Bain Capital is close to finalising a $2.6bn deal to acquire US-based healthcare software provider HealthEdge from private equity giant Blackstone, according to people familiar with the matter.

The transaction, which includes debt, is expected to be announced in the coming days. It marks another significant private equity-backed exit in the software space, a sector that has remained resilient despite broader macroeconomic headwinds.

Blackstone acquired HealthEdge in 2020 for $700m at the height of pandemic-driven investment in healthcare. Since then, it has funded bolt-on acquisitions including Wellframe and Altruista Health to expand the business. The sale to Bain Capital is expected to yield a two-fold return, sources said.

Minority investors including Coatue Management are also set to sell their stakes in the deal.

HealthEdge provides software solutions that help health insurers modernise operations, manage claims, and design benefit plans. Last year, the company generated $400m in revenue and $86m in EBITDA.

For Bain Capital, the transaction aligns with its broader investment strategy in healthcare technology. The firm manages $185bn in assets and owns Zelis, a leading healthcare payments business. Earlier this year, Bain also made a take-private bid for Surgery Partners.

While M&A activity has slowed due to interest rate uncertainty and geopolitical volatility, software continues to attract strong private equity interest. Recent large-scale transactions include Clearlake Capital’s majority investment in Modernizing Medicine at a $5.3bn valuation, and Siemens AG’s $5.1bn acquisition of Dotmatics.

Blackstone initially sought to sell HealthEdge in 2022 but struggled to achieve its desired valuation. The current deal signals renewed appetite for high-growth software assets and underscores continued investor confidence in healthcare tech.