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Capstone Headwaters Healthcare IT 2019 Year in Review M&A Capstone Headwaters HEALTHCARE IT 2019 YEAR IN REVIEW TABLE OF CONTENTS MERGER & ACQUISTION OVERVIEW M&A Overview Rising demand for digital health applications promoting patient engagement Segment Highlight and interoperability among medical platforms has driven demand in the Healthcare Information Technology (HCIT) industry. Digital applications such as Client Case Study electronic medical records, telehealth, and artificial intelligence-enabled Notable Transactions platforms have increased access to and efficiency of care delivery, supporting Select Transactions forecasts for a $280 billion Health Technology industry by 2021, according to Deloitte.1 As healthcare providers increasingly utilize connected care solutions Public Company Data to foster elevated patient experiences and outcomes, consolidation and analysis Firm Track Record of patient data has remained central to the evolving healthcare landscape. Consumer adoption of digital tracking has created increased data availability, as 44% of consumers use digital tools for monitoring health metrics, according to Rock Health.2 A growing willingness to share health-related data has also encouraged outside entrants to advance their own healthcare initiatives, evidenced by Amazon’s (Nasdaq:AMZN) expanding presence in the Healthcare CONTACTS market including its most recent acquisition of Health Navigator (October, undisclosed) and Google’s advancement of its own healthcare David DeSimone offerings through various partnerships and acquisitions in recent years. Managing Director 617-619-3324 Merger and acquisition (M&A) activity remained robust in 2019 with 216 [email protected] transactions announced or completed, surpassing heightened transaction volume seen in 2018. Maturation of the HCIT industry has coincided with an David Michaels uptick in initial public offerings (IPO) and venture funding in recent years, with Managing Director digital health operators raising $7.4 billion in funding in 2019, slightly below 3 858-926-5950 record levels in 2018, according to Rock Health. [email protected] M&A Activity: Healthcare IT 250 216 195 200 182 173 184 152 150 Transactions of 100 50 Number Number 0 2014 2015 2016 2017 2018 2019 Source: Capital IQ, PitchBook, FactSet, and Capstone Headwaters Research www.capstoneheadwaters.com February 2020 3 Healthcare IT | 2019 Year in Review SEGMENT HIGHLIGHT: ARTIFICIAL INTELLIGENCE ARTIFICIAL INTELLIGENCE IN Select Artificial Intelligence Transactions $6.6B HEALTHCARE MARKET SIZE BY 2021 Date Target Acquirer Target Description EV Increasing demand for interoperable IT platforms and Accountable Clinical data integration and 11/19 Clinigence - efficient solutions to promote actionable insight into Healthcare analytics solutions. healthcare data has fueled the adoption of artificial Cloud-based AI platform for 10/19 Trusted i10 Abeo - intelligence (AI) applications in the HCIT industry. Today’s medical records data. value-based care approach places increased emphasis on AI platform for healthcare 09/19 Equian Optum - patient experience and outcome, with data integration, payment integrity solutions. analytics, and electronic health record consolidation at Mateon AI computing platform for 08/19 PointR Data $30.0 the forefront of a holistic healthcare system. Innovative Therapeutics Healthcare industry. technology employing AI capabilities can often enhance Prior authorization platform 07/19 Digitize.AI Waystar - patient experience as well as provide significant cost leveraging AI. savings to providers and payers. AI capabilities are Machine learning and cloud 06/19 ArisGlobal Nordic Capital - forecasted to promote an estimated $150 billion in based automation solutions. savings for the U.S. healthcare economy, according to Navitas Life Statistical programming and 4 01/19 DataCeutics $45.0 Accenture. The effectiveness in augmenting human Sciences clinical data management. tasks, such as risk analysis and diagnosing health AI-powered clinical 12/18 M*Modal 3M $1,000.0 conditions, has supported forecasts for a $6.6 billion AI in documentation platform. Healthcare market size by 2021. As the Healthcare industry confronts an acute labor shortage due to a Source: Capital IQ, FactSet, PitchBook and Capstone Headwaters Research rapidly aging U.S. population, operators offering innovative solutions to streamline and automate tasks are Operators providing advanced digital platforms have poised to capture significant M&A interest. garnered heightened M&A interest as healthcare consumers expect a more digitized and efficient Heightened AI adoption is evidenced by increased experience. Notably, Mateon Therapeutics (OTC:MATN) investment among industry operators as healthcare acquired leading AI