Healthtech M&A deal volumes were robust with 338 transactions seen. Private Equity represented the buyer in approximately 37% of these deals. 

The disclosed transaction value reached $17.9B, overshadowing 2023’s total, but keep in mind that only 10% of transactions disclosed their deal values through September 2024 as buyers continued to guard the details and strategies behind their acquisitions. The median disclosed M&A transaction value was $38M.

During the first 9 months of 2024, the Healthcare Ops subsector saw 141 deals followed by the Healthcare IT Services subsector at 44 deals and the Healthcare Data Management and Telehealth subsectors at 39 and 34 deals, respectively. Furthermore, 70% of sellers had SaaS business models and at least 17% were developing deep tech, such as AI technologies.

Venture capital funding for HealthTech firms continued to dry up through September 2024. The median VC funding size was $3.8M during this period. As the median M&A deal size was 10 times larger, sellers have instead been encouraged to consider M&A strategies for growth and liquidity.

Strategic acquirers iCoreConnect and Accenture were the most active buyers in this space with 3 deals during the 9 months of 2024, followed by a number of other strategics including Clario, Innovaccer, Veradigm, HellwellAI and Doctolib with 2 deals each. The 3 PE firms that made it to the top buyers list were Arsenal Capital Partners, EQT and Five Arrows with 3 deals each.