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Health Catalyst CEO breaks silence on IPO, saying 2016 will be its last as a private company

Health Catalyst CEO Dan Burton broke his silence about the health IT company’s IPO plans.

Health Catalyst CEO Dan Burton offered an anticlimactic update on its initial public offering plans at the Health 2.0 conference this week that until now he has declined to discuss.

In an interview on the main stage with Michelle Noteboom of The Health Care Blog, Burton said it is “trying to think of 2016 as the last year we will be a private company.” Not exactly a breathtaking statement but more than Burton has previously revealed.

The seven year-old company was founded by Intermountain veterans Steve Barlow and Thomas Burton. At Health 2.0., Dan Burton said the health IT business had learned from its mistakes, as other startups have, that it didn’t know everything and could be surprised by market realities.

The news wasn’t entirely unexpected given that many had speculated it would be one of the next health IT companies to go public. The company was identified in a Rock Health survey of digital health investors as a top IPO candidate.

Burton noted in the interview that the company’s decision against M&A as an exit also turned off a couple of investors.

Health Catalyst recently inked a deal with Partners HealthCare to develop and license its caregiving strategies to other health systems. As Boston Business Journal described it, Partners will buy additional consulting services from Health Catalyst to better assess its spending and patient caseload. Health Catalyst will create a ceter for population health to train Health Catalyst employees. It will also manage licensing deals for Partners’ care strategies.

To date, Health Catalyst has raised $150 million, including a $70 million round in March, according to CrunchBase. Among its backers are Norwest Venture Partners, Sequoia Capital, Kaiser Permanente Ventures, Sorenson Capital, Partners HealthCare and CHV Capital.

During the summer, Health Catalyst acquired Health Care Data Works, an Ohio competitor with customers such as Tampa General Hospital and Orlando Health in Florida.