HEALTHCARE IT SECTOR REVIEW | Q3 2018 Investment banking services are provided by Harris Williams LLC and Solebury Capital LLC, registered broker-dealers and members of FINRA and SIPC, and Harris Williams Ltd, which is private limited company incorporated under English law with its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales (registration number 07078852). Harris Williams Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams is a trade name under which Harris Williams LLC and Harris Williams Ltd conduct business.
Transcript
HEALTHCARE IT SECTOR REVIEW | Q3 2018
Investment banking services are provided by Harris Williams LLC and Solebury Capital LLC, registered broker-dealers and members of FINRA and SIPC, and Harris Williams Ltd, which is private limited company incorporated under English law with its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales (registration number 07078852). Harris Williams Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams is a trade name under which Harris Williams LLC and Harris Williams Ltd conduct business.
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• Healthcare technology assets continue to garner significant interest from both strategic and financial sponsors, driven by increasingly regulatory complexity, ongoing technology adoption by the industry’s various constituents, and the pervasive evolution towards value-based care
• Continued investor appetite for specialty and sector-specific EMR and revenue cycle management solutions, as providers demonstrate a clear preference for purpose-built, best-of-breed solutions in non-acute care settings
• Healthcare organizations continue to extend their focus beyond price and quality of care, with an increasing focus on patient and provider outreach, communication, and educational tools
• Sector innovations continue to target niche operational challenges including patient and staff management and monitoring, and compliance requirements with vendors and clinicians
• Increasingly complex reimbursement arrangements in the face of rising healthcare costs have supported strong payer interest in specialized cost containment and payment integrity solutions
H A R R I S W I L L I A M S ( “ H W ” ) A S A F I R M T E C H N O L O G Y , M E D I A & T E L E C O M ( “ T M T ” ) G R O U P
• 300+ professionals across eight offices globally
• 140+ closed transactions in the last 24 months
• 20th record year in 2017
• 98% of revenue is from sell-side M&A advisory
• 10 industry groups
• 14 $1bn+ enterprise value engagements in the last 18 months
• 30+ professionals across Boston, San Francisco, and London
• 47+ closed transactions in the last 24 months
• Education Technology• Fintech• Healthcare IT• Human Capital Management• Internet & Digital Media
• Manufacturing Technology• Membership Management• Public Sector Software• Supply Chain, Transportation & Logistics• Infrastructure and Security Software
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HEALTHCARE IT SECTOR REVIEW | Q3 2018
H W D E A L C O N T A C T S
HW’s TMT Group advised Therapy Brands on its acquisition by Lightyear Capital and Oak HC/FT.
Therapy Brands is a leading provider of fully-integrated and comprehensive practice management, electronic health record (EHR), payment and revenue cycle management (RCM) solutions for the mental and behavioral health market segments.
R E L E V A N T H E A L T H C A R E I T S U B - S E C T O R S
C O M P A N Y O V E R V I E Wa portfolio company of
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HEALTHCARE IT SECTOR REVIEW | Q3 2018
• Connance is a leading provider of predictive analytics solutions that personalize patients’ financial and clinical experiences
• Connance’s solutions connect more than 500 hospitals, thousands of physician practices, and more than 80 collection agencies nationwide
• Waystar’s claims management, revenue integrity, denial and appeal management, and payments solutions merged with Connance’s vendor management and payment optimization solutions will further strengthen the revenue cycle platform
Enterprise Value: Non-Public
Rev: Non-Public
EV / EBITDA: Non-Public
EV / Rev: Non-Public
• Iatric Systems is a provider of integration tools to help hospitals optimize electronic health records and other IT infrastructure
• Iatric has used recent partnerships, such as with Hospira, to promote more secure connectivity within EHRs• The acquisition of Iatric Systems represents a natural expansion of Harris Healthcare’s offerings in the healthcare IT
space
Enterprise Value: Non-Public
Rev: Non-Public
EV / EBITDA: Non-Public
EV / Rev: Non-Public
• Kinapse is a provider of advisory and operational services to the global life sciences industry• Kinapse works across the clinical and commercial lifecycle with small-to-mid and large biopharmaceutical companies,
including many of the top 20 global biopharma companies• An acquisition of Kinapse adds market-leading advisory and operational solutions to enable Syneos to provide
customers with end-to-end solutions to accelerate time to market
Enterprise Value: $129M
Rev: Non-Public
EV / EBITDA:Non-Public
EV / Rev: Non-Public
• Alegeus is a provider of a comprehensive platform for the administration of healthcare benefit accounts and engagement solutions to help consumers maximize savings and optimize healthcare spending
• Alegeus administers benefit accounts for more than 30 million members, and processes over $9.1 billion in consumer healthcare payments annually
• The acquisition offers an opportunity to grow Alegeus through Vista’s expansive network, portfolio of resources, and strategic and operational expertise
Enterprise Value: $750M
Rev: Non-Public
EV / EBITDA: Non-Public
EV / Rev: Non-Public
• AdvancedMD is a provider of cloud-based SaaS solutions to small-to-medium sized ambulatory physician practices in the U.S.
