Definitive Healthcare Partners with Advent International

  • Investment in Definitive Healthcare will help accelerate growth and best position Company for the future

BOSTON, June 5, 2019 – Advent International (“Advent”), one of the largest and most experienced global private equity investors, today announced that it has made an investment in Definitive Healthcare (“the Company”), a leading data and analytics provider across the healthcare ecosystem. Advent joins Founder/CEO Jason Krantz and Spectrum Equity (“Spectrum”), a leading growth equity firm, which originally invested in the Company in February 2015. Financial terms were not disclosed.

“We are very pleased to be partnering with Definitive Healthcare to pursue its next phase of growth,” said Bryan Taylor, Managing Partner at Advent. “We look forward to working with Jason, Spectrum and the outstanding Definitive team to continue to invest in the product innovation and sales and marketing that has driven the Company’s explosive growth.”

“I am proud of the success Definitive Healthcare has had to date, and we are very excited to partner with Advent to continue scaling our business,” said Krantz. “Advent’s deep industry expertise in information services and healthcare provides the resources and support to accelerate our product investments, both organically and through continued M&A. With Boston-based Advent and Spectrum, we feel incredibly lucky to have found partners that can drive continued growth for the Company and for our employees.”

Founded in 2011 by Krantz, Definitive Healthcare is the leading data-as-a-service provider to the U.S. healthcare industry, helping its clients size market opportunities, support strategic decision-making and drive sales and marketing. Among Definitive Healthcare’s 2,200+ clients are some of the world’s largest pharmaceutical and medical device companies, top healthcare technology companies, cutting-edge healthcare start-ups and the most forward-thinking healthcare providers. The Company operates throughout the U.S. and is based in Framingham, MA.

“Definitive Healthcare’s culture of innovation has created an unparalleled product that drives actionable insights for its loyal customer base,” said John Maldonado, Managing Partner at Advent. “We have long admired the uniqueness of Definitive Healthcare’s product and what the Company has built, and we plan to leverage our deep experience base in technology and healthcare to drive continued growth.”

“Definitive Healthcare has a proven track record of scaling successfully, and we remain extremely excited about the future growth prospects for the business,” said Jeff Haywood, Managing Director at Spectrum. “We are thrilled to welcome Advent to our partnership with Jason and the Definitive team as the Company builds upon its category leadership in the healthcare data industry.”

Advent seeks to build world-class businesses positioned for long-term success, and the firm has significant investment experience in the healthcare and technology sectors. Over the past 28+ years, the firm has invested $7.0 billion in 42 companies in the healthcare sector and $3.5 billion in 26 companies in the technology sector.

Definitive Healthcare’s financial advisor was Evercore and Latham & Watkins, LLP and Rich May served as the Company’s legal advisors. Weil, Gotshal & Manges LLP served as legal counsel for Advent International.

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About Advent International

Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in over 345 private equity transactions in 41 countries, and as of December 31, 2018, had $36 billion in assets under management. The firm’s current portfolio companies generate $50 billion in annual revenue and employ over 290,000 people. With offices on four continents, Advent has established a globally integrated team of over 195 investment professionals across North America, Europe, Latin America and Asia. The firm focuses on investments in five core sectors, including business and financial services; health care; industrial; retail, consumer and leisure; and technology. After more than 30 years dedicated to international investing, Advent remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies. Representative investments in the US include Ansira, ATI, CCC, Clearent/FieldEdge, Cotiviti, Genoa, P2, Syneos Health (NASDAQ: SYNH) and TransUnion (NYSE: TRU).

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About Definitive Healthcare

Definitive Healthcare is the leading provider of data and intelligence on hospitals, physicians and other healthcare providers. Its product suite provides the most comprehensive and highest quality data available anywhere on 8,800 hospitals and IDNs; 148,000 physician groups; 1.7 million physicians, nurses, and allied health professionals; 11,200 ambulatory surgery centers; 14,600 imaging centers; 91,600 long-term care facilities; 40,000 clinics; 1,400 ACOs and HIEs; more than 4 billion commercial medical and Rx claims; 115,000 clinical trials; and 900 Canadian hospitals. The company’s data provides its 2,200+ clients with the analytics and insight needed to effectively segment and research the healthcare provider market. Definitive Healthcare is backed by Advent International and Spectrum Equity.

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About Spectrum Equity

Spectrum Equity is a leading growth equity firm providing capital and strategic support to innovative companies in the information economy. For over 25 years, the firm has partnered with proven entrepreneurs and management teams to build long-term value in market-leading software, information services and internet companies. Representative investments include Ancestry, Bats Global Markets, GoodRx, Grubhub,, Net Health, Passport Health, SurveyMonkey and Verafin.

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Media contacts

Advent International
Andrew Johnson or Sophia Templin
Tel: +1 646 805 2000

Definitive Healthcare
Tory Waldron
PR Manager
Tel: +1 781 454 6822

Spectrum Equity
Julia Chen
Vice President
Tel: 1 617 464 4600

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