HEALTHCARE IT - Harris Williams

Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is a 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 7078852). Harris Williams & Co. Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business.

www.harriswilliams.com

HEALTHCARE ITINDUSTRY UPDATE │ Q2 2017

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HEALTHCARE IT

INDUSTRY UPDATE | Q2 2017

HARRIS WILLIAMS & CO. OVERVIEW

1

CONTENTS WHAT WE’RE READING

KEY HEALTHCARE MACRO INDICATORS

PUBLIC MARKETS

PUBLIC COMPARABLES

M&A ACTIVITY

PRIVATE PLACEMENT ACTIVITY

IPO ACTIVITY

CONTACTSSam Hendler

Managing Director

[email protected]

+1 (617) 654-2117

Jeff Bistrong

Managing Director

[email protected]

+1 (617) 654-2102

Mike Wilkins

Managing Director

[email protected]

+1 (415) 271-3411

Thierry Monjauze

Managing Director

[email protected]

+44 20 7518 8901

Turner Bedrup

Managing Director

[email protected]

+1 (804) 915-0110

Cheairs Porter

Managing Director

[email protected]

+1 (804) 915-0130

James Clark

Managing Director

[email protected]

+1 (804) 915-0119

Geoffrey Smith

Managing Director

[email protected]

+1 (804) 915-0195

Dan Linsalata

Vice President

[email protected]

+1 (617) 654-2122

INTRODUCTION

Harris Williams & Co. is pleased to present our review of Q2’17 Healthcare IT activity. This report provides commentary and analysis on current capital market trends and merger and acquisition dynamics within the Healthcare IT industry.

We hope you find this edition helpful and encourage you to contact us directly if you would like to discuss our perspective on current industry trends and M&A opportunities or our relevant industry experience.

PATIENTS

EMPLOYERS

INSURERS

CARE DELIVERY

ORGANIZATIONS

CLINICIANS

Patient-Facing Solutions

Care Delivery: Operational Efficiency

Care Delivery: Clinical / Acute

Care Delivery: Clinical / Non-Acute

Care Delivery: Clinical / Post-Acute

Pharma & Devices

Revenue Cycle Management

Population Health & Risk Management

HW&Co. Healthcare IT Taxonomy

Please contact HW&Co. for proprietary detailed HCIT market map

HW&CO. Healthcare IT Market Map

OUR PRACTICE

Harris Williams & Co. is a leading advisor to the Healthcare IT industry. Our global practice includes professionals across the firm fromHarris Williams & Co.’s Technology, Media & Telecom Group and Healthcare & Life Sciences Group.

mailto:[email protected]









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HEALTHCARE IT


REPRESENTATIVE HW&CO. HEALTHCARE TECHNOLOGY TRANSACTIONS

has been acquired by has acquired has been acquired by has been acquired by has been acquired by

has been acquired by

a portfolio company of









a division of



a division of





has been acquired by has been acquired by

a subsidiary of has been acquired by

a portfolio company of has been acquired by

a portfolio company of a portfolio company of


has been acquired byhas been acquired by

has received a minority investment from

2

has been recapitalized by


has received a majority

investment from

http://www.meddatahealth.com/our_business/index.html

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HEALTHCARE IT


WHAT WE’RE READING

3

Healthcare Dive 6/16/2017

FDA Commissioner Scott Gottlieb laid out plans for a “Digital Health Innovation Plan” which will be aimed at streamlining the path to market for digital medical devices andclarifying the agency’s position on health tools like mobile apps. Central to Gottlieb's plans is a pilot program that would establish a third-party certification system for low-riskdigital products. While still under development, the initiative would allow such products to be marketed without FDA pre-market review and simplify the review process forhigher-risk products.

Read the full article here.

FDA CHIEF GOTTLIEB MAPS OUT NEW DIGITAL HEALTH PLAN

Healthcare IT News 6/28/2017

Value-based care is eliciting support from all corners, but the challenge rests in overcoming obstacles that stand in the value-based care path, according to some of theapproximately 50 healthcare IT vendor thought leaders at a symposium co-hosted by Lenovo Health, Justin Barnes Advisors, University of Pittsburgh Center for ConnectedMedicine, Inventiv Health, and HIMSS Media.


VALUE-BASED CARE: POPULAR IN THEORY, BUT WHAT’S HOLDING IT BACK IN PRACTICE?

