TPG Considers Sale of Lyric for $5 Billion Amid AI Disruption Concerns

Private equity firm TPG is exploring the sale of Lyric, a healthcare software company that supports payments in the industry, for around $5 billion. This comes as software dealmaking shows signs of recovery after concerns about AI disruption triggered a selloff across the sector earlier this year.

The move follows TPG's acquisition of ClaimsXten for about $2.2 billion in 2022, which was rebranded as Lyric and has since experienced significant acceleration in revenue growth, according to TPG. The company generates around $250 million in annual earnings before interest, taxes, depreciation, and amortization (EBITDA), which could put it at a valuation of $5 billion considering a 20 times multiple.

TPG is working with investment bankers at JPMorgan Chase on the possible sale of Lyric. However, there is no guarantee that the sale process will lead to a deal for the company, and some prospective buyers are assessing whether AI-native competitors could ultimately perform many of the same functions more cheaply.

This uncertainty has led to wariness about what businesses are worth, especially in highly specialized software providers. The stock of smaller public peer Claritev tumbled 80% between September 2025 and May this year as investors fretted about AI disruption to software companies.