TPG logo is seen in this illustration taken, August 3, 2026. REUTERS/Dado Ruvic/Illustration Purchase Licensing Rights, opens new tabSummaryCompaniesTPG is working with JPMorgan on possible Lyric sale, sources saidLyric generates about $250 million of annual EBITDA, sources saidInsurers including UnitedHealth, CVS and Humana hire Lyric to prevent inaccurate medical claims paymentsNEW YORK, Sept 9 (Reuters) - Private equity firm TPG (TPG.O), opens new tab is exploring the sale of Lyric, in a ‌process that could value the software company which supports payments in the healthcare industry at about $5 billion, people close to the discussions said.The move comes as software dealmaking has shown signs of recovery after concerns about artificial intelligence disruption triggered ​a selloff across the software sector earlier this year. Sign up here.As activity picks up, there remains wariness about ​what businesses are worth, and to what extent even highly specialized software providers ⁠could be affected by the technology's rapid evolution.Insurers such as UnitedHealth (UNH.N), opens new tab, CVS (CVS.N), opens new tab and Humana (HUM.N), opens new tab hire Lyric to ​identify and prevent inaccurate medical claims payments.TPG is working with investment bankers at JPMorgan Chase (JPM.N), opens new tab on a ​possible sale of Lyric, said the sources, who cautioned that there is no guarantee that the sale process will lead to a deal for Lyric, and also spoke on condition of anonymity to discuss private deliberations.The company generates about $250 million ​of annual earnings before interest, taxes, depreciation and amortization, or EBITDA, which normally could put it at ​a valuation of $5 billion considering a 20 times multiple, the people said.TPG and JPMorgan declined comment. Lyric didn't immediately respond ‌to ⁠a comment request.AI DISRUPTIONTPG acquired ClaimsXten for about $2.2 billion in 2022. The business had been part of Change Healthcare, but was sold to help smooth potential antitrust hurdles which threatened to derail Change's $13 billion acquisition by UnitedHealth. TPG rebranded the company as Lyric the following year.The investment firm has previously said that, since ​then, the company has ​experienced a significant acceleration ⁠in revenue growth. While the size of the growth is undisclosed, TPG said Lyric had benefited from the deployment of AI, and its dataset-rich business would ​compound those benefits.Despite this, some prospective software-company buyers are assessing whether AI-native competitors ​could ultimately ⁠perform many of the same functions more cheaply. This could undermine the financial assumptions used to value companies, including payment-integrity and claims-management technology firms, the sources said.Reflecting uncertainties in the space, the stock of smaller public peer ⁠Claritev (CTEV.N), opens new tab ​tumbled 80% between September 2025 and May this year as ​investors fretted about AI disruption to software companies. While it has recovered since then, it is still trading below $38 per share, from $72 ​per share one year ago.Reporting by Sabrina Valle in New York; Editing by David French and Nick ZieminskiOur Standards: The Thomson Reuters Trust Principles., opens new tabNY-based correspondent reporting on some of the largest deals in Healthcare and Industrials. Previously based in Houston, covering global operations of U.S. oil majors. Sabrina has a two-decade career in Business reporting, with a strong background in source-based enterprise and investigations. She previously worked at Bloomberg, Washington Post and has been based in Rio and D.C. covering large corporations, including finance, corruption and geopolitics.