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HealthTech EBITDA Multiples: Thoma Bravo Taking NextGen Private (~16.5x EBITDA)

In September 2023, private equity giant Thoma Bravo announced it is acquiring healthcare software provider NextGen Healthcare for $23.95 per share, implying a $1.8 billion deal value including net debt. As a provider of electronic health record (EHR) and ambulatory care software, NextGen's technology platform helps streamline healthcare provider operations ranging from digitalization of patients' health records to financial administration.

Digital Health / HealthTech EBITDA Multiples

NextGen generated revenue and adjusted EBITDA of $653.4 million and $111.7 million, respectively, in the fiscal year ended March 31, 2023, implying multiples of 2.8x revenue and 16.1x EBITDA. The EBITDA multiple is near the average for a healthcare technology business of NextGen's size. According to the fairness opinion prepared in connection with the transaction, NextGen is projected to reach $243.5m EBITDA by 2028, implying a five-year CAGR of 16.9%.

Thoma Bravo's acquisition of NextGen
Digital Health / HealthTech EBITDA Multiples

About Scope Research

The Scope Research Healthcare M&A Valuation Database currently has financial details for 249 healthcare technology and digital health deals going back to 2010, 137 of which include reported EBITDA multiples. The healthcare technology / digital health data can be purchased individually, while our affordable annual subscriptions provide access to all of our healthcare M&A databases and segments, updated continuously.

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