Healthcare IT News 6/7/2017

More than half of healthcare executives polled for a new Society of Actuaries survey see predictive analytics saving their organization 15 percent or more of their total budgetwithin the next five years. Still, there are considerable impediments to implementing predictive analytics to its fullest potential, with executives citing an array of challenges towider adoption, most notably tight budgets for analytics investments, which was cited by 16 percent of respondents.


HEALTHCARE LEADERS: PREDICTIVE ANALYTICS WILL SAVE HEALTH SYSTEM MILLIONS

Health Data Management

Healthcare organizations will be increasingly entering alternative payment model programs, as payers try to put more appropriate risk onto providers to better manage care forassigned populations. The use of these alternative payment models (APMs) represent the best alternative for the nation to put the brakes on rising healthcare costs, saysFrancois de Brantes, vice president and director of the Center for Payment Innovation at the Altarum Institute.


NEW REIMBURSEMENT MODELS WILL INCREASE PROVIDER PRESSURE

6/28/2017

Health Data Management

For healthcare organizations to succeed and position themselves for the rapidly evolving healthcare environment, they must address three critical imperatives: innovation,investment, and integration. Successfully addressing these imperatives will demand a revenue cycle that is fundamentally different from the ones that organizations have inplace today, and it will require increased use of information technology to make the transition.


WHY IT MUST PLAY A ROLE IN REVENUE CYCLE MANAGEMENT EVOLUTION

6/26/2017

http://www.healthcaredive.com/news/fda-gottlieb-digital-health-devices-apps/445224/

http://www.healthcareitnews.com/sponsored-content/value-based-care-popular-theory-what’s-holding-it-back-practice

http://www.healthcareitnews.com/news/healthcare-leaders-predictive-analytics-will-save-health-systems-millions

https://www.healthdatamanagement.com/news/new-reimbursement-models-will-increase-data-pressure-for-providers

https://www.healthdatamanagement.com/opinion/why-it-must-play-a-role-in-rev-cycle-management-evolution?feed=00000151-59e2-d9eb-add9-5bff195d0000

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HEALTHCARE IT


KEY HEALTHCARE MACRO INDICATORS

4

U.S. HEALTHCARE SPENDING(1)(2)

($ in trillions)

U.S. AGING POPULATION(3)

(percent age 65 and older)

HIGH-DEDUCTIBLE HEALTH PLAN ENROLLMENT(4)

(enrolled lives in millions)

PRIMARY CARE SUPPLY(5)

(number of physicians in thousands)

U.S. EMR ADOPTION – HOSPITAL(6)

(percent adoption by EMRAM stage)

U.S. EMR ADOPTION - AMBULATORY(6)

(percent adoption by EMRAM stage)

