by Tabula Rasa Healthcare
Tabula Rasa Healthcare has acquired 6 companies to date.
Last acquisition by Tabula Rasa Healthcare was on March 5th 2019. Tabula Rasa Healthcare acquired PrescribeWellness for $150M.
Latest Acquisitions by Tabula Rasa Healthcare
| Description | PrescribeWellness is a provider of patient engagement software through its LinkWellness SaaS platform, focusing on medication adherence and preventive care reminders. Headquartered in Eden Prairie, Minnesota, it delivers multichannel communications via text, email, and IVR to clinics and pharmacies. The platform supports immunization tracking, appointment confirmations, and lifestyle coaching campaigns. Acquired by Walgreens Boots Alliance in 2018, PrescribeWellness serves community health networks across the United States. | DoseMe is an Australian precision dosing software platform using Bayesian models and patient data like weight, renal function, and genotypes to optimize antibiotic, anticoagulant, and immunosuppressant regimens. Integrated with EHRs in hospitals across U.S., Europe, and Asia, it reduces adverse events by calculating individualized doses at the bedside. Developed since 2014, it holds FDA clearance for clinical use. | Cognify is a software provider for coordinated care management in the Program of All-inclusive Care for the Elderly and Managed Long-term Care programs. New York-based, it integrates turnkey solutions for participant outcomes and financial oversight in medical homes. The platform supports multidisciplinary teams with tools for care coordination and billing compliance in US healthcare providers. | Mediture is a provider of healthcare IT solutions tailored for Programs of All-Inclusive Care for the Elderly across the United States. The company's TruChart LIFE electronic health record system tracks care coordination for frail seniors, integrating scheduling, billing, and outcomes reporting. Mediture supports PACE organizations with modules for interdisciplinary team collaboration and home-based service delivery, headquartered in San Rafael, California. | |
| HQ Country | |||||
| HQ City | Los Angeles, CA | Brisbane | Phoenix, AZ | Minneapolis, MN | |
| Deal Date | 5 Mar 2019 | 3 Dec 2018 | 8 Nov 2018 | 4 Sep 2018 | |
| Valuation | $150M | $30M | undisclosed | undisclosed | |
| EV/Revenue | |||||
| EV/EBITDA | |||||
This data is available for Pro users. Sign up to see all Tabula Rasa Healthcare acquisitions and their M&A valuation multiples. Start Free Trial | |||||
Tabula Rasa Healthcare Competitors
Tabula Rasa Healthcare competitors include listed companies like Sphere, Oneview Healthcare, Heren Health and Weave Communications, and private ones like Overjet and Tendo.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $712M | - | ||
| Publicly listed | $69M | $6M | $821M | 5.9x | ||
| Publicly listed | $14M | ($12M) | $100M | 7.1x | ||
| Publicly listed | $65M | $11M | $564M | - | ||
| Publicly listed | $239M | ($13M) | $583M | 2.1x | ||
| Private | - | - | $550M | - |
Tabula Rasa Healthcare Public Comps
Tabula Rasa Healthcare is no longer listed, but its public comps include Heren Health, Weave Communications, Shang Gong Group, Equasens, RaySearch Labs, Craneware, Claritev, Phreesia, Veradigm and Guiyang Longmaster.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $65M | $11M | 7.7x | - | 44.3x | - | |||
| $239M | ($13M) | 2.3x | 2.1x | (44.2x) | 35.7x | |||
| $649M | $27M | 1.0x | - | 23.9x | - | |||
| $272M | $75M | 2.0x | 1.9x | 7.1x | 6.9x | |||
| $137M | $59M | 4.5x | 4.3x | 10.4x | 9.6x | |||
| $206M | $59M | 2.9x | 2.8x | 9.9x | 8.9x | |||
| $965M | $466M | 5.4x | 5.2x | 11.2x | 8.5x | |||
| $481M | $27M | 1.3x | 1.2x | 22.7x | 5.2x | |||
This data is available for Pro users. Sign up to see all Tabula Rasa Healthcare competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Tabula Rasa Healthcare
| When was Tabula Rasa Healthcare founded? | Tabula Rasa Healthcare was founded in 2010. |
| Where is Tabula Rasa Healthcare headquartered? | Tabula Rasa Healthcare is headquartered in Moorestown, NJ, United States. |
| Is Tabula Rasa Healthcare publicly listed? | No, Tabula Rasa Healthcare was acquired by ExactCare Pharmacy in August 2023. |
| Who acquired Tabula Rasa Healthcare? | Tabula Rasa Healthcare was acquired by ExactCare Pharmacy in August 2023. |
| How much was Tabula Rasa Healthcare acquired for? | Tabula Rasa Healthcare was acquired for $570M in August 2023, a 1.9x revenue multiple. |
| How much funding has Tabula Rasa Healthcare raised? | Tabula Rasa Healthcare has raised $4M across 1 funding round. |
| What was Tabula Rasa Healthcare's last funding round? | Tabula Rasa Healthcare's last funding round was a $4M seed round in September 2013, led by Radius Ventures. |
| Who are Tabula Rasa Healthcare's investors? | Tabula Rasa Healthcare's investors include Radius Ventures. |
| Which companies are comparable to Tabula Rasa Healthcare? | Companies comparable to Tabula Rasa Healthcare include Overjet, Sphere, Oneview Healthcare, Heren Health, Weave Communications and Tendo. |
| How many companies has Tabula Rasa Healthcare acquired? | Tabula Rasa Healthcare has acquired 6 companies, including PrescribeWellness, DoseMe, Cognify, Mediture and eClusive. |
| What was the largest acquisition by Tabula Rasa Healthcare? | The $150M acquisition of PrescribeWellness in March 2019 is the largest acquisition Tabula Rasa Healthcare has made to date. |
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