CipherHealth, a New York-based patient engagement platform, has mandated Lincoln International to explore a sale, according to five sources familiar with the situation.

The sale process is at an early stage, these sources said. Financial sponsors are expected to participate in the sale process, two of the sources said.

The company generates around USD 10m-USD 15m in EBITDA, some of the sources said.

The company is backed by JMI Equity, which in 2018 said it made a “significant growth investment” in the company. The investment totaled about USD 37.6m, according to a media report.

In August 2020, CipherHealth also secured growth capital financing from CIBC Innovation Banking. Financial terms of the deal were not disclosed. Proceeds were earmarked for expanding its operations, go-to-market programs and platform innovation.

PerfectServe, a Knoxville, Tennessee-based healthcare communications software platform, is a comp to CipherHealth, one of the sources said.

In February, this news service reported that PerfectServe was exploring a sale with William Blair. PerfectServe had EBITDA just shy of USD 20m in 2022 and was projecting USD 30m EBITDA this year, the same report said.

In June 2020, Jake Pyles, president and COO told this news service that CipherHealth is evaluating whether to become a buyer or seller within the next 12 to 24 months. CipherHealth was founded in 2009.

CIBC Innovation Banking declined to comment. CipherHealth, JMI Equity and Lincoln International did not respond to requests for comment.