PE backs patient engagement tech: 5 deals

As labor shortages strain healthcare providers, many are looking to reduce their workloads by managing time-consuming tasks – such as patient engagement – with the help of software or agentic AI applications. These can assist with multi-step workflows, such as scheduling, prescription management and appointment reminders.

This growth has caught private equity’s attention, with dealmakers seeing agentic AI as an “inflection point” for patient engagement software, according to Chris Dorn, managing director, investment banking, at Fifth Third Securities, a subsidiary of Fifth Third Bank. 

“Agentic AI has given rise to several companies automating phone outreach for scheduling, fielding patient questions and integrating responses into the EMR,” Dorn told PE Hub. “As a result, many PE investment committees see this subsector as the highest hurdle for making an investment. If the first question is ‘Can AI do what this company does?’, a patient engagement software needs significant ROI and long-term contracts to gather interest.”

Starting from the most recent, PE Hub rounded up five deals in patient engagement software dating back to the beginning of 2026.

1. Marlin’s Radar Healthcare completes add-on of Cemplicity

Radar Healthcare, a portfolio company of Marlin Equity Partners, announced in August the acquisition of Cemplicity, a patient experience and patient-reported outcomes platform.

Cemplicity’s primary locations are in London and Auckland, New Zealand. The company develops SaaS, cloud-based software that collects real-time input from patients at each care stage to help providers improve care experiences and spot issues early.

With Cemplicity, Radar Healthcare will gain capabilities in patient-reported experience measures, patient-reported outcome measures, real-time patient feedback, shared decision-making insights, surgical site infection surveillance, service recovery feedback and post-care outcomes.

It also expands Radar Healthcare’s international footprint through Cemplicity’s operations in Australia and New Zealand, alongside a presence in the Middle East and the UK.

Based in Leeds in the UK, Radar Healthcare develops software for monitoring risk, quality and compliance in healthcare and social care settings. Marlin acquired the company in 2024.

2. New Mountain-backed Swoop snaps up Nimble

Swoop, a healthcare engagement company backed by New Mountain Capital, announced in May the acquisition of Nimble.

Nimble is a prescription management platform operating out of Redwood City, California. It helps modernize operations for local and regional pharmacies and uses mobile apps and online portals to connect patients to pharmacies for refills, notifications and payments. It also uses this data to help pharmacy and manufacturers improve adherence and outreach initiatives for connecting with patients.

Swoop is headquartered in New York and uses de-identified, real-world health data to connect patients with providers, while protecting their privacy. It works with top pharmaceutical manufacturers and brands to facilitate these connections as well as predict non-adherence and deliver co-ordinated messaging to patients.

New Mountain acquired Swoop in 2021 through its portfolio company W2O. It spun the company off as an independent business in 2024.

3. TCV-backed Kipu Health snaps up Team Recovery Technologies

In April, TCV portfolio company Kipu Health announced the acquisition of Team Recovery Technologies, a provider of patient engagement and alumni recovery technology for behavioral healthcare providers.

Team Recovery Technologies develops mobile apps that help over 150 treatment centers engage alumni, connect with patients and help reduce the number of patients who relapse.

Kipu Health is a provider of behavioral health treatment software based in Miami. TCV invested in the company in 2021.

The deal extends Kipu’s platform into referral growth, patient engagement and alumni connectivity.

4. Clearlake Capital-backed ModMed adds on Bonsai Health

Also in April, software provider ModMed, a portfolio company of Clearlake Capital Group, announced its acquisition of Bonsai Health, an agentic AI patient engagement platform. The sellers were Bonfire Ventures, Wonder Ventures and Flare Capital Partners.

Bonsai Health operates out of Santa Monica, California, and automates front office tasks and patient scheduling for medical practices.

ModMed provides software and services to a network of nearly 50,000 specialty clinical providers to simplify, automate and streamline clinical workflows. Its technologies include EHR, practice management, revenue cycle management and analytics systems for patient engagement, payment processing and marketing.

The company is based in Boca Raton, Florida. Clearlake Capital acquired it in 2025 from Warburg Pincus, Pentland Capital and Summit Partners.

“ModMed’s commitment to building the AI-powered practice is exactly the kind of innovation-led platform expansion we look for in a market-leading investment,” said Paul Huber, partner and managing director at Clearlake, in a statement. “Agentic AI is transforming the front office in healthcare – shifting from reactive, staff-driven workflows to proactive, automated patient engagement at scale – and Bonsai Health is a best-in-class example of where this technology is headed.”

5. Main Capital backs LuxSci and Oiva Health combination

LuxSci, a portfolio company of Main Capital, announced in February an acquisition of and merger with Oiva Health, a provider of digital care and communications services in the Nordic region.

Oiva Health provides digital care and digital clinic services, including digital visits, secure messaging, online scheduling and appointments, and caregiver communications. Its headquarters is in Vantaa, Finland, and it has additional offices in Denmark, Norway and Sweden.

Based in Cambridge, Massachusetts, LuxSci is a provider of software for HIPAA-compliant, secure email, marketing and forms services. It securely delivers personalized, sensitive data at scale to support healthcare communications and workflows including care co-ordination, benefits and payments, and marketing and wellness communications for after and ongoing care. Main Capital invested in the company in 2023.

As agentic AI opens up new possibilities in patient engagement software, PE Hub expects to see more deals in the segment in the coming months.