Recently released ๐ค๐ฏ ๐ฎ๐ฌ๐ฎ๐ฒ ๐๐ฒ๐ฎ๐น๐๐ต ๐๐ง, ๐๐ถ๐ด๐ถ๐๐ฎ๐น ๐๐ฒ๐ฎ๐น๐๐ต ๐ฎ๐ป๐ฑ ๐ฅ๐๐ ๐๐ป๐ฑ๐๐๐๐ฟ๐ ๐ &๐ ๐ฎ๐ป๐ฑ ๐๐ป๐๐ฒ๐๐๐บ๐ฒ๐ป๐ ๐จ๐ฝ๐ฑ๐ฎ๐๐ฒ:
Q3 2026 brought the first real signs of recovery from the “SaaSpocalypse” that hit software and tech-enabled services valuations over the past year.
LECO Index rose +2.5% in Q3 (still โ19.7% TTM), trading at 12.5x EV/EBITDA (around 24% below its 5-year average) and 2.9x EV/Revenue.
Veeva Systems (NYSE: VEEV) gained 60.8% in the quarter, Waystar (NASD: WAY) climbed 23.4%, and other scaled names showed renewed investor willingness to pay for durable growth and proven AI monetization, while sub-scale and loss-making companies continued to be marked down.
Scaled, recurring-revenue platforms, especially Life Science focused, led the rebound.ย
โข Oura postponed its Nasdaq IPO one day before its planned listing, citing uncertainty in the IPO market despite management stating the company was profitable and demand was strong.
โข Several larger PE-backed sale processes were pulled during the quarter as initial price indications came in below expectations; in other cases, owners chose to pause and deepen platform integration and AI implementation before returning to market with a stronger margin and technology story rather than accept a discounted multiple today.
HCIT activity accelerated through the quarter (34 deals in July, 41 in August, 43 in September) with ~$9.0B in disclosed value across 43 priced deals.
In RCM: 26 transactions totaling ~$1.16B, with 48% of disclosed value coming from a single deal (IKS Health ~$557M acquisition of TruBridge).
๐ก๐ผ๐๐ฎ๐ฏ๐น๐ฒ ๐๐ฟ๐ฎ๐ป๐๐ฎ๐ฐ๐๐ถ๐ผ๐ป๐ ๐ฎ๐ป๐ฑ ๐ณ๐ถ๐ป๐ฎ๐ป๐ฐ๐ถ๐ป๐ด๐:
โขDatavant secured a $2.7B development-capital raise from KKR, New Mountain Capital, and Neuberger.
โขDassault Systรจmes agreed to acquire ArisGlobal for ~$2.0B plus a $200M earn-out.
โขUHS acquired Talkspace for $835M.
โขFrancisco Partners agreed to take Weave private ($650M).
โขGI Partners and Ardan Equity acquired Clinical ink ($500M).
โขFrazier Healthcare Partners acquired MatrixCare from Resmed ($490M).
โขCandid Health raised $120M Series D for autonomous revenue cycle management.
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