1. Caresyntax
Focus: AI-powered surgical video analytics
In August 2024, Caresyntax raised a massive $180 M to fuel global expansion and strategic M&A, aiming to integrate technologies in surgical AI, video analytics, and data capture modules caresyntax.com+5businessinsider.com+5indexbox.io+5. Already active in deals—such as acquiring CQInsights’ team and other surgical data assets—they’re targeting startup acquisitions to enhance their surgical intelligence ecosystem businessinsider.com+3businessinsider.com+3indexbox.io+3.
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2. Athelas (via Commure)
Focus: Revenue-cycle & care coordination systems
Merged into Commure in October 2023, with a strong M&A culture (“M&A is in our DNA”) businessinsider.com+2businessinsider.com+2indexbox.io+2. Recent acquisitions include Memora Health and Augmedix, underscoring their intent to keep pursuing bolt-on deals through 2025 businessinsider.com+2businessinsider.com+2indexbox.io+2.
3. Datavant
Focus: Patient data exchange & analytics
Owned by PE‑backed New Mountain Capital, Datavant has completed 11 acquisitions since inception and added Trace Data and Apixio assets in September businessinsider.com+1indexbox.io+1. The company plans “one or two” more acquisitions in early 2025 businessinsider.com.
4. Hinge Health
Focus: Digital physical therapy
With a $400 M Series E in 2021 and IPO plans in early 2025, Hinge Health is reportedly looking to acquire smaller startups to boost scale and margins before going public businessinsider.com+1businessinsider.com+1.
5. Innovaccer
Focus: Healthcare data integration & automation
Raised $275 M in a Series F round in January 2025, then immediately acquired Humbi AI to boost AI‑driven patient experience and automation tools en.wikipedia.org+2businessinsider.com+2indexbox.io+2. Previously, they acquired Cured and Pharmacy Quality Solutions—setting a strong M&A roadmap for 2025 mercomcapital.com+3businessinsider.com+3indexbox.io+3.
6. Fabric
Focus: Virtual care intake & triage
Since its 2021 launch, Fabric has acquired MeMD (Walmart), Zipnosis (Bright Health), Gyant, and TeamHealth’s virtual care arm businessinsider.com. With dozens of prospects in its pipeline, Fabric is clearly supercharging its M&A strategy this year .
7. Transcarent
Focus: Benefits navigation & care coordination
Backed by General Catalyst and 7wire Ventures, Transcarent acquired Accolade for $621 M in January 2025—a major move following prior deals including 98point6 and BridgeHealth businessinsider.com+2businessinsider.com+2indexbox.io+2. CEO Glen Tullman has signaled readiness for more strategic M&A as integration efforts proceed businessinsider.com.
🔍 Why 2025 is the Year of M&A in Digital Health
- A recently stalled big‑tech M&A landscape offers a unique window for well‑funded startups to scoop up talent, tech, and customers at attractive valuations businessinsider.com.
- Investors are leaning on inorganic growth strategies—especially among scaling digital health firms preparing for IPOs.
- Many startups are seeking exits amid capital-market pressure; meanwhile, cash-rich peers are quietly positioning for strategic consolidation indexbox.io+2businessinsider.com+2businessinsider.com+2.
🧭 Takeaway
Despite big‑tech retreat, there’s a compelling mid‑market wave forming: ambitious, well‑capitalized healthcare startups are aggressively acquiring tools and platforms to bolster their core offerings. Whether surgical intelligence, care navigation, AI‑driven patient experience, or virtual triage—2025 will be a year of fast‑paced consolidation in digital health.
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