Our timeline visualizes digital health company exits valued at $1B+ at acquisition or IPO, from Fitbit's $4.1B public offering to Roche Holding's massive purchase of Flatiron Health.
From cancer therapeutic startups to telemedicine platforms to new kinds of tech-enabled health insurers, companies in the digital health space are attracting investor attention. In 2018, digital health startups raised a record $14.8B in funding across nearly 1,500 deals, with deals and funding increasing nearly every year since 2014.
Digital health startups are also seeing high levels of exit activity in recent years: while exits have been slower in 2019, last year saw a record number of exits in the space.
Since 2011, 16 digital health companies have exited via an IPO or M&A deal valued at $1B+ — 9 of which have happened since 2018 (as of 9/12/19). Using CB Insights data, we visualized these exits together in one timeline.
Our analysis considers first exits since 2011 only. For more on billion-dollar exits, see Visualizing Tech Giants’ Billion-Dollar Acquisitions.
Please click to enlarge.
Ping An Good Doctor is the highest-valued exit on our list. The Shenzhen, China-based healthcare platform went public on the Hong Kong Stock Exchange at a valuation of $7.5B in May 2018.
Two more IPOs round out the top 3 exits: life sciences-focused cloud software company Veeva Systems ($4.4B valuation at IPO, 2013) and wearable fitness sensor Fitbit ($4.1B, 2015). Billion-dollar IPOs outpace $1B+ M&A deals, and also trend larger — 4 of the top 5 digital health exits have been public offerings.
The largest M&A deal in our graphic is healthcare data and analytics company is Truven Health Analytics, which was acquired by private equity firm Veritas Capital for $1.25B in 2012. IBM later acquired Truven Health for $2.6B in early 2016. Veritas Capital is the only company responsible for a second $1B+ health exit, acquiring Virence Health Technologies for $1.05B in 2018.
3 companies reached unicorn valuations prior to exiting: Ping An Good Doctor ($3B valuation), NantHealth ($2B), and Flatiron Health ($1.3B).
|Company||Valuation at Exit ($M)||Exit Type|
|Ping An Good Doctor||$7,500||IPO|
|Flatiron Health||$2,125||Acquisition (Roche Holding)|
|GoHealth||$1,500||Acquisition (Centerbridge Partners)|
|Truven Health Analytics||$1,250||Acquisition (Veritas Capital)|
|Ability Network||$1,200||Acquisition (Inovalon Holdings)|
|Virence Health Technologies||$1,050||Acquisition (Veritas Capital)|
This report was created with data from CB Insights’ emerging technology insights platform, which offers clarity into emerging tech and new business strategies through tools like:
- Earnings Transcripts Search Engine & Analytics to get an information edge on competitors’ and incumbents’ strategies
- Patent Analytics to see where innovation is happening next
- Company Mosaic Scores to evaluate startup health, based on our National Science Foundation-backed algorithm
- Business Relationships to quickly see a company’s competitors, partners, and more
- Market Sizing Tools to visualize market growth and spot the next big opportunity