Innovaccer plans two to three acquisitions in the coming months while keeping IPO plans off the near-term agenda. The 11-year-old healthcare AI company has used secondary transactions to prolong private-market life, including a January $275 million raise with nearly $100 million in secondary sales and a $50 million tender offer funded by Series F investors. The company is valued at $3.45 billion and reports revenue growth above 40%. Rising private-market depth and stricter public-IPO expectations are enabling longer-term strategic investments instead of an immediate public listing.
"For any company that's successful at this point, this is going to happen,"
"If the business is evolving that rapidly, you get freedom to make longer-term bets in private markets, a lot more than the public markets would allow you to do. ...Private markets have never had the kind of depth they have today."
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