16.0%

17.0%

18.0%

19.0%

20.0%

$0.0

$1.0

$2.0

$3.0

$4.0

$5.0

$6.0

'09 '11 '13 '15 '17P '19P '21P '23P '25P

National Health Expenditures

HC Expediture as % of GDP

12.6% 12.4% 13.0%

16.1%

19.3% 20.0% 20.2%

1990 2000 2010 2020P 2030P 2040P 2050P

3.2 4.5

6.1

8.0

10.0 11.4

13.5

15.5

17.4

19.7 20.2

'06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16

683 723

794 821

57%

49%

37% 33%

'00 '05 '13 '16

Total Physicians (in 000s) % Independent

'07 '08 '09 '10 '11 '12 '13 '14 '15 '16

Stage 0 Stage 1 Stage 2 Stage 3


'12 '13 '14 '15 '16



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HEALTHCARE IT


0.0%

50.0%

100.0%

150.0%

200.0%

Jul-12 Jul-13 Jul-14 Jul-15 Jul-16 Jul-17

Hu

nd

red

s

S&P 500 Clinical & Administrative

Ph

arm

a

KEY PUBLIC COMPS

Pa

ye

r Fo

cu

sed

KEY PUBLIC COMPS

Clin

ica

l /

Ad

min

istr

ative

KEY PUBLIC COMPS 2017E TRADING METRICS

2017E TRADING METRICS

2017E TRADING METRICS

Min MaxMedian

Legend

As of June 30, 2017

6.0x3.8x2.9x

12.3x8.1x3.4x

EDUCATION TECHNOLOGY AND SERVICES PUBLIC MARKET VALUATIONS

15.6x12.2x 15.7x

33.0x13.6x 38.2x

EV / 2017E EBITDA

EV / 2017E Revenue

EV / 2017E EBITDA

EV / 2017E Revenue

STOCK PRICE PERFORMANCE



5.1x3.2x2.0x

EV / 2017E Revenue

13.9x9.6x

EV / 2017E EBITDA

21.6x

Co

nsu

me

r H

ea

lth

ca

reEu

ro-H

CIT



13.0x5.0x3.5x

24.8x13.5x 36.1x

EV / 2017E EBITDA

EV / 2017E Revenue

4.6x3.5x3.4x

14.8x12.4x 19.0x`EV / 2017E EBITDA

EV / 2017E Revenue



0.0%

50.0%

100.0%

150.0%

200.0%


Hu

nd

red

s

S&P 500 Consumer Healthcare

0.0%

50.0%

100.0%

150.0%

200.0%


Hu

nd

red

s

S&P 500 Payer-Focused

5

0.0%

100.0%

200.0%

300.0%

400.0%

500.0%


Hu

nd

red

s

S&P 500 Pharma

0.0%

100.0%

200.0%

300.0%

400.0%


Hu

nd

red

s

S&P 500 Euro HCIT

https://www.google.com/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwjmtIio_a7VAhWF8j4KHRvnAyMQjRwIBw&url=https://www.marketbeat.com/stocks/NASDAQ/TRHC/&psig=AFQjCNGNCDYYswXx7m3rgDamYG0v4XQmlQ&ust=1501434440929678

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HEALTHCARE IT


PUBLIC COMPARABLES(7)

VALUATION AND OPERATING METRICS

As of June 30, 2017 ($ in millions, except per share amounts)

6

Stock Performance

Current % of LTM TEV / EBITDA

Mkt Cap TEV Price LTM High Revenue % Growth EBITDA Margin LTM 2017E

Clinical / Administrative

EMR

Cerner Corporation $22,182 $22,200 $67.15 96.9% $4,919 7.7% $1,500 30.5% 14.8x 12.9x

athenahealth, Inc. 5,693 5,879 142.93 95.6% 1,112 9.9% 181 16.3% 32.5x 21.6x

Allscripts Healthcare Solutions, Inc. 2,314 3,977 12.75 84.0% 1,618 15.8% 250 15.4% 15.9x 11.4x

Quality Systems, Inc. 1,081 1,054 17.24 98.2% 510 3.5% 79 15.5% 13.4x 12.7x

Computer Programs and Systems, Inc. 443 588 32.75 77.9% 262 27.3% 31 11.8% 19.1x 12.0x

Median $2,314 $3,977 95.6% $1,112 9.9% $181 15.5% 15.9x 12.7x

RCM / Performance

Nuance Communications, Inc. $5,227 $7,025 $18.17 91.2% $1,971 1.1% $427 21.7% 16.4x 9.6x

Premier Inc. 4,956 7,913 35.36 98.7% 1,353 12.3% 379 28.0% 20.9x 14.9x

Evolent Health Inc 1,573 1,679 25.40 92.4% 311 46.5% 11 3.6% NM NM

Median $4,956 $7,025 92.4% $1,353 12.3% $379 21.7% 18.7x 12.3x

Other Administrative

Omnicell, Inc. $1,635 $1,803 $44.00 98.7% $672 3.3% $53 7.9% 33.8x 20.7x

HealthStream, Inc. 844 729 26.47 84.0% 232 6.0% 29 12.7% 24.9x 20.4x

Vocera Communications, Inc. 762 691 26.98 95.8% 137 14.3% (9) NM NM NM

Tabula Rasa Healthcare, Inc. 252 250 14.74 87.5% 102 NA 6 5.7% 43.3x 15.2x

Median $803 $710 91.7% $184 6.0% $18 7.9% 33.8x 20.4x

Clinical / Administrative Median $1,604 $1,741 94.0% $591 9.9% $66 15.4% 20.0x 13.9x

Payer-Focused

Cotiv iti Holdings, Inc. $3,534 $4,175 $38.48 89.5% $643 5.6% $223 34.7% 18.7x 15.6x

