HST Pathways – a company that provides cloud-based electronic health record (EHR), practice management and revenue cycle management software designed specifically for ambulatory surgery centers (ASCs) – is reportedly on the market.
On Feb. 23, ION Analytics reported that HST Pathways is in the second round of a sales process, with William Blair serving as adviser during the transaction talks. ION Analytics cited “three sources familiar with the situation” in its reporting.
Founded by Tom Hui, HST Pathways launched in 2005. In November 2020, Bain Capital Tech Opportunities led a majority investment to merge HST Pathways with Casetabs, with Bain becoming a key investor in the combined company.
Nexxus Holdings was a minority investor.
“ASCs are well-positioned to continue their growth trend thanks to the quality, safety, and efficiency they offer patients and physicians,” Darren Abrahamson, now a partner with Bain Capital Tech Opportunities, said at the time. “HST and Casetabs are primed to fuel this progress by offering a flexible SaaS-enabled platform to help ASCs scale their businesses and deliver good patient outcomes.”
In regard to an HST Pathways deal, initial bids have already been collected, ION Analytics reported, noting that HST generates about $100 million in revenue.
As part of the sales process, HST Pathways and its partners are reportedly looking to land a major haul. Citing the sources familiar with the deal, ION Analytics said the seller is seeking a $1 billion valuation; one source told ION that the seller was seeking an 8 times EBITDA multiple on any bids it received.
If Bain-backed HST Pathways clears near a $1 billion valuation at roughly 8 times EBITDA, it would send a clear signal that scaled, ASC-focused health care IT assets still command premium interest, even in a more disciplined private equity environment.
A successful sale at that level would likewise reinforce the broader upside around the shift-to-outpatient theme in health care.
For context, in 2025, PitchBook data and broader deal activity showed health care IT multiples normalizing after the 2021 peak, with many sponsor-backed software platforms trading in the 6 times to 9 times EBITDA range, depending on growth, retention and margin profile.