computing platform, PointR Data for executives estimate their organizations will allocate nearly an enterprise value of $30 million (August). The $40 million towards AI-related projects over the next five acquisition creates a premier AI and blockchain supported years, according to Optum.5 Industry players have approach to its pipeline of immunotherapies for late pursued investment vehicles and partnerships to stage cancers. AI’s ability to contribute to clinical decision accelerate development and implementation of AI and making and crafting personalized treatment options has other innovative applications. Notably, Partners drawn both strategic and financial buyers, with private Healthcare has set up an AI and digital translation equity firms accounting for nearly 42% of transactions investment fund which has amassed $30 million in initial year-to-date. funding over five years.6 Aside from clinical applications, AI has also provided Partnerships within the HCIT industry and also with valuable advances to revenue cycle management (RCM) government agencies have fostered further growth of platforms. As healthcare providers continue to develop advanced AI platforms, evidenced by Northwell Health centralized systems for billing, coding, and and Allscripts Healthcare Solutions (Nasdaq:MDRX) documentation, AI has presented opportunities for collaboration to create an AI-based and voice-enabled automation and cost-reduction. In July, leading RCM electronic health record. The platform, which is expected solutions provider Waystar, acquired Digitize.AI to launch in 2021, allows for efficient analysis of clinical (undisclosed) in order to add more efficient prior information to ensure physicians have the most relevant authorization capabilities. Prior authorization involves the patient data. Public-private partnerships have also process by which insurance companies and payers accelerated innovative healthcare technology determine if a prescribed medication or procedure is implementation. Royal Philips (NYSE:PHG) and the U.S. covered, often a largely manual process. This is critical for Department of Defense (DoD) have developed AI hospitals revenue stream as hospitals lose approximately technology to identify infections up to 48 hours before $260 billion per year from insurance denials, according to symptoms appear. The predictive algorithm applies AI Becker’s Hospital Review.7 and patient monitoring to big data, analyzing various biomarkers and vital signs. 2 Healthcare IT | 2019 Year in Review CLIENT CASE STUDY: PARITY COMPUTING Parity Computing, Inc. acquired by Elsevier – (August 2019, Undisclosed) Capstone Headwaters, advised Parity Computing, Inc. (“Parity”), a California- based business that employs artificial intelligence to provide high-accuracy entity resolution, profiling, and recommendations for science, technology, and medicine (STM) content and applications in the world of research, on its acquisition by Elsevier, a global information analytics business specializing in has been acquired by science and health. Terms of the deal were not disclosed. For over 20 years, Parity has been providing large-scale disambiguation technology in STM content, including for Elsevier’s abstract and indexing databases that help researchers, universities, national bodies, and other stakeholders improve critical decision-making. With the acquisition, Parity and Elsevier will be able to build on Parity’s existing capabilities, deepen their integration, and extend them more broadly across Elsevier’s research platform. Founded in 1880 and headquartered in Amsterdam, Elsevier is a global information analytics business that helps scientists and clinicians to find new answers, reshape human knowledge, and tackle the most urgent human crises. They provide digital solutions and tools in the areas of strategic research management, research and development (R&D) performance, clinical decision support, and professional education. “By working more closely with Parity, we can deliver even better insights to help researchers, universities, governments, and funding agencies make better decisions by enabling them to find emerging trends, increase the visibility of their research, build collaborative networks, bolster funding applications, and articulate the value of research,” said Olivier Dumon, Managing Director, Research Products at Elsevier. 3 Healthcare IT | 2019 Year in Review NOTABLE TRANSACTIONS Several notable transactions have been announced or completed in the industry in 2019. Select transactions are outlined below, followed by a more comprehensive list on the following pages. American Well Corporation to acquire Aligned TeleHealth, Inc. (November 2019, Undisclosed) American Well has agreed to acquire behavioral telehealth and telepsychiatry
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