Murphy Business Sales
44
Off-Market Introductions
- Sector
- Medical Billing and Coding
- Engagement
- Off-Market Acquisition Origination
- Coverage
- United States and Canada
- Initial Mandate
- 60 Days
44 Off-Market Acquisition Introductions Originated in 60 Days
44
Off-Market Introductions
173
Market Responses
13,150
Target Universe
Murphy Business Sales had buyers seeking medical billing and coding businesses, but the relevant owners were outside formal sale processes. Pantheon mapped the North American market and generated 44 owner-level, off-market acquisition introductions in 60 days.
Company
Founded in 1994, Murphy Business Sales advises privately held businesses across the United States and Canada through a network of 300+ professionals, with more than $4.3 billion in completed transactions across sales, mergers and acquisitions, valuations and corporate acquisitions.
Visit WebsiteIndustry
M&A Advisory and Business Brokerage
Established buyer demand, limited visibility into privately held medical billing and coding companies, and no systematic route to owners outside active sale processes.
A mapped North American target universe and 44 owners who expressed acquisition interest and accepted an off-market introduction to Murphy.
The Challenge
Murphy needed direct access to relevant business owners before a formal sale process began.
Most medical billing and coding companies are privately held and do not appear in active sale processes. Inconsistent industry classifications made the market harder to map: relevant firms could appear under medical billing, coding, revenue cycle management, healthcare administration or adjacent business services. Murphy needed a complete target universe and owner-level access across it.
Key Challenges
- Reconstruct a market spread across inconsistent classifications
- Identify founders, owners and senior acquisition decision-makers
- Separate core medical billing and coding businesses from adjacent providers
- Qualify acquisition interest before transferring an introduction
The Solution
Pantheon reconstructed the market, prioritised the relevant companies and engaged their owners directly.
Pantheon used multiple data sources to map the North American market against Murphy's acquisition criteria. Our team then ranked companies by sector relevance, ownership profile and acquisition fit before activating the priority universe.
Market Construction
Pantheon consolidated fragmented company data into a universe of about 13,150 companies and associated decision-makers.
Counterparty Prioritisation
The team separated core billing and coding businesses from software vendors, staffing firms, consultants and other adjacent providers.
Owner-Level Engagement
Pantheon delivered 23,507 targeted emails to founders, owners and senior decision-makers, positioning the approach as a confidential acquisition conversation.
Qualification and Introduction
Pantheon assessed each response for company relevance, authority, acquisition interest and timing. Interested owners were introduced to Murphy with the available company context and engagement history.
The Results
Pantheon converted 173 market responses into 44 off-market acquisition introductions with zero competitive friction in 60 days.
All 44 opportunities were off-market. Each owner expressed interest in the acquisition proposition and accepted an introduction to Murphy before any formal sale process. More than one quarter of all respondents progressed to an introduction, equal to about one new owner-level conversation per business day.
44
Qualified Introductions
173
Responses Analysed
1 in 4
Respondents Introduced
Impact Highlights
- 44 off-market, owner-level acquisition introductions
- 13,150 companies and decision-makers mapped across North America
- 23,507 targeted emails and 173 responses analysed
- Zero competitive friction across the opportunities originated
Murphy gained direct access to owners outside formal sale processes, along with a mapped market it could use beyond the initial mandate.
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