TPG explores $5 billion sale of healthcare software company Lyric, sources say

PUBLISHED Sep 9, 2026, 4:18 PM ET

Private equity firm TPG is exploring a potential five billion dollar sale of healthcare software provider Lyric, engaging investment bankers at JPMorgan Chase to manage the process. The company generates approximately two hundred fifty million dollars in annual earnings before interest, taxes, depreciation, and amortization, typically commanding a twenty times valuation multiple. Insurers including UnitedHealth Group, CVS Health, and Humana utilize Lyric to identify and prevent inaccurate medical claims payments. Originally acquired by TPG as ClaimsXten for two billion two hundred million dollars in 2022 to clear antitrust hurdles for UnitedHealth's acquisition of Change Healthcare, the business was rebranded in 2023. This exploratory sale highlights a broader recovery in software dealmaking following earlier market sell-offs driven by artificial intelligence disruption concerns. While TPG notes that Lyric has benefited from AI deployment, prospective buyers remain cautious about the long-term threat of cheaper, AI-native competitors disrupting established payment-integrity software.

By James Porter | JQJO News

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Left: Highlighted regulatory scrutiny and corporate consolidation risks within healthcare. Center: Focused objectively on financial metrics, valuation multiples, and advisory roles. Right: Emphasized market recovery, private equity growth, and technological efficiency gains.