Transactions
May 14 2014
iHealth Technologies Merged With Connolly
Company Description
iHealth is a pioneer in the field of payment integrity with a suite of solutions that deliver significant value to its clients by providing automated post-adjudication, pre-payment review of payers’ claims to drive substantial savings. The Company delivers both prospective and retrospective payment integrity offerings to a robust customer base that includes many blue-chip payers across their commercial and government businesses. The Company offers analytics to help payer customers identify and address key issues from an operational and cost perspective. iHealth leverages proprietary intellectual property that has been developed and perfected over 10 years and has a highly experienced management team with deep domain knowledge and market credibility. iHealth was a portfolio company of Goldman Sachs and Oak Investment Partners.
Objectives
iHealth engaged TripleTree and Goldman Sachs to help evaluate and explore the Company’s strategic options. Recognizing the growing demand for payment integrity services and the opportunity for continued expansion, the Company sought a strategic partner with a shared vision of the future as well as the ability to invest in the Company’s long-term growth.
Results
After a highly targeted process, Advent International and its portfolio company Connolly emerged as the ideal partner for iHealth. Advent International is an experienced and successful investor in the payment integrity segment and its portfolio company Connolly is a successful recovery auditor with a significant footprint in the healthcare industry. The merger of Connolly and iHealth, along with the financial backing of Advent International, will provide significant strategic synergies, diversify the revenue mix, and propel meaningful growth for the combined entities.
LEAD INVESTMENT BANKERS
David Brownlie
Seth Kneller
Ashish Varshneya
Company Description
iHealth is a pioneer in the field of payment integrity with a suite of solutions that deliver significant value to its clients by providing automated post-adjudication, pre-payment review of payers’ claims to drive substantial savings. The Company delivers both prospective and retrospective payment integrity offerings to a robust customer base that includes many blue-chip payers across their commercial and government businesses. The Company offers analytics to help payer customers identify and address key issues from an operational and cost perspective. iHealth leverages proprietary intellectual property that has been developed and perfected over 10 years and has a highly experienced management team with deep domain knowledge and market credibility. iHealth was a portfolio company of Goldman Sachs and Oak Investment Partners.
Objectives
iHealth engaged TripleTree and Goldman Sachs to help evaluate and explore the Company’s strategic options. Recognizing the growing demand for payment integrity services and the opportunity for continued expansion, the Company sought a strategic partner with a shared vision of the future as well as the ability to invest in the Company’s long-term growth.
Results
After a highly targeted process, Advent International and its portfolio company Connolly emerged as the ideal partner for iHealth. Advent International is an experienced and successful investor in the payment integrity segment and its portfolio company Connolly is a successful recovery auditor with a significant footprint in the healthcare industry. The merger of Connolly and iHealth, along with the financial backing of Advent International, will provide significant strategic synergies, diversify the revenue mix, and propel meaningful growth for the combined entities.
LEAD INVESTMENT BANKERS
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