Who Owns Health Catalyst Company?

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Who Owns Health Catalyst?

Understanding Health Catalyst's ownership is key to grasping its strategic direction and influence in healthcare. The company went public on July 25, 2019, shifting from private backing to public ownership.

Founded in 2008, Health Catalyst aims to use data for better healthcare outcomes. Their cloud-based platform integrates various data sources for insights.

Who owns Health Catalyst Company?

Health Catalyst was established in 2008 by Tom Burton and Steven Barlow. Tom Burton, a co-founder and former President, brought substantial experience in process improvement and IT from his time at Intermountain Healthcare. Steven Barlow is also recognized as a co-founder. While the precise initial ownership stakes of the founders are not publicly detailed, their early contributions were crucial to the company's formation and strategic direction.

Founding Visionaries Tom Burton and Steven Barlow co-founded Health Catalyst in 2008. Burton's background in healthcare IT and process improvement significantly influenced the company's early trajectory. Early Investment Landscape The company secured its first funding round on September 23, 2011. Significant early investors included Norwest Venture Partners, Sequoia Capital, and Kaiser Permanente Ventures. Angel Investor Involvement Brent James is noted as an angel investor in Health Catalyst. His early support was part of a broader base of angel and institutional backing. Pre-IPO Funding Prior to its Initial Public Offering (IPO), Health Catalyst successfully raised a total of $392 million across 10 funding rounds. This substantial capital infusion fueled its growth and development. Venture Capital Influence Venture capital firms typically implement provisions like vesting schedules and buy-sell agreements. These are designed to align founder incentives with the long-term success of the company. Early Executive Engagement Daniel D. Burton joined Health Catalyst as an investor and advisor in January 2011, when the company was in its nascent stages with only three employees. This early external involvement was key to shaping its path.

The early ownership structure of Health Catalyst was significantly influenced by its founders and the venture capital firms that provided crucial funding. While specific details on initial equity distribution are not public, the involvement of investors like Norwest Venture Partners and Sequoia Capital suggests a strategic partnership aimed at scaling the company. Understanding Revenue Streams & Business Model of Health Catalyst provides context for how these early investments were intended to generate returns.

Key Aspects of Early Ownership

The period before Health Catalyst's IPO was characterized by significant fundraising and the establishment of key investor relationships. These early stakeholders played a vital role in the company's growth trajectory.

• Founders Tom Burton and Steven Barlow established the company in 2008.
• Significant early investment came from venture capital firms such as Norwest Venture Partners and Sequoia Capital.
• Kaiser Permanente Ventures also participated in early funding rounds, indicating strategic industry alignment.
• The company raised a substantial $392 million over multiple funding rounds before its public offering.
• Early involvement of figures like Daniel D. Burton as an investor and advisor highlights the formative stage of external influence.

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Health Catalyst's ownership structure underwent a significant transformation with its Initial Public Offering (IPO) on July 25, 2019, moving from private to public ownership. This transition was further solidified by a secondary public offering in August 2021, impacting the distribution of shares and the overall Health Catalyst company structure.

As of July 18, 2025, Health Catalyst, Inc. is a publicly traded entity with a substantial portion of its shares held by institutional investors. This indicates a significant influence from major financial entities on the company's strategic direction and governance. Understanding who owns Health Catalyst is key to grasping its operational framework and future trajectory.

Major Health Catalyst Stakeholders

Institutional investors collectively hold a dominant stake in Health Catalyst, influencing its corporate decisions. Individual insiders also maintain a notable presence, albeit smaller, within the ownership structure.

• Institutional Ownership: Approximately 85.00% as of July 2025.
• Total Institutional Holders: 359 as of July 18, 2025.
• Individual Insider Ownership: Approximately 2.60% as of March 2025.
• Largest Institutional Shareholders: First Light Asset Management, LLC, BlackRock, Inc., and Vanguard Group Inc.
• First Light Asset Management, LLC Ownership: 14.865% as of March 31, 2025.
• Shares Outstanding: 69.6 million as of March 2025.

The Health Catalyst ownership breakdown reveals a strong reliance on institutional capital, with First Light Asset Management, LLC being the largest single shareholder. This concentration of ownership among large financial institutions suggests a governance model heavily influenced by external investment firms. For those interested in the company's market positioning, understanding the Target Market of Health Catalyst provides further context to these ownership dynamics.

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As of July 2025, the Health Catalyst Board of Directors comprises Daniel D. Burton (CEO), Duncan Gallagher, Jill Hoggard Green, John A. Kane, Matt Kolb, Julie Larson-Green, and Dawn Smith. Daniel D. Burton, who joined in January 2011, also holds the CEO position. Duncan Gallagher chairs both the Governance and Nominating Committees, having been on the board since May 2017. Jill Hoggard Green joined the board and its Compensation Committee in December 2024.

The company's board operates on a staggered, three-class system, with elections occurring annually for three-year terms. At the July 10, 2025, annual meeting, shareholders elected Duncan Gallagher and Dr. Jill Hoggard Green as Class III directors, with terms extending to 2028. A non-binding shareholder proposal to declassify the board was also approved. While common stock generally follows a one-share-one-vote principle, the substantial institutional ownership of 85.00% indicates that these major Health Catalyst investors collectively hold significant voting power. Insiders, including executives and board members, own approximately 2.60% of the company's stock. There have been no widely reported proxy fights or activist campaigns that have notably influenced company decisions beyond standard shareholder proposals.

Understanding Health Catalyst Stakeholders

The ownership structure of Health Catalyst is largely dominated by institutional investors. Understanding these Health Catalyst stakeholders is key to grasping the company's strategic direction.

• Institutional ownership stands at 85.00%.
• Insider ownership is approximately 2.60%.
• The board is structured in three staggered classes.
• Shareholders recently voted to explore declassifying the board.
• This structure influences who owns Health Catalyst and how decisions are made.

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Over the last 3 to 5 years, Health Catalyst has seen its ownership landscape evolve, with a significant increase in institutional backing and some insider selling. As of July 2025, institutional investors hold approximately 85.00% of the company's shares, totaling 65,139,316 shares. This substantial institutional presence, including major players like First Light Asset Management, BlackRock, Inc., and Vanguard Group Inc., highlights a clear trend towards professional asset managers overseeing a large portion of the company's equity.

Insider trading activity over the past 24 months shows a total sale of 197,740 Health Catalyst shares, amounting to $1,356,683.85. Several executives, including General Counsel Benjamin Landry and COO Daniel Lesueur, have engaged in multiple sell transactions in early 2025. While insider ownership remains around 2.60%, these sales are indicative of some founder and insider dilution as the company matures, a common occurrence for publicly traded entities.

Leadership and Strategic Focus

Jill Hoggard Green joined the Board of Directors and the Compensation Committee in December 2024. The company also announced changes to its CFO position, effective March 1, 2024. Health Catalyst is prioritizing technological advancements, notably releasing 10 AI-integrated data toolkits on Databricks Marketplace in July 2025.

Ownership Trends and Future Outlook

There have been no public announcements from the company or analysts regarding potential privatization or significant succession events that would substantially alter the current Health Catalyst ownership structure. The company's strategic direction and Marketing Strategy of Health Catalyst continue to be shaped by its leadership and technological innovations.

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