GTCR has acquired XIFIN, Inc., which provides cloud-based software and services to diagnostic service providers. As part of the deal, GTCR will partner with founder and chief executive officer Lâle White and the management team at the San Diego-based company. GTCR made the investment from its Fund XI, which closed on $3.85 billion earlier this year.
GTCR, a leading private equity firm, today announced that it has acquired XIFIN, Inc. (“XIFIN” or “the Company”). XIFIN, headquartered in San Diego, California, is a leading provider of cloud-based software and services to diagnostic service providers. XIFIN’s technology platform enables end-to-end connectivity from patient to payor, linking together the many stakeholders in healthcare delivery and optimizing for the best business and patient outcomes.
Since its founding, XIFIN’s technology solutions have supported some of the nation’s largest and most complex diagnostics providers. The Company’s customers occupy a diverse set of industry segments, including molecular diagnostics, pain management/toxicology, anatomic pathology, radiology, hospital outreach, medical device and clinical laboratories. Built on a secure, web services-based technology platform, XIFIN’s core product is a cloud-based workflow application designed to help clients optimize billing and collection practices, automate billing workflow and reduce regulatory compliance risk. XIFIN’s health economics optimization platform also includes additional cloud-based applications, including a Laboratory Information System, physician and patient portals, enterprise class business intelligence and a physician collaboration network. By bringing together financial and clinical information and combining with advanced business intelligence, XIFIN aims to provide diagnostic service providers the ability to lower healthcare costs while improving patient outcomes.
As part of the transaction, GTCR will partner with founder and CEO Lâle White and the management team at XIFIN as they continue to grow and develop the Company’s services and product offering. An accomplished industry veteran, Ms. White has built XIFIN into a market leading solution for complex laboratory business operations.
“We are excited to partner with Lâle and her team to acquire XIFIN,” said Dean Mihas, Managing Director at GTCR. “We believe XIFIN’s leading position, market expertise and best-in-class technology provide a unique value proposition to laboratories as they navigate a complex reimbursement and regulatory environment. GTCR looks forward to investing in the business and building a leading company within the healthcare information technology industry.”
“GTCR is a great partner for XIFIN,” stated Lâle White. “They have tremendous capital resources and a proven history of building market-leading companies. GTCR shares our commitment to delivering health optimization solutions and services to the diagnostic service provider market, and we will benefit immensely from GTCR’s resources. XIFIN remains deeply committed to the markets we serve, and in expanding our investment in our customers, technology platform solutions and employees.”
Ben Daverman, Vice President at GTCR, added: “The acquisition of XIFIN underscores GTCR’s extensive experience and track record in healthcare, information technology and financial services. Our history of successful investments in diagnostic laboratories and SaaS-based software providers will enable us to help fuel the next phase of XIFIN’s growth.”
GTCR’s investment in XIFIN was funded from GTCR Fund XI, a private equity fund raised in 2014 with $3.85 billion of limited partner equity capital commitments. GE Capital and CapitalSource provided financing for the transaction. Kirkland & Ellis LLP served as legal counsel to GTCR.
Founded in 1980, GTCR is a leading private equity firm focused on investing in growth companies in the Financial Services & Technology, Healthcare and Information Services & Technology industries. The Chicago-based firm pioneered The Leaders Strategy™ – finding and partnering with management leaders in core domains to identify, acquire and build market-leading companies through transformational acquisitions and organic growth. Since its inception, GTCR has invested more than $10 billion in over 200 companies. For more information, please visit www.gtcr.com.
XIFIN, Inc. is an innovative software and services company dedicated to optimizing the economics of healthcare. XIFIN’s mission is to deliver value to our customers through exceptional technology and services that provide the necessary metrics and knowledge to enable healthcare providers to drive out costs while maximizing value from their financial operations. We believe this vision is the key to unlocking a world where healthcare operates with efficiency and makes informed, optimized decisions, where information helps build healthy organizations and deliver the best care and patient outcomes possible. For more information, please visit www.xifin.com.Get your FREE trial or subscribe now to Buyouts to find new deal opportunities, super-charge your fundraising efforts and track top managers.