Change Healthcare Acquired By Emdeon

November 2014

Company Description

Change Healthcare Corporation (Change) is a leading provider of healthcare cost transparency and consumer engagement services. The Company uses proprietary data analysis to help consumers better understand and utilize their healthcare benefits, and make informed healthcare purchasing decisions based on quality, cost and convenience to realize tangible medical savings.


In 2013, Change engaged TripleTree to be its exclusive advisor to assist in raising growth capital, as it sought a partner with a shared vision of the sizeable and valuable market for consumer engagement. In 2014, during a period of rapid growth for Change, TripleTree helped the Company evaluate interest in an acquisition received from Emdeon, a leading provider of revenue and payment cycle management and clinical information exchange solutions. Change found the opportunity with Emdeon attractive and agreed to a sale for a price up to $185M. As its financial advisor, TripleTree helped Change negotiate and manage the process from LOI to the close of the transaction, helping manage an accelerated diligence period.


As a long-term, trusted partner and advisor to Change, TripleTree supported the Company’s growth and eventual sale. It was a highly attractive outcome for shareholders, management, and the business, which will be propelled with additional Emdeon resources. This transformational acquisition positions Emdeon as a platform for tomorrow’s healthcare, bolstered by Change’s management now leading Emdeon’s consumer engagement efforts.

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