Inovalon Holdings, Inc. 1,956 1,682 13.40 66.8% 433 (4.2%) 79 18.2% 21.3x 15.7x

HMS Holdings Corp. 1,611 1,641 19.20 80.0% 484 (2.6%) 104 21.4% 15.8x 12.2x

Payer-Focused Median $1,956 $1,682 80.0% $484 (2.6%) $104 21.4% 18.7x 15.6x

Pharma

Quintiles IMS Holdings, Inc. $19,875 $27,544 $90.59 98.7% $7,734 27.3% $1,346 17.4% 20.5x 13.6x

Veeva Systems Inc 8,788 8,124 62.41 91.7% 582 23.3% 140 24.0% 58.2x 38.2x

Medidata Solutions, Inc. 4,581 4,483 78.50 96.1% 486 15.5% 73 15.0% 61.4x 33.0x

Pharma Median $8,788 $8,124 96.1% $582 23.3% $140 17.4% 58.2x 33.0x

Consumer Healthcare

WEX Inc. $4,495 $6,691 $104.80 85.3% $1,104 17.4% $389 35.2% 17.2x 13.5x

HealthEquity Inc 3,069 2,873 51.17 93.1% 190 22.7% 58 30.4% 49.9x 36.1x

Benefitfocus, Inc. 1,127 1,178 36.30 80.7% 243 7.9% (11) NM NM NM

Castlight Health, Inc. 568 465 4.35 79.1% 107 14.6% (49) NM NM NM

Consumer Healthcare Median $2,098 $2,026 83.0% $216 16.0% $23 32.8% 33.5x 24.8x

Euro

CompuGroup Medical SE $3,016 $3,346 $56.67 94.9% $622 2.1% $131 21.1% 25.5x 19.0x

EMIS Group plc 767 767 12.11 86.7% NA NA NA NM NM 12.4x

NEXUS AG 484 448 30.78 94.4% 120 4.6% 22 18.2% 20.5x 14.8x

Euro Median $767 $767 94.4% $371 3.3% $77 19.6% 23.0x 14.8x

Consolidated Median $1,956 $1,803 91.7% $498 9.9% $79 18.2% 20.7x 17.4x

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HEALTHCARE IT


M&A TRANSACTION ACTIVITY(7)(8)


*HW&Co. confidential transaction

*Unpublished information

Closed Date Target Acquirer Business Description

Enterpise

Value

Implied

EV/Revenue

Implied

EV/EBITDA

7

Pending A Place for Mom General Atlantic Prov ider of a network that connects families to senior liv ing serv ice prov iders. * * *

Pending PAREXEL International Corp. Pamplona Capital Management Prov ider of biopharmaceutical serv ices. $4,916.7 2.0x 14.4x

Pending WhiteCloud Analytics, Inc. Relias Learning Prov ider of healthcare performance management solutions. * * *

Pending InVentiv Group Holdings, Inc. INC Research Holdings, Inc. Prov ider of contract drug dev elopment serv ices to pharma, biotech, and & medical dev ice compnies. $4,199.0 1.8x 16.5x

Pending Wellhealth HealthCare Partners of Nev ada Prov ider of a messaging platform for medical practices. * * *

Pending Medicalis Corp. Siemens Healthineers Prov ider of clinical decision support software. * * *

Pending LeonardoMD Azalea Health Prov ider of web-based practice management and EHR software. * * *

07/14/17 Becker's Healthcare Pamlico Capital Prov ider of business and legal information for hospital executiv es. * * *

07/14/17 Best Doctors, Inc. Teladoc, Inc. Prov ider of a telehealth platform. $440.0 * *

07/13/17 Global Healthcare Exchange LLC Temasek Holdings Prov ider of cloud-based technology and serv ices designed to track hospital supplies. $1,800.0 * *

07/11/17 MedApprov ed LLCTractManager, Inc.; Arsenal Capital

Management LPProv ider of strategic sourcing and contract lifecycle management solutions. * * *

06/29/17 Kinnser Software, Inc.Mediware Information Systems, TPG

CapitalProv ider of home health, hospice, and home care software. * * *

06/23/17 Praxify Technologies, Inc. AthenaHealth Prov ider of care management workflow solutions. $63.0 * *

06/14/17 Quantum Health Great Hill Partners Prov ider of consumer nav igation serv ices and care coordination. * * *

