What You Should Know: – Phreesia, Inc., a company specializing in patient activation, has entered into a definitive agreement to acquire AccessOne Parent Holdings, Inc., a portfolio company of Frontier Growth. – The all-cash transaction is valued at $160M and is expected to close in the third or early fourth quarter of Phreesia’s 2026 fiscal year. AccessOne Background AccessOne is a market leader in providing financing solutions for healthcare receivables, working with some of the largest health systems in the U.S.. The company offers providers a scalable and compliant tool that improves collections while taking minimal credit risk and not undermining patient trust. AccessOne currently manages a receivables portfolio of approximately $450M. “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 of making care easier every day,” said Chaim Indig, Phreesia’s CEO and Co-Founder. “Phreesia has partnered with our clients to offer payment plans for many years and we believe the addition of AccessOne’s platform is a natural progression that will integrate well with our existing products and that we expect will add to our overall addressable market.” Phreesia intends to finance the acquisition through a combination of cash from its balance sheet and proceeds from a new, fully committed bridge loan. Phreesia has a preliminary expectation that the acquisition will contribute approximately $35M of annualized revenue and $11M of annualized Adjusted EBITDA. The company expects to provide an updated fiscal 2026 financial outlook after the close of the transaction.