Private equity firm Bain Capital has struck a deal to buy US healthcare software company HealthEdge, in a transaction that values the business at about $2.6bn including debt.

As part of the deal, Blackstone will exit its controlling stake in HealthEdge, which it has owned since 2020.

HealthEdge sells novel software for health insurers to modernise their systems in ways that ease designing healthcare plans and deciding about claims. It serves 115 health plans in the US, representing more than 110mn covered lives.

Devin O’Reilly and Paul Moskowitz, the Bain partners behind the deal, said HealthEdge stood to be a “driving force” of the deployment of generative artificial intelligence in health plans.

The company generated $86mn in earnings before interest, tax, depreciation and amortisation last year, as well as $400mn in revenues, according to one person briefed on the planned transaction.

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