• Advanced MD offers Rhythm, a complete cloud-based suite of smart applications that accelerate collaborative workflows for every roles within the practice
• The acquisition aligns with Global Payments’ software-driven strategy, and will add significant momentum in a new and attractive market with strong payment fundamentals
Enterprise Value: $700M
Rev:Non-Public
EV / EBITDA: Non-Public
EV / Rev: Non-Public
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HEALTHCARE IT SECTOR REVIEW | Q3 2018
Modern Healthcare
Summit Pacific has fully integrated Amazon Business into its supply chain, taking the hassle and expense out of procurement processes, which allows staff to dedicate more time to patient care. A growing number of providers have started using Amazon’s business services to streamline its operations, reduce shipping costs, and add visibility into its supply chain. Initial downsides of Amazon Business have been identified as lack of vendor verification and questioned ability to handle durable medical equipment.
Read the full article here.
AMAZON PRIMES TO STREAMLINE HEALTHCARE SUPPLY CHAINSeptember 29, 2018
ZD Net
Dealing with digital transactions involving medical records, patient data, and other sensitive information forces healthcare participants to take additional measures in protecting data integrity and security. Blockchain technology offers the potential to transform healthcare and put the patient at the center of the healthcare ecosystem to increase security, privacy, transparency, and interoperability of health data. The technology has the ability to reduce the friction and costs of current intermediaries, and further connect the fragmented systems to offer better insights and outcomes.
Read the full article here.
CAN BLOCKCHAIN TRANSFORM HEALTHCARE IT?September 28, 2018
Healthcare IT News
Robert Wood Johnson Medical School and NYU Langone are among early adopters implementing new workflows and technologies into its population health efforts, working to further engage patients outside of office visits. In order to continue improving quality of care, these hospitals are continuing to boost resources going into its population health programs. By continuing to centralize information, multiple parties including physicians, patients, and social workers are all able to view results and streamline workflows.
Read the full article here.
WORKFLOW AND PLATFORM INNOVATION GIVES POPULATION HEALTH PROGRAMS A BOOSTSeptember 25, 2018
Healthcare IT News
To take action in battling the opioid epidemic in America, HIMMS issued a release, recommending four ways that the healthcare industry can get involved through the combination of health information and technology. HIMSS’ recommendations included leveraging prescription drug monitoring programs, equipping health workers on the front lines against opioids with interoperable EHR information, using secure technology across the care continuum, and leveraging current technological advances to appropriately share information across multiple disciplines.
Read the full article here.
September 21, 2018
HIMSS: 4 WAYS TECH CAN HELP THE OPIOID CRISIS
Tech Radar
Recent studies have revealed that the healthcare sector is leading the industry when it comes to the development of artificial intelligence (AI) research and applications. Google is revolutionizing diagnostics by matching the accuracy of medical experts in diagnosing 50 sight-threatening eye diseases; pharmaceutical companies are employing deep learning in the design of new drugs. Future hurdles for healthcare participants include both technical and feasibility challenges in interpretation and extraction of patient data due to a lack of standard format across entities.
