Activity? Yes. Excitement and liquidity? Not so much. Last year at this time we noted that 2011 saw fewer transformational deals than we would have expected. Surprisingly, 2012 saw fewer still. In fact, the two most noteworthy deals could have been the ones that failed to occur. Both Allscripts (#9) and Merge (#37) shut down their publicly announced sale processes without a winning bid, no doubt disappointing investors who purchased shares in hope of a quick flip (never a wise idea) as well as both companies’ investment bankers. There were some noteworthy M&A transactions among the HCI 100, however, so let’s review some of the highlights.
