Merative will deliver industry-leading data and technology across the healthcare value chain

SAN FRANCISCO, CA – June 30, 2022 – Francisco Partners, a leading global investment firm that
specializes in partnering with technology businesses, today announced that it has completed the
acquisition of healthcare data and analytics assets that were part of IBM’s (NYSE: IBM) Watson Health
business, previously announced in January.

Under the ownership of Francisco Partners, the new standalone company will be called Merative and will
be headquartered in Ann Arbor, Michigan.

Merative brings together market-leading offerings that deliver value across the global healthcare
ecosystem, serving clients in life sciences, provider, imaging, health plan, employer, and government
health and human services sectors.

Seasoned healthcare CEO Gerry McCarthy has been tapped to lead the new organization. McCarthy has
been in healthcare information technology for 30 years, most recently serving as CEO of eSolutions, a
Francisco Partners portfolio company, which exited to Waystar in October 2020. Prior to eSolutions,
Gerry was the President of TransUnion Healthcare and an executive at McKesson.

“Merative has market leading products, top clients and talented leadership,” said McCarthy. “With the
commitment, support and deep experience of Francisco Partners, we will invest heavily in expanding the
reach of these products as we continue to work with clients to improve healthcare delivery, decision
making and performance.”

Paul Roma, General Manager of the Watson Health business, will be transitioning to Senior Advisor to
Francisco Partners. McCarthy said, “Paul has been instrumental in driving crucial transformation of the
business. His relentless focus on customers has laid a solid foundation to build on, and we thank him for
his leadership.”

Merative’s products will be organized into six product families, including Health Insights; MarketScan;
Clinical Development; Social Program Management and Phytel; Micromedex, and Merge Imaging
solutions. Francisco Partners’ investment will provide Merative with significant resources and
opportunities for new investment, acquisitions, partnerships, and growth.

“Francisco Partners is excited about the opportunity to partner with the team and employees at Merative
to help them achieve their mission, bringing technology and expertise to clients across healthcare through
industry-leading data and analytics solutions,” said Ezra Perlman and Justin Chen of Francisco Partners.

“We appreciate IBM’s work in developing this business, and our ownership will help Merative drive
crucial focus in executing on organic and inorganic growth strategies.”

True Wind Capital and Sixth Street are investing in Merative. True Wind Capital is a San Francisco-based
private equity firm focused on investing in leading technology companies, and the team has a longstanding track record of partnering with healthcare businesses. Sixth Street is a global investment firm
that uses its long-term flexible capital, data-enabled capabilities, and One Team culture to develop themes
and offer solutions to companies across all stages of growth.

Deutsche Bank served as exclusive financial advisor and Kirkland & Ellis LLP served as legal advisor to
Francisco Partners.

About Francisco Partners
Francisco Partners is a leading global investment firm that specializes in partnering with technology and
technology-enabled businesses. Since its launch over 20 years ago, Francisco Partners has invested in
over 400 technology companies, making it one of the most active and longstanding investors in the
technology industry. With more than $45 billion in assets under management, the firm invests in
opportunities where its deep sectoral knowledge and operational expertise can help companies realize
their full potential. For more information on Francisco Partners, please visit www.Franciscopartners.com.

About Merative
Merative is a data, analytics and technology partner for the global health industry – including providers,
payers, life sciences companies and governments. With trusted technology and human expertise, the
company works with clients to drive real progress. Merative helps clients orient information and insights
around the people they serve to improve healthcare delivery, decision making and performance. Formerly
IBM Watson Health, Merative became a new standalone company under Francisco Partners’ ownership in
2022. Learn more at www.merative.com.

Media Contacts

For Francisco Partners & Merative:
Whit Clay
wclay@sloanepr.com

Sarah Braunstein
sbraunstein@sloanepr.com