Read the full article here.
HEALTHCARE LEADS THE WAY WHEN IT COMES TO AI INVESTMENTSeptember 15, 2018
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HEALTHCARE IT SECTOR REVIEW | Q3 2018
SELECT RECENT M&A TRANSACTIONS1
Closed Date Target Acquirer Business Description
Enterpise
Value
Implied
EV/Revenue
Implied
EV/EBITDA
Pending Cotiv iti Holdings, Inc. Verscend Technologies Prov ider of payment accuracy and analytic-driv en solutions. $4,732.0 6.4x 16.0x
Pending Company A Undisclosed Prov ider of market access and formulary information for pharma, payers, and prov iders. * * *
Pending Company B Undisclosed Prov ider of specialty EMR systems. * * *
Pending OnCourse Learning Bertelsmann Prov ider of education and GRC solutions. * * *
Pending Symplr Clearlake Capital Prov ider of healthcare credentialing and payer enrollment solutions. * * *
Pending Alegeus Technologies LLC Vista Equity Partners Prov ider of benefit administration and payment processing software. * * *
Pending Adv ancedMD, Inc. Global Payments, Inc. Prov ider of cloud-based SaaS solutions to small-to-medium sized ambulatory physician practices. $700.0 * *
Pending Kinapse Syneos Health Prov ider of end-to-end clinical and commercial serv ices. * * *
04/02/2018 ABILITY Network, Inc. Inov alon Holdings, Inc. Prov ider of cloud-based connectiv ity and analytics solutions to payers and prov iders. $1,194.2 * *
03/21/2018 Connectiv , Inc. Accruent LLC Prov ider of healthcare regulatory compliance and risk mitigation solutions. * * *
03/09/2018 ProVation Medical, Inc. Clearlake Capital Prov ider of procedure documentation and clinical decision support solutions. $180.0 2.3x *
03/01/2018 Informatics Corp. of America, Inc. The SSI Group, Inc. Prov ider of health information exchange and care management solutions. * * *
02/28/2018 EXOS Undisclosed financial inv estors Prov ider of corporate wellness serv ices and elite athlete training. * * *
02/28/2018 i-Human Patients, Inc. Graham Holdings Co. Prov ider of healthcare e-learning solutions. * * *
02/28/2018 Twine Health, Inc. Fitbit, Inc. Prov ider of a cloud-based chronic health management solution. $17.5 * *
02/23/2018 GetWellNetwork Pamplona Capital Management LLP Prov ider of interactiv e patient engagement and education solutions. * * *
02/22/2018 OmniClaim Equian; New Mountain Capital Prov ider of healthcare cost containment and payment integrity solutions. * * *
02/22/2018 Ev inance Innov ation, Inc. Varian Medical Systems, Inc. Prov ider of patient-centric clinical decision support solutions. * * *
02/20/2018 Newport Credentialing Solutions LLCTractManager, Inc.; Arsenal Capital
Management LPProv ider of cloud-based credentialing and enrollment solutions. * * *
02/15/2018 BMS Practice Solutions WebPT Prov ider of rev enue cycle management solutions for rehabilitation prov iders. * * *
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HEALTHCARE IT SECTOR REVIEW | Q3 2018
SELECT RECENT PRIVATE PLACEMENT TRANSACTIONS2
Closed Date Target Lead Investor(s) Business Description
Round /
Stage
Money
Raised
Raised to
Date
09/26/2018 Mav en Sequoia Capital Prov ider of a digital health platform. B $27.0 $42.5
09/25/2018 Holmusk Heritas Capital Management Prov ider of digital health platform for patient engagement. A $9.8 $9.8
09/21/2018 Good Methods Global Accel Prov ider of cloud-based care deliv ery and practice management serv ices.Late-Stage
VC$16.0 $23.6
09/19/2018 Vezeeta.com Saudi Technology Ventures Prov ider of an online doctor booking platform. C $12.0 $18.3
09/18/2018 Roman Health FirstMark Capital Prov ider of direct-to-consumer telehealth solutions. A $88.0 $91.1
09/10/2018 Clarify Health Solutions KKR Prov ider of real-time analytics and care guidance platform. B $57.0 $61.9
