Concord Technologies, a healthcare information technology company, has appointed Baird to explore a sale, according to three sources familiar with the situation.

Seattle-based Concord, which is minority held by Excellere Partners, generates between USD 40m to USD 50m in EBITDA, two of the sources said.

The company recently appointed Baird after a bakeoff and is expected to begin preparations for a sale in the coming months, these sources said.

Denver-based Excellere purchased a minority stake in Concord in 2019 in a process advised by Cascadia Capital, according to a press release. Concord founder and CEO Chris Moore owns a controlling stake, according to two of the sources.

Concord bills itself as a leading SaaS provider of cloud-based document exchange and interoperability software to more than 1,500 healthcare providers, according to Excellere’s website.

Concord is comparable to Solarity, a healthcare information technology company that last June disclosed that it sold a stake to TA Associates, said one source. Existing investor BV Investment Partners and management retained a “substantial” ownership stake in Solarity, according to a press release.

Concord has been an active consolidator in recent years. In January 2024 it acquired Biscom, a provider of healthcare document exchange services, from investment firms ParkerGate and Eldridge Industries for an undisclosed price. In November 2024, it purchased Opero, a developer of business apps in the Salesforce AppExchange group, also for an undisclosed price.

Concord is entering an active market for HCIT assets. GeBBS Healthcare Solutions was sold to EQT [STO:EQT] last September from ChrysCapital for an undisclosed price in a process advised by Jefferies and India’s Avendus.

In addition, Ontario Teachers Pension Plan last month invested an undisclosed amount in Omega Healthcare Management Services, joining existing investor Goldman Sachs Alternatives. Omega was advised by Goldman Sachs and TripleTree, according to a press release.

Concord, Baird and Excellere didn’t respond to requests for comment.