05/23/17 PartsSource, Inc. Great Hill Partners Prov ider of medical parts and supplies procurement solutions for medical prov iders. * * *

05/22/17 Hospice Management LLCOptima Healthcare Solutions LLC; Alpine

Inv estorsProv ider of cloud-software for post-acute care prov iders. * * *

05/04/17 PolicyStat LLC iContracts Prov ider of SaaS-based policy management software. * * *

05/03/17 Zirmed (Analytics Business) Koan Health LLC Prov ider of v alue-based care analytics. * * *

04/27/17 Clockwise.MD DocuTAP, Inc.; Warburg Pincus LLC Prov ider of online patient scheduling and wait-time transparency solutions. * * *

04/24/17 OncoVerse LLC BTG Prov ider of patient collaboration solutions. * * *

04/18/17 ArroHealthCIOX Health LLC; New Mountain Capital

LLCProv ider of chart retriev al and risk adjustment serv ices for health plans and prov ider groups. * * *

04/18/17 Eliza Corp. HMS Holdings Corp. Prov ider of online automated healthcare communications serv ices. $170.0 2.8x 14.2x

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HEALTHCARE IT







Enterpise

Value

Implied

EV/Revenue

Implied

EV/EBITDA

8

04/14/17 Entrada, Inc. Quality Systems, Inc. Prov ider of clinical documentation and data interchange solutions. $34.0 2.8x *

04/05/17 Adv anced Practice Strategies, Inc. Relias Learning Prov ider of an e-learning and testing platform for healthcare prov iders. * * *

04/03/17 Essen BioScience, Inc. Sartorius AG Prov ider of integrated healthcare communication and management software. $320.0 5.3x *

04/03/17 Cov erMyMeds LLC McKesson Corp. Prov ider of software that automates patient prescription submission. $1,400.0 29.5x *

04/03/17 Jiff, Inc. Castlight Health, Inc. Prov ider of a cloud-based application platform to manage patients. $153.5 * *

03/31/17 Strenuus LLC Zelis Healthcare, Parthenon Capital Prov ider of network analytics and managed healthcare data for healthcare prov iders. * * *

03/31/17 Clearv iew Staffing Software, Inc. Healthcaresource HR, Inc. Prov ider of workforce management solutions to the healthcare industry. * * *

03/29/17 Ev eryMov e, Inc. higi, BlueCross BlueShield Ventures Prov ider of cloud-based consumer health engagement solutions. * * *

03/28/17 Bracket Global LLC Genstar Capital LLC Prov ider of clinical research dev elopment solutions. * * *

03/16/17 Polyglot Systems, Inc. The Hearst Corp. Prov ider of medication assistance software. * * *

03/14/17 Verisys Corp. Spectrum Equity Prov ider of screening, monitoring, v erification and credentialing solutions. * * *

03/13/17 CarePayment Technologies, Inc. Crestline Inv estors, Cedar Springs Capital Prov ides patient financial engagement solutions. * * *

02/17/17 CareEv olv e.com, Inc. ELLKAY LLC Prov ider of a web-based healthcare portal prov iding clinical information. * * *

02/14/17 HealthDatix iGambit Prov ider of medical decision and risk management software. * * *

01/31/17 C30 Medical Corp., Inc. InTouch Technologies, Inc. Prov ider of telemedicine management and physician cov erage serv ices. * * *

01/30/17 Par Excellence Northlane Capital Prov ider of inv entory management serv ices for the healthcare sector. * * *

01/23/17 Health123 Samepage Health Prov ider of a health intelligence platform supporting clinical workflow. * * *

01/19/17 Seamless Medical Systems, Inc. GetWellNetwork, Inc. Prov ider of a mobile enterprise communications platform faciliating patient data exchange. * * *

01/19/17 Caret AssistRx, Inc. Prov ider of a web-based care management platform. * * *

01/01/17 Pharmatek Systems McKesson Pharmacy Optimization Prov ider of hospital pharmacy cost containment software and serv ices. * * *

12/01/16 Rev Spring, Inc. GTCR LLC Prov ider of accounts receiv able management and rev enue cycle management serv ices. * * *

11/30/16 Array Health Solutions, Inc. Vimo, Inc. Prov ider of priv ate health insurance exchange technology solutions. * * *