09/06/2018 Notable F-Prime Capital Partners Prov ider of v oice-powered healthcare platform. A $13.5 $16.5
08/23/2018 Tempus Baillie Gifford Prov ider of a healthcare data analytics solution.Late-Stage
VC$110.0 $320.0
08/21/2018 Cricket Health Oak HC/FT Prov ider of technology-enabled products and serv ices to modernize kidney care deliv ery. A $24.2 $26.9
08/09/2018 Hinge Health Insight Venture Partners Prov ider of a digital healthcare platform for knee arthritis and lower back pains. B $26.0 $35.6
08/08/2018 Capsule (Pharmacy) Thriv e Capital Prov ider of digital platform to prov ide home deliv ery of prescription medication. B $50.0 $70.0
08/07/2018 AlayaCare iNov ia Capital Prov ider of cloud-based software for home care agencies. B $13.8 $22.2
08/01/2018 MDLIVE Health Velocity Capital Prov ider of on-demand healthcare deliv ery serv ices and software.Late-Stage
VC$50.0 $126.6
08/01/2018 Ev idation Health SV Health Inv estors Prov ider of an application for real-world research for life sciences and healthcare companies. C $30.0 $61.2
08/01/2018 HealthMyne Ascension Ventures Prov ider of patient management platform. B $15.0 $26.0
07/31/2018 Medlinker China Capital Zhongcai Prov ider of a social networking platform connecting doctors with peers. D $149.1 $249.1
07/31/2018 Verana Health GV (formerly Google Ventures) Prov ider of a technology platform to coordidate patient care in real time. C $30.0 $38.8
07/23/2018 Click Therapeutics Sanofi Ventures Prov ider of prescription medical treatments software. A $17.3 $17.5
07/10/2018 Higi Flare Capital Partners Prov ider of health tracking solutions. C $21.3 $61.3
07/02/2018 Health Catalyst Norwest Venture Partners Prov ider of healthcare data warehousing, analytics, and outcomes improv ement solutions.Late-Stage
VC$55.0 $291.4
06/25/2018 Cedar Kinnev ik Prov ider of patient payment solutions. B $36.0 $48.8
06/13/2018 Medici Dell Inc. Prov ider of telemedicine solutions for doctors and patients. A $22.4 $54.6
06/11/2018 CareSyntax Surgical Intelligence Prov ider of IoT technology solution for surgical analytics and integration serv ices. Early Stage $31.9 $31.9
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HEALTHCARE IT SECTOR REVIEW | Q3 2018
SELECT RECENT PRIVATE PLACEMENT TRANSACTIONS2
Closed Date Target Lead Investor(s) Business Description
Round /
Stage
Money
Raised
Raised to
Date
06/06/2018 Spring Undisclosed Prov ider of medical solution designed to treat mentally ill patients.Late-Stage
VC$8.1 $9.7
06/06/2018 Nference Matrix Partners Prov ider of life sciences software solution that synthesizes biomedical knowledge. A $11.0 $80.0
05/30/2018 Mindstrong Optum Ventures Prov ider of behav iorial healthcare solution for brain health measurements. B $15.0 $29.9
05/30/2018 Curai General Catalyst Prov ider of online solution to help doctors with v arious predictiv e tools. A $10.7 $10.7
05/22/2018 OM1 Polaris Partners Prov ider of predictiv e analytics solution for better decision-making. B $21.0 $41.3
05/21/2018 Canary Medical Quark Venture Prov ider of medical data analytics solution. Early Stage $10.0 $10.0
05/17/2018 Simple Contacts WayPoint Capital Partners Prov ider of telemedicine solution for renewing contact lens prescriptions. B $16.0 $26.0
05/16/2018 Circle Cardiov ascular Imaging Kayne Anderson Capital Adv isors Prov ider of cardiov ascular imaging post-processing software. A $16.0 $19.9
05/16/2018 CipherHealth JMI Equity Prov ider of patient commuication, engagement, and care coordination software. Early Stage $37.6 $37.6
05/16/2018 NeuroVasc Technologies ShangBay Capital Prov ider of neuroradiology technology solution. B $6.3 $9.0
