Neuberger and KKR have agreed to acquire a significant minority stake in Datavant, a Phoenix-based health information tech company, for undisclosed terms. New Mountain Capital, which has backed the company since 2014, will retain its control position following the transaction.

Datavant operates a health data ecosystem connecting patients, providers, payers, health data analytics companies, patient-facing applications, government agencies and life science companies to exchange patient-level data for uses including clinical care, value-based payments, health analytics and medical research. The company's network reaches more than 80,000 providers, 75 of the top 100 health systems and 350-plus ecosystem partners, with its data touching 90 percent of the US population and 80 percent of Medicare Advantage plan participants. Kyle Armbrester serves as CEO.

KKR is investing primarily through funds and accounts managed by its strategic investments group. Neuberger Capital Solutions, part of Neuberger Private Markets, manages roughly $12 billion in assets under management. The transaction is expected to close in the fourth quarter of 2026. JPMorgan Securities served as sole placement agent and lead financial advisor to Datavant, with Jefferies and Wells Fargo also serving as advisors.