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Parthenon-backed health data exchange platform MRO is scouting buys similar to its Q-Centrix deal last month, CEO Jason Brown tells Axios Pro.

Why it matters: Parthenon recapitalized the business with the Q-Centrix deal, extending its exit timeline on MRO.

Inside the room: Q-Centrix marketed on $35 million of EBITDA, per a source familiar.

MRO "chased it pretty hard in the process," Brown says, declining to comment on terms. 

Proximity helped: Q-Centrix and sell-side banker William Blair, alongside Brown, are all based in Chicago. 

"We had pretty good inside track on the deal," Brown says.

What's next: "We've got capital to do similarly sized deals," Brown says. "We would look at those and smaller deals."

"We're seeing more quality companies coming to market and a lessening of the bid-ask spread in terms of being able to get deals."

What we're watching: ArborMetrix, a data analytics firm that's raised about $35 million from VCs, could be one logical prospective target, an industry consultant says. 

Aldrich Capital-backed chronic care management platform Persivia is another, the consultant says. 

💭 Thought bubble: Given it's focus on consolidating competitors like Q-Centrix, MRO could also go after clinical data exchange startup Moxe Health, which raised $25 million in debt financing last year.

How it works: MRO's platform is designed to help providers, payors and life sciences companies exchange patient data in a compliant and secure way.

With Q-Centrix, the combined entity now serves more than 2,000 hospitals.

Since Parthenon invested in 2019, MRO has acquired MediCopy Services,  FIGmd and Cobius Healthcare. 

State of play: "A bunch of these registry companies have been getting snapped up lately," the consultant says.

New Mountain-backed Datavant has been on a buying spree, spending $400 million on Aetion in May and acquiring Ontellus for an undisclosed price last month from Aquiline and Capstreet. 

Highlander Health, a pharma-focused data business led by Flatiron vet Amy Abernethy, acquired Target RWE for an undisclosed price in January. 

Excellere Partners-backed Concord Technologies is reportedly exploring a sale through Baird, marketing on between $40 million and $50 million in EBITDA.

Between the lines: "For most of these programs, there's still a premium placed on the precision of the data," says the consultant.

As technology has improved, "the registries are less and less distinctive."

Exclusive: Parthenon-backed MRO on deal hunt after recap

The company is scouting buys similar to its Q-Centrix deal last month.

Illustration of people shaking hands through binary code. 

Parthenon-backed health <a class="gtmContentClick" data-vars-link-text="data" data-vars-click-url="https://www.axios.com/pro/health-tech-deals/2025/05/27/data-dealmaking-aetion-datavant" data-vars-content-id="60e663f8-4b9f-48fd-b03c-fb9c1ed0ada8" data-vars-headline="Exclusive: Parthenon-backed MRO on deal hunt after recap" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/pro/health-tech-deals/2025/05/27/data-dealmaking-aetion-datavant" target="_self">data</a> exchange platform MRO is scouting buys similar to its Q-Centrix <a class="gtmContentClick" data-vars-link-text="deal" data-vars-click-url="https://mrocorp.com/press-release/mro-acquires-enterprise-clinical-data-management-platform-q-centrix/" data-vars-content-id="60e663f8-4b9f-48fd-b03c-fb9c1ed0ada8" data-vars-headline="Exclusive: Parthenon-backed MRO on deal hunt after recap" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://mrocorp.com/press-release/mro-acquires-enterprise-clinical-data-management-platform-q-centrix/" target="_blank">deal</a> last month, CEO Jason Brown tells Axios Pro.Why it matters: Parthenon recapitalized the business with the Q-Centrix deal, extending its exit timeline on MRO.

Exclusive: Parthenon-backed MRO on deal hunt after recap

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