Scoop: NMC-backed Datavant to fold in SmarterDx following debt recap

New Mountain Capital plans to merge SmarterDx with Datavant following Datavant's planned debt recapitalization, Axios Pro has learned.

The latest: Datavant is raising about $2.5 billion in debt in a JPM-run recap process that would restructure its existing facility, two sources tell Axios Pro.

• Once that debt recap is complete, Datavant plans to fold in SmarterDx — one piece of the Smarter Technologies RCM platform that NMC formed in May 2025.

Context: SmarterDx helps analyze clinical procedures to ensure medical records support the correct reimbursement.

• It was merged with Access Healthcare and Thoughtful AI in 2025 to create Smarter Technologies.
• Smarter Technologies' website now shows two separate divisions — SmarterDx and Access Healthcare — indicating the breakup may be underway or already complete.
• It's unclear where Thoughtful lives. It's not listed as a separate entity on Smarter Technologies' website, though capability-wise it's closer to Access.

By the numbers: SmarterDx isn't profitable, but it generates about $150 million in revenue, which is up from $50 million in revenue when NMC acquired it last year.

• Datavant is on track to generate approximately $500 million in EBITDA this year.

Catch up quick: The businesses were part of a package of five health techs that was to be sold to Thoreau, a new shop led by ex-NMC exec Matt Holt.

• The total price was set at $32 billion, but the deal fell apart amid disagreements on debt levels, deferred payments and governance.