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HEALTHCARE IT


11/15/16 Emmi Solutions LLC Wolters Kluwer NV Prov ider of patient engagement and empowerment technology serv ices. $170.0 * *

11/01/16 Aldera Holdings, Inc. Ev olent Health, Inc. Prov ider of core administration solutions for healthcare payers and administrators. $34.0 * *

10/27/16 HealthMEDX LLC Netsmart Technologies Prov ider of home care, long-term care and rehab software solutions. * * *

10/21/16 Press Ganey Holdings, Inc. EQT Partners AB; HarbourVest Partners LLC Prov ider of patient-experience measurement and performance analytics solutions. $2,284.5 * *

10/20/16 BioClinica, Inc. Cinv en Group Ltd. Prov ider of technology enabled clinical trial management serv ices. $1,400.0 5.6x 14.0x

10/13/16 QHR Corp. Loblaw Cos. Ltd. Prov ider of medical records software. $116.4 5.1x *

10/06/16 Conv ey Health Solutions, Inc. New Mountain Capital Prov ider of health insurance support serv ices. * * *

10/03/16 Valence Health, Inc. Ev olent Health, Inc. Prov ider of clinical integration and data management software. $145.0 $2.0 $10.0

10/03/16 IMS Health Holdings, Inc. Quintiles Transnational Holdings Inc. Prov ider of information and analytics solutions to the pharmaceutical and healthcare industries. $12,904.7 4.2x 17.1x

10/01/16 Creehan & Co. Corp. Inov alon Holdings, Inc. Prov ider of software application platforms and implementation of serv ices. $130.2 4.8x *

09/16/16 Impriv ata, Inc. Thoma Brav o LLC Prov ider of HCIT authentication management security solutions. $442.5 3.5x NA

09/14/16 Anthelio Healthcare Solutions, Inc. ATOS SE Prov ider of IT, health information management, EHR, and analytics solutions to healthcare organizations. $275.0 1.4x *

09/11/16 exocad GmbH The Carlyle Group Prov ider of dental computer aided design, scanning software, dental CAM, and dentalshare solutions. * * *

07/31/16 Nav icure, Inc. Bain Capital LP Prov ider of rev enue cycle management solutions to physicians, billing companies, and hospitals. * * *

07/21/16 Connected Benefits GoHealth, LLC Prov ider of employee benefits management software. * * *

07/20/16 Wellcentiv e, Inc. Royal Philips NV Prov ider of population health management and data analytics solutions. * * *

07/19/16 MedHOK, Inc. The Hearst Corporation Prov ider of quality and compliance solutions for health plans and accountable care organizations. * * *

07/05/16 Cardon Healthcare Holdings LLC MEDNAX, Inc. Prov ider of third party eligibility and rev enue cycle management serv ices for hospitals. * * *

07/01/16 HY Holdings, Inc. Teladoc, Inc. Prov ider of mobile patient engagement solutions to employers. $155.8 8.7x *

06/30/16 Curaspan Health Group, Inc. Cardinal Health, Inc. Prov ider of discharge and care transition solutions for coordinated care. * * *






Enterpise

Value

Implied

EV/Revenue

Implied

EV/EBITDA

9

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HEALTHCARE IT


PRIVATE PLACEMENT ACTIVITY(7)(8)

Last 12 Months as of June 30, 2017 ($ in millions)

Closed Date Target Lead Investor(s) Business Description

Round /

Stage

Money

Raised

Raised to

Date

10

06/28/17 Your.MD Ltd. Orkla Ventures Prov ider of a personalized health assistance application. Early Stage $10.0 $17.3

06/27/17 Glooko Georgian Partners Prov ider of a diabetes patient-monitoring platform. C $35.0 $71.0

06/20/17 CirrusMD, Inc. Colorado Impact Fund Prov ider of telemedicine solutions. A $7.0 $10.0

06/19/17 FraudScope, Inc. Spider Capital, GRA Venture Fund Prov ider of a SaaS platform aimed at reducing healthcare billing fraud. Seed $1.5 $1.5

06/19/17 Chartspan Cypress Growth Capital Prov ider of patient compliance management and care coordination solutions. C $16.0 $21.2

06/14/17 Omada Health Cigna Prov ider of a digital diabetes therapeutics program. C $50.0 $127.5

