GTCR has acquired Wixom, Michigan-based RevSpring Inc, a provider of multi-channel billing and communications solutions for the healthcare and financial services industries. GTCR is teaming up with RevSpring management to pursue growth initiatives as well as make acquisitions. The private equity firm is committing up to $400 million to support this strategy.
CHICAGO, IL – November 7, 2016
GTCR, a leading private equity firm, announced today that it has acquired RevSpring, Inc., a leading provider of multi-channel billing and communications solutions to the healthcare and financial services industries. GTCR is partnering with RevSpring’s existing management team to pursue growth initiatives at RevSpring as well as complementary acquisitions in the multi-vertical billing and payments industries. To support this strategy, GTCR has committed up to $400 million of equity capital to the platform.
RevSpring helps customers accelerate revenue through an end-to-end platform of offerings that includes physical and electronic invoices, consumer payment portals, data cleansing solutions and analytics tools that validate consumer identities and optimize engagement. RevSpring serves a diversified client base of approximately 2,000 health systems & hospitals, revenue cycle management providers and financial services organizations.
Headquartered in Wixom, Michigan, RevSpring was formed by the merger of PSC and DANTOM in 2012 and has since become one of the largest billing providers in the industry.
Collin Roche, Managing Director at GTCR, said, “In acquiring RevSpring, GTCR leveraged its long history and extensive experience in both the billing & payments and healthcare industries to develop a truly differentiated perspective. We are excited to pursue our strategy and continue building a market-leading business with management, both organically and through acquisition, in the coming years.”
“We are excited to partner with the talented team at RevSpring as we work together to build a leading, differentiated provider of billing and payments solutions,” continued Aaron Cohen, Managing Director at GTCR. “RevSpring’s end-to-end offering and unwavering commitment to customer service have differentiated it within the healthcare and financial services industries, and we believe there is substantial opportunity to extend both to serve customers in new markets.”
Financing for the transaction is being arranged by Jefferies, Madison Capital, Newstone, and Northwestern Mutual. The transaction is expected to close in late November, subject to customary regulatory approvals.
Founded in 1980, GTCR is a leading private equity firm focused on investing in growth companies in the Financial Services & Technology, Healthcare, Technology, Media & Telecommunications and Growth Business Services 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 $12 billion in over 200 companies. For more information, please visit www.gtcr.com.
Headquartered in Wixom, MI, RevSpring facilitates over one billion customer interactions annually, serving more than 2,000 clients in the healthcare and financial services spaces. Its vertically specialized solutions accelerate cash flow and ensure compliance on time-sensitive consumer communications, including mail, web, text, and phone. In addition, RevSpring improves the workflow, design and distribution of consumer communications to make interactions more impactful, meaningful, and effective. For more information, please visit www.revspringinc.com.