Paradigm Signs Definitive Agreement to Be Acquired by Patient Square Capital

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WALNUT CREEK, Calif.--(BUSINESS WIRE)--Feb 12, 2026--

Paradigm (“Paradigm” or the “Company”), a specialty care management organization focused on delivering solutions that improve outcomes for individuals with complex injuries and diagnoses, today announced that it has entered into a definitive agreement to be acquired by Patient Square Capital (“Patient Square”), a leading health care investment firm.

This planned investment by Patient Square reflects a long‑standing relationship with Paradigm’s leadership and deep familiarity with the Company’s mission and performance. It underscores Paradigm’s proven ability to manage complex, high‑acuity cases and its growing leadership in payment integrity, home health, and network services. It also reflects strong confidence in the Company’s ability to deliver measurable cost savings and improved outcomes for patients and clients in both the workers’ compensation and health care payer sectors. The transaction marks the successful conclusion of Paradigm’s partnership with OMERS Private Equity.

“Patient Square shares our commitment to improving outcomes for people facing the most complex health challenges. Their partnership will help Paradigm extend our proven model in workers’ compensation and accelerate our impact across the broader health care landscape,” said John S. Watts, Jr., CEO, Paradigm. “We are proud of the progress achieved in partnership with OMERS, and grateful for their support of our strategy and investment in our team and platform, which helped position Paradigm as a leader in complex care management.”

“Paradigm has built a leading business that delivers reliable outcomes in complex care management,” said David Katz, Partner at Patient Square. “We’re excited to partner with this seasoned team as the Company accelerates its growth and expands its impact for patients and payers.”

The transaction is expected to close in the first half of 2026. Leerink Partners served as lead financial advisor to Paradigm. Truist Securities, Inc. also served as financial advisor to the Company. Weil, Gotshal & Manges LLP is serving as legal advisor to Paradigm. Greenberg Traurig is acting as legal counsel to Patient Square, and UBS Investment Bank and Santander are serving as its financial advisors.

About Paradigm

Paradigm is a specialty care management organization, focused on improving the lives of people with complex injuries and diagnoses. For nearly 35 years, the company has been a pioneer in value-based care, generating the very best outcomes for patients, payers, and providers in the workers’ compensation and healthcare markets. Paradigm impacts complex, high-cost care and spend categories through risk-based clinical solutions and case management, specialty networks, home health, shared decision support, and payment integrity programs. The company consistently delivers proven cost savings, while improving outcomes across the continuum of care. For more information, please visit www.paradigmcorp.com.

About Patient Square Capital

Patient Square Capital is a dedicated health care investment firm with approximately $17 billion in assets under management. The firm aims to achieve strong investment returns by partnering with growth-oriented companies and top-tier management teams whose products, services, and technologies improve health. Patient Square utilizes deep industry expertise, a broad network of relationships, and a partnership approach to make investments in companies that will grow and thrive. Patient Square invests in businesses that strive to improve patient lives, strengthen communities, and create a healthier world. For more information, visit www.patientsquarecapital.com.

View source version on businesswire.com:https://www.businesswire.com/news/home/20260212969115/en/

CONTACT: Media Contacts:Paradigm

Robyn McNeill

SVP, Marketing & Communications

[email protected]

(925) 677-4718Patient Square Capital

Prosek Partners

[email protected]

KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA

INDUSTRY KEYWORD: HEALTH GENERAL HEALTH

SOURCE: Paradigm

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PUB: 02/12/2026 08:32 PM/DISC: 02/12/2026 08:33 PM

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