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Illustration: Aïda Amer/Axios

Private equity firm GTCR is nearing a deal to acquire Experity, the country's largest electronic health records company for the urgent care market, from Warburg Pincus, four sources tell Axios.

What's happening: The transaction is expected to value the company at between $1.2 billion and $1.3 billion, translating to an EBITDA multiple in the high teens, although no deal has yet been signed.

  • William Blair is advising the sellers.
  • Warburg declined to comment. GTCR, Experity and William Blair couldn't immediately be reached.

Why it matters: This comes as urgent care clinics experience a pandemic-fueled boon in patient visits due to COVID testing, which ultimately benefits end-market tech companies like Experity.

  • The global health crisis has led more patients to recognize urgent care as a convenient way to receive on-demand care, particularly versus hospital ERs, but it's hard to determine how much of that demand will stick.
  • Experity boasts that it provides EMR and practice management software, along with other tech solutions, to more than 50% of U.S. urgent care clinics.

Flashback: Warburg, a prolific investor in health tech, merged DocuTap and Practice Velocity in May 2019 to create Experity.

  • Experity's technology serves 5,700-plus clinics today, up from 1,300-plus when Warburg first backed DocuTap in May 2016.

The bottom line: Investors see a lot of runway behind the digitization of health records and billing, as evidenced by last month's $17 billion deal for Athenahealth.

Sarah is co-authoring our upcoming Axios Pro newsletter on health tech deals. Subscribe at AxiosPro.com.

Go deeper

Glen Tullman does it again

Health tech veteran Glen Tullman keeps spawning unicorns. 🦄 Transcarent, a consumer-directed health care navigation company launched and led by Tullman, raised $200 million in a Series C round.

Why it matters: The funding brings Transcarent’s total capital raised to $298 million in just over one year, placing its valuation at $1.62 billion, Forbes reports.

Thousands without power as "hazardous" winter storm lashes East Coast

Winter view from Charlotte as winter storm Izzy creates dangerous conditions in Charlotte, N.C. on Jan. 16. Photo: Peter Zay/Anadolu Agency via Getty Images

A major winter storm was lashing much of the East Coast on Sunday, causing widespread power outages and disrupting travel over the holiday weekend.

The big picture: Heavy snow and ice accumulations are "likely to produce hazardous travel," downed trees and more power outages from the Mid-South to the Northeast, per the National Weather Service. Some parts of the U.S. can expect to see up to a foot of snow through Monday.

Updated 2 hours ago - Science

Volcanic eruption in Tonga caused "significant" damage

This satellite image of the eruption on Jan. 15 taken by Himawari-8, a Japanese weather satellite operated by Japan Meteorological Agency and released by National Institute of Information and Communications Technology (NICT). Photo: NICT via AP

Significant damage has been reported in Tonga following an undersea volcanic eruption on Saturday, which covered the Pacific nation in ash and cut off communication lines.

Driving the news: The eruption triggered tsunami warnings across Tonga's islands and in other regions, including the West Coast of the U.S. and New Zealand.