The largest transaction in 1st Half 2021 was Optum’s announced merger with Change Healthcare Corporation for $13.44 billion. Optum, a diversified health services company under UnitedHealth Group, is joining forces with Change Healthcare, which provides software and data analytics, technology-enabled services, and revenue cycle management offerings.

Each of the industry’s top ten largest transactions year-to-date were completed by strategic acquirers.


Total transaction volume in 1st Half 2021 decreased by one percent over 2nd Half 2020, from 292 to 288. However, strategic volume improved 18 percent during this timeframe, from 175 to 206.

Total transaction value in 1st Half 2021 declined by 16 percent over 2nd Half 2020, from $34.71 billion to $28.99 billion. Of note, value more than doubled from 1st Half 2020 to 2nd Half 2020.

The median revenue multiple rose from 3.7x in 2nd Half 2020 to 4.3x in 1st Half 2021.

The segment with the largest rise in volume in 1st Half 2021 over 2nd Half 2020 was Healthcare IT with a 19 percent gain, from 137 to 163 transactions.


Berkery Noyes tracked 1,380 Healthcare/Pharma Information and Technology transactions between 2019 and 1st Half 2021, of which 283 disclosed financial terms, and calculated the aggregate transaction value to be $95.80 billion. Based on known transaction values, we project values of 1,097 undisclosed transactions to be $18.40 billion, totaling $114.20 billion worth of transactions tracked over the past two and a half years.

Transactions from 1st Half 2019 to 1st Half 2021 with enterprise values in the $10-$40 million range had a median revenue multiple of 2.9x, whereas those above $40 million garnered a median revenue multiple of 4.1x.

Disclosed median enterprise value multiples for all segments combined in this report during the last 30 months were 3.0x revenue and 14.0x EBITDA.