05/15/2018 PriorAuthNow BIP Capital Prov ider of cloud-based insurance authorization serv ices. A $10.5 $15.7
05/09/2018 Akili Interactiv e Temasek Holdings Prov ider of digital treatments for cognitiv e dysfunction. C $55.0 $106.0
05/07/2018 Hint Health AXA Venture Partners Prov ider of direct care administration solution. A $10.4 $10.4
05/07/2018 MPulse Mobile SJF Ventures Prov ider of consumer-focused patient engagement solution. B $12.0 $31.4
05/07/2018 Lyra Health Tenaya Capital Prov ider of behav iorial health technology. B $45.0 $84.1
05/03/2018 ESO Healthcare Connected Accel-KKR Prov ider of electronic health record and data exchange solutions.Late-Stage
VC$16.4 $42.2
05/01/2018 Grand Rounds Undisclosed Prov ider of employer-based information sharing solution. D $50.0 $156.0
04/25/2018 Doctor On Demand Goldman Sachs Priv ate Ventures Prov ider of real-time v ideo medical and mental health consultations solution. C $74.0 $165.0
04/19/2018 RubiconMD Optum Ventures Prov ider of web-based eConsult solution connecting primary care physicians with specialists. B $13.8 $19.9
04/19/2018 Contessa Health Velocity Capital Prov ider of home recov ery care solutions. C $13.0 $23.5
04/18/2018 Kyruus Prov idence Ventures Prov ider of information exchange solution. C $10.0 $76.5
04/16/2018 InTouch Technologies Undisclosed Prov ider of high-quality digital clinical care. Late-Stage
VC$8.6 $93.6
04/16/2018 Vineti Draper Fisher Jurv etson Management Prov ider of software automation and analytics solution. B $33.5 $47.3
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HEALTHCARE IT SECTOR REVIEW | Q3 2018
R E P R E S E N T A T I V E P R O V I D E R , P A Y E R , A N D C O N S U M E R T O O L S
INFORMATION TOOLS AND ONLINE MEDIA DIGITAL WELLNESS BENEFITS & CONSUMER-DIRECTED HEALTHCARE TOOLS
T O V I E W F U L L M A R K E T M A P P L E A S E C O N T A C T :
* T M T _ H C I T @ H A R R I S W I L L I A M S . C O M
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HEALTHCARE IT SECTOR REVIEW | Q3 2018
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HEALTHCARE IT SECTOR REVIEW | Q3 2018
HARRIS WILLIAMS OFFICE LOCATIONS
Healthcare & Life Sciences Industrials
Energy, Power & Infrastructure
Industrials
Harris Williams has a broad range of industry expertise, which create powerful opportunities. Our clients benefit form our deep-sector experience, integrated industry intelligence and collaboration across the firm, and our commitment to learning what makes them unique. For more information, visit our website at www.harriswilliams.com/industries.
U N I T E D S T A T E S E U R O P E
N E T W O R K O F F I C E S
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Aerospace, Defense &
Government Services
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HEALTHCARE IT SECTOR REVIEW | Q3 2018
Harris Williams (www.harriswilliams.com) is a preeminent middle market investment bank focused on the advisory needs of clients worldwide. The firm has deep industry knowledge, globaltransaction expertise, and an unwavering commitment to excellence. Harris Williams provides sell-side and acquisition advisory, restructuring advisory, board advisory, private placements, andcapital markets advisory services.
Investment banking services are provided by Harris Williams LLC and Solebury Capital LLC, registered broker-dealers and members of FINRA and SIPC, and Harris Williams Ltd, which is private limited company incorporated under English law with its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales (registration number 07078852). Harris Williams Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams is a trade name under which Harris Williams LLC and Harris Williams Ltd conduct business.
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