TPG is exploring a sale of healthcare payments-integrity software company Lyric that could value the business at about $5 billion, people close to the discussions told Reuters in an exclusive Wednesday report. The sources said TPG is working with JPMorgan Chase on a possible sale. They cautioned there is no guarantee the process will lead to a deal. TPG and JPMorgan declined to comment; Lyric did not immediately respond.
Sources said Lyric generates about $250 million in annual EBITDA and that a 20 times multiple would normally imply about a $5 billion valuation. That multiple is illustrative math from anonymous sources, not a signed deal term. Insurers including UnitedHealth, CVS, and Humana use Lyric to identify and prevent inaccurate medical claims payments. TPG acquired ClaimsXten for about $2.2 billion in 2022 from the Change Healthcare antitrust carve-out and rebranded it Lyric the following year. The report is explores and reportedly only; no sale has been agreed.
Sources: Reuters exclusive (Sabrina Valle), Sep. 9, 2026.