06/12/17 Alto PharmacyGreenoaks Capital, Jackstone Square

VenturesProv ider of a digital pharmacy platform designed to simplify medication access. B $23.0 $28.9

06/07/17 Digital Pharmacist, Inc. Activ ate Venture Partners Prov ider of an online platform that enables communication between patients and pharmacies. B $6.5 $13.5

06/06/17 Outcome HealthGoldman Sachs Inv estment Partners,

CapitalG, Balyasny Asset ManagementProv ider of a health intelligence platform. B $600.0 $610.0

06/01/17 Bright Health Greenspring Associates Prov ider of a health insurance serv ice platform. B $160.0 $241.7

05/31/17 Carrum Health, Inc. Wildcat Venture partners Prov ider of a bundled payment platform for employers. Seed $6.5 $54.4

05/28/17 ClearDATA Networks, Inc. Heritage Group, HLM Venture Partners Prov ider of cloud computing, platform, and information sercurity serv ices. C $25.0 $79.3

05/25/17 DocPlanner Enern Inv estments Prov ider of online platform for physician booking. D $15.0 $51.8

05/24/17 Medrio Questa Capital Prov ider of eClinical and electronic data capture solutions. C $30.0 $33.6

05/22/17 Lemonaid Health Nov artis Venture Fund, Hikma Ventures Prov ider of tele-health serv ices. A $12.0 $17.6

05/19/17 Upfront Healthcare Serv ices, Inc. Nashv ille Capital Network Prov ider of physician scheduling software. A $5.6 $5.6

05/10/17 Modernizing Medicine Warburg Pincus Prov ider of a mobile, cloud-based electronic health record system.PE Growth /

Expansion$231.0 $321.5

05/10/17 Clov er Health Google Ventures Prov ider of a health insurance platform. D $130.0 $425.0

05/10/17 Comprehend Systems Eminence Capital Prov ider of cloud-based clinical intelligence solutions. C $21.0 $47.4

05/09/17 Updox TT Capital Partners Prov ider of a healthcare CRM connectiv ity platform. B $12.7 $17.0

04/06/17 OM1 General Catalyst Partners Prov ider of outcomes measurement and predictiv e analytics solutions. A $15.0 $20.3

04/06/17 drchrono Runa Capital Prov ider of an EHR platform for patient health insurance v erification and medical billing. A $14.0 $19.2

04/04/17 Amino Highland Capital Management Prov ider of healthcare transparency solutions. C $25.0 $44.4

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HEALTHCARE IT





Round /

Stage

Money

Raised

Raised to

Date

11

03/29/17 higi BlueCross BlueShield Venture Partners Prov ider of health tracking solutions. B NA $40.0

03/29/17 SHYFT Analytics Optum Ventures Prov ider of data, analytic and mobile solutions for the life sciences industry. B $7.5 $39.0

03/20/17 Aetion Flare Capital, Lakestar Prov ider of medical ev idence software. A $11.2 $11.2

03/16/17 Liv ongo General Catalyst Partners, Kinnev ik Prov ider of a web and mobile based chronic disease management platform. D $52.5 $132.0

03/14/17 MindCare Solutions Epiphany Health Ventures Prov ider of remote healthcare and behav ioral health serv ices for mentally challenged patients. A $23.0 $23.0

03/08/17 Alignment Healthcare LLC Warburg Pincus Prov ider of clinical care coordination and risk management solutions.PE Growth /


03/01/17 Medisafe Octopus Ventures Prov ider of a personalized medication management platform. B $14.5 $21.5

02/17/17 Kyruus Mercy Health Foundation Prov ider of an information exchange platform matching patients with the best suited doctors. C $10.0 $59.8

02/14/17 Sense.ly Mayo Clinic, Chengwei Capital Prov ider of a patient engagement platform. B $8.0 $11.5

05/10/17 Comprehend Systems Eminence Capital Prov ider of cloud-based clinical intelligence solutions. C $21.0 $47.4

02/01/17 PointClickCare Corp. Dragoneer Inv estment Group, JMI Equity Prov ider of SaaS EHR software for long-term post-acute care prov iders.PE Growth /


02/01/17 HealthRev eal GE Ventures Prov ider of a cloud-based, chronic disease analytics platform. A $10.8 $10.8

