Phreesia to acquire AccessOne for $160 million in cash deal

WILMINGTON, Del. - Phreesia, Inc. (NYSE:PHR), a patient activation company with a market capitalization of $1.86 billion and a "GREAT" financial health score according to InvestingPro, announced Thursday it has entered into a definitive agreement to acquire AccessOne Parent Holdings, Inc. for $160 million in cash.

The transaction is expected to close during the third quarter or early fourth quarter of Phreesia’s 2026 fiscal year, subject to customary closing conditions and regulatory approvals.

AccessOne provides financing solutions for healthcare receivables and currently manages a receivables portfolio of approximately $450 million. The company works with healthcare providers to improve collections while maintaining patient trust.

Phreesia plans to finance the acquisition through a combination of cash from its balance sheet and proceeds from a new, fully committed bridge loan. The company currently operates with a moderate debt level, maintaining a healthy debt-to-equity ratio of just 0.06, according to InvestingPro data.

"We have followed AccessOne’s progress over many years and admired its approach to addressing a critical gap in care that is consistent with our mission," said Chaim Indig, Phreesia’s CEO and Co-Founder, in the press release.

Mark Spinner, CEO of AccessOne, stated, "When we began thinking of the right home for AccessOne, Phreesia consistently came up as a natural fit operationally, strategically and culturally."

According to preliminary expectations stated in the announcement, the acquisition is projected to contribute approximately $35 million of annualized revenue and $11 million of annualized Adjusted EBITDA to Phreesia. The company expects to update its fiscal 2026 financial outlook following the close of the transaction. This acquisition comes as Phreesia demonstrates strong revenue growth of 16.29% over the last twelve months. InvestingPro analysis reveals 8 additional key insights about Phreesia’s financial position and growth prospects, available to subscribers.

Goldman Sachs is acting as financial advisor to Phreesia, while Houlihan Lokey is serving as exclusive financial advisor to AccessOne.

Phreesia, founded in 2005, reports that it enabled approximately 170 million patient visits in 2024. AccessOne currently serves over 160 provider organizations across 2,500 facilities and facilitates more than 3 million payments annually.

In other recent news, Phreesia announced the launch of VoiceAI, an artificial intelligence phone system designed to manage healthcare call volumes. This system utilizes natural language processing to efficiently route patient calls, aiming to reduce wait times and improve call management. Additionally, Phreesia has partnered with Sesame Workshop to introduce educational content featuring Sesame Street characters to engage parents during medical visits. This initiative will begin in October and aims to enhance health education for parents of young children.

On the financial front, Mizuho has initiated coverage of Phreesia stock with an Outperform rating, suggesting potential growth. KeyBanc Capital Markets has reiterated its Overweight rating on the company, citing growth catalysts, particularly in behavioral health, women’s health, and orthopedics groups. Similarly, JPMorgan maintained its Overweight rating, expressing confidence in Phreesia’s fiscal year 2026 growth prospects. These developments reflect growing interest and confidence from investment firms in Phreesia’s capabilities and future performance.

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