Following a rebound in healthcare technology deal volume in 2025 relative to 2023–2024, Houlihan Lokey is seeing a more cautious environment in 2026 amid continued software valuation recalibration and evolving geopolitical conditions. Financial sponsors still have near-record levels of “dry powder,” but they are becoming increasingly more selective with the assets they choose to invest in. Sponsors are bypassing average assets and aggressively competing for a small number of “Tier A” platforms that have superior competitive advantages and resilient business models. At the same time, investment committees are evaluating transactions with heightened degrees of scrutiny.
Read the full article: Houlihan Lokey Healthcare Technology Market Update: Payor Technology Deep Dive //
Source: https://cdn.hl.com/pdf/2026/payor-technology-deep-dive-summer-2026.pdf