Investment bank Berkery Noyes said that it advised Healthx Inc. on its majority recapitalization by growth equity firm Frontier Capital. Terms of the deal were not released. Healthx is based in Indianapolis and provides healthcare information technology to insurers and physicians.
Berkery Noyes, a leading independent investment bank providing mergers & acquisitions and capital raising advisory services to middle-market companies in the healthcare, information, and technology markets, announced that it represented Healthx, Inc. in its majority recapitalization by North Carolina-based growth equity firm Frontier Capital.
Healthx, based in Indianapolis, IN, is the leading provider of healthcare information technologies to health insurers, their members, and physicians. The Company’s cloud-based software-as-a-service (SaaS) technology platform delivers online healthcare portals to 12.8 million health plan members and 425,000 physicians, providing them with a central data repository for key, real-time information such as medical claims, benefit plan design and health plan eligibility data. Healthx’s offerings result in enhanced communications and engagement between health plans and their members, physicians and their patients, and employers and their employees.
“As healthcare information continues to get digitized and becomes more liquid, Healthx’s data integration and analytics technologies are in high demand. The Company has a lot of momentum and is well-positioned to capitalize on secular demographic trends and widespread initiatives to improve clinical outcomes, control costs and increase the insured population,” said Jon Krieger, Managing Director at Berkery Noyes.
“Frontier Capital is the ideal partner for Healthx. They have the deep healthcare and technology domain expertise to add value to our business, as evidenced by their past successes in other related portfolio companies” said Greg Bell, Healthx’s Founder and CEO. “Our advisor Jon Krieger and his team at Berkery Noyes ran a great process that resulted in a positive outcome for all parties.”
Michael Fram, a Managing Director at the New York-based private equity firm Liberty Partners, Healthx’s majority shareholder, added that “Healthx was a valued portfolio company of ours and we are very happy with the outcome of the process.”
According to John Guzzo, Managing Director at Berkery Noyes, “This transaction represents a broader market trend towards the need for communication portals across the healthcare, insurance and financial sectors.”
Founded in 1998 and based in Indianapolis, IN, Healthx is the leading provider of online healthcare portals to health insurers, medical providers and employers. The Company’s open-architected, cloud-based, software-as-a-service technology platform mines information that is housed in separate silos such as healthcare claims data, benefit plan design, and health plan member eligibility and delivers it to key healthcare constituents at the appropriate time. Healthx’s offerings result in enhanced communications and engagement between health plans and their members, physicians and their patients, and employers and their employees.
About Berkery Noyes
Berkery Noyes is a leading independent investment bank providing mergers & acquisitions and capital raising advisory services to middle-market companies in the healthcare, information, and technology markets. Berkery Noyes has advised many notable healthcare information technology companies including Relsys in its sale to Oracle, Strata Decision Technology in its sale to Veronis Suhler Stevenson, HCPro in its sale to The Riverside Company, and UpToDate in its sale to Wolters Kluwer.