Houlihan Lokey Advises DAS Health

Houlihan Lokey is pleased to announce that DAS Health Ventures, LLC (DAS Health), a portfolio company of Sheridan Capital Partners (Sheridan) and leading provider of healthcare IT and business solutions, has announced that it has received a majority investment from Coalesce Capital (Coalesce), a private equity firm focused on investing in human-capital-driven and technology-enabled services companies. Sheridan, which invested in DAS Health in 2021, will retain a minority ownership position and continue to support the company’s growth. The transaction closed on May 23, 2025.

Founded in 2003 and headquartered in Tampa, Florida, DAS Health delivers a comprehensive suite of IT, cybersecurity, revenue cycle management, and business solutions to thousands of healthcare organizations across North America. With regional offices in 15 U.S. states and Canada and an employee presence in over 35 U.S. states and six Canadian provinces, DAS supports independent and enterprise physician groups and healthcare systems, helping streamline workflows, increase productivity, and improve patient care. Its offerings span managed IT services, cloud hosting, cybersecurity, compliance, value-based care, patient engagement, and practice management solutions that collectively impact over 15 million patients nationwide. Coalesce will support DAS Health’s next phase of growth through investments in technology, talent, and strategic acquisitions, further strengthening its value proposition for healthcare organizations.

“We are thrilled to welcome Coalesce Capital as we embark on this next chapter for DAS Health,” said Michelle Jaeger, President and CEO of DAS Health. “Their investment underscores our commitment to delivering innovative solutions that help healthcare organizations operate more efficiently and improve patient care. With Sheridan’s continued support, we are well positioned to broaden our reach and help even more providers achieve operational excellence and better outcomes.”

“As healthcare organizations face growing challenges in patient data management, regulatory compliance, and operational demands, DAS Health stands out as a trusted partner solving these critical pain points,” said Stephanie Geveda, Founder and Managing Partner at Coalesce Capital. “We are excited to invest in DAS Health, whose proven track record for delivering reliable, mission-critical solutions has already improved care for over 15 million patients. We look forward to supporting their continued growth.”

“DAS Health’s achievements reflect the dedication of Sheridan and the entire DAS Health team, who have built a platform that addresses the most urgent needs of healthcare providers,” added Austin Heiman, Managing Director at Coalesce Capital. “We are excited to partner with Sheridan and the team to broaden their solutions and continue to help providers navigate the increasingly complex healthcare technology landscape.”

“Since partnering with DAS Health in 2021, we have seen the company significantly expand its solutions and deliver increasing value to a growing client base,” said Jonathan Lewis, Partner at Sheridan. “We are proud of the DAS Health team’s progress and look forward to supporting their continued expansion alongside Coalesce to deliver even more impact for healthcare organizations.”

Sheridan Capital Partners is a Chicago-based healthcare private equity firm that focuses on lower middle-market buyouts and growth equity in the U.S. and Canada. Sheridan partners with companies in the verticals of providers and provider services, healthcare IT and outsourced services, and consumer health and medical products, and strives to bring strategic resources to accelerate growth, build enduring value, and achieve strong results.

Coalesce Capital is a private equity firm that partners with entrepreneurs and management teams to build enduring value around differentiated businesses. Coalesce has over $1.4 billion of regulatory assets under management and is dedicated to investing in human-capital-driven and technology-enabled services companies. The firm’s growth-oriented investment philosophy centers around its conviction that people are the most important ingredient of value creation. Coalesce leverages its sector expertise, strategic resources, and capital to collaborate with management teams to create shared success.

Houlihan Lokey served as the exclusive financial advisor to DAS Health.

Houlihan Lokey is among the most active IT services and healthcare technology M&A advisors in the market, having closed 46 IT services and healthcare technology transactions in the past 24 months. This most recent transaction further strengthens Houlihan Lokey's leadership in the Managed Service Providers (MSP) sector.

RELATED: Business Services, IT Services, Corporate Finance, Mergers & Acquisitions