Patient access and operations software platform Luma Health is actively seeking acquisitions and could evaluate strategic options in 2027 after proving out its operational artificial intelligence (AI) roadmap and international expansion plans, CEO Adnan Iqbal said.

A new capital partner would likely be a growth equity or private equity firm backing further AI investment and overseas growth through a recapitalization that would also provide capital for a transformational acquisition, he said.

A combination with a mid-sized US revenue cycle company would be “quite powerful,” the CEO added. “Six months ago, if you had asked me who I would acquire, I would say RevSpring,” he noted, before it acquired Kyruus Health.

As consolidation continues, Iqbal noted San Mateo, California-based Luma as “a very attractive acquisition target” for large-scale revenue cycle and technology companies.

Separately, Luma is pursuing tuck-ins in clinical workflow solutions aimed at the chief medical information officer and chief nursing officer, Iqbal said, with healthcare marketing and patient financial experience among attractive areas.

Multiples for the companies Luma is looking to acquire are running at roughly 3x to 8x annual recurring revenue (ARR), Iqbal said.

Luma sells software that automates patient access and administrative workflows for health systems and medical groups, while integrating with electronic health record (EHR) systems. Newer AI capabilities automate conversational phone interactions, document and fax processing, outreach, scheduling, and other front- and back-office work.

Luma acquired Tonic Health, a patient intake and e-consent software provider, from R1 RCM in November 2025. The deal was a “strategic tuck-in,” according to Iqbal, who said the acquisition roughly doubled Luma’s Oracle Cerner customer base.

Founded in 2015 by Iqbal, President Aditya Bansod, and Chief Medical Officer Tashfeen Ekram, MD, Luma has raised around USD 160m in capital, last completing a USD 130m Series C round in 2021. FTV Capital and US Venture Partners are the two key backers, Iqbal said. Other investors include Texas Medical Center Venture Fund, InHealth Ventures, Stanford-StartX Fund, Azure Capital Partners, and DocuSign Ventures.

Luma’s contracted ARR is approaching USD 100m and growing more than 30% year over year, Iqbal said. The company became EBITDA profitable in 2026.

The business serves a little over 1,100 healthcare organizations representing more than 100m patients, including more than 15 US academic medical centers, across the US, UK, Canada, and the Caribbean. It is on track to reach at least 1,400 health systems and 160m patients, roughly half the US population, by the end of 2026, Iqbal said. Customers include Banner Health, Novant Health, Geisinger, the University of Florida, and Sun River Health.

Later this year, Luma plans to expand into Ireland, and it is seeing significant inbound interest from the Middle East and North Africa, the CEO noted.

Iqbal grouped the peer landscape into legacy patient communication companies including Artera, TeleVox, Clearwave, and Relatient; a middle group with broader offerings and deeper integration into call center, CRM, and revenue cycle systems, including Phreesia and RevSpring-owned Kyruus Health; and AI-forward players such as Assort Health and Notable Health. Among EHR vendors, only Epic Systems and eClinicalWorks build competing products, he said.

Recent sector deals include SpinSci Technologies’ purchase of Dialog Health and Clarify Health’s acquisition of Loyal Health in 2026. Frazier Healthcare Partners-backed RevSpring acquired Boston-based Kyruus Health in 2025. Also last year, Phreesia acquired AccessOne from Frontier Growth for USD 160m in cash, representing approximately 4.6x annualized revenue and 14.5x annualized adjusted EBITDA.

Financing activity included Assort Health’s USD 120m Series C led by Menlo Ventures at a USD 1.2bn valuation in June; Artera’s USD 65m growth investment led by Lead Edge Capital and Hyro’s USD 45m Series C led by Healthier Capital last year.

Consolidation will continue as health systems cut vendor counts under capacity limits, security exposure, and margin pressure, Iqbal said. Legacy players without AI-native capabilities will have to find a home, he said, pointing to the RevSpring and Clarify transactions. He also expects healthcare-adjacent technology companies to buy their way into the sector rather than build, citing Qualtrics’ USD 6.75bn acquisition of Press Ganey Forsta completed in May.

Luma has approximately 200 employees across the US, South America, and Europe. It works with law firm Wilson Sonsini.