01/25/17 Kensci Ignition Venture Partners Prov ider of population health risk management solutions. A $8.5 $8.5

01/24/17 Redox RRE Ventures Prov ider of a platform helping EHRs and health systems to manage cloud connections. B $9.0 $9.0

01/17/17 Practo Tencent Holdings Prov ider of an online serv ice for scheduling appointments with doctors. D $55.0 $179.6

01/03/17 Solera (Health Network) Sandbox Industries, SJF Ventures Prov ider of chronic disease prev ention solutions. A $9.0 $12.0

12/15/16 Cota, Inc. Boston Millennia Partners Prov ider of healthcare data collection and data analysis serv ices. C $18.0 $21.7

12/12/16 Healthcare Interactiv e, Inc. Grotech Ventures, HMC-Virginia, Inc. Prov ider of administration tools and technology serv ices for the healthcare industry. A $8.0 $14.1

12/08/16 Vida Health, Inc. Canv as Ventures Prov ider of a mobile health coaching application. B $18.0 $23.0

12/08/16 Augmedix, Inc. McKesson Ventures, OrbiMed Prov ider of a smartglass-based physician productiv ity platform. B $23.0 $63.3

12/06/16 PatientPing, Inc. Andreessen Horowitz Prov ider of a real time medical notification platform. B $31.6 $41.2

12/01/16 MedNet Solutions, Inc. Arrowroot Capital Prov ider of web-based electronic data capture technology. B $16.5 $20.5

11/23/16 GNS Healthcare, Inc. Horizon Healthcare Serv ices, Celgene Prov ider of big data analytic serv ices for the healthcare industry. C $4.0 $29.0

PAGE |

HEALTHCARE IT





Round /

Stage

Money

Raised

Raised to

Date

12

11/15/16 CareCloud Corp. Blue Cloud Ventures Prov ider of cloud-based healthcare management serv ices. C $15.8 $120.1

10/31/16 Av izia, Inc. Blu Venture Inv estors, Blue Heron Capital Prov ider of a telehealth and remote conferencing software platform. A $17.1 $24.5

10/21/16 Carev iv e Systems, Inc. Undisclosed Prov ider of a clinical practice and patient engagement software. B $7.2 $702.0

10/13/16 Nordic Consulting Partners Silv ersmith Capital Partners Prov ider of healthcare information technology consulting serv ices.PE Growth /

ExpansionNA $38.3

10/13/16 Contessa Health, Inc. Noro-Moseley Partners Prov ider of home-hospitalization programs to manage episodic risk initiativ es. B $7.0 $10.5

10/12/16 Axial Healthcare, Inc. Oak HC/FT Prov ider of pain-management effectiv eness assessment solutions for healthcare prov iders. B $16.5 $26.3

10/11/16 Ev idation Health, Inc. B Capital Group Prov ider of a data analysis platform for the healthcare sector. B $15.0 $21.0

09/27/16 Azalea Health Innov ations, Inc. Undisclosed Prov ider of an electronic health records system for medical practices. C $10.8 $22.8

09/26/16 InstaMed Holdings, Inc. Carrick Capital Partners LLC Prov ider of a payments network for the healthcare industry. B $50.0 $112.3

PAGE |

HEALTHCARE IT


IPO ACTIVITY(7)(8)


13

Enterprise Value

Offer Date Issuer Description Raised Offer Date Today % Change

09/28/16 Tabula Rasa Healthcare, Inc.Prov ider of personalized medication therapy management and pharmacy serv ices to

reduce medication risk. $59.3 $299.1 $271.2 (9.3%)

PAGE |

HEALTHCARE IT


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HW&CO.’S TECHNOLOGY, MEDIA, & TELECOM GROUP

14

http://epiqsystems.com/

http://www.meddatahealth.com/our_business/index.html

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HEALTHCARE IT


PAGE | 15

Healthcare & Life Sciences

Technology, Media & Telecom

OUR FIRM

PAGE |

HEALTHCARE IT


16

Harris Williams & Co. (www.harriswilliams.com) is a preeminent middle market investment bank focused on the advisory needs of clients worldwide. The firm has deep industry knowledge, global transaction expertise, and an unwavering commitment to excellence. Harris Williams & Co. provides sell-side and acquisition advisory, restructuring advisory, board advisory, private placements, and capital markets advisory services.

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