Health tech firms Apixio and ClaimLogiq complete merger

• ClaimLogiq’s first institutional investor EIR Partners will remain a significant minority investor in the combined company
• Apixio CEO Sachin Patel will become CEO of the combined entity, and ClaimLogiq CEO Tom Magnotta will become president and chief operating officer
• J.P. Morgan Securities LLC served as financial advisor to New Mountain Capital and Ropes & Gray LLP served as its legal counsel

Health tech companies Apixio and ClaimLogiq have merged to form a healthcare data and analytics company. The newly combined company will be branded as Apixio.

No financial terms were disclosed.

Apixio is headquartered in San Mateo, California while ClaimLogiq is headquartered in Mount Pleasant, South Carolina.

New Mountain Capital is backing the merger.

ClaimLogiq’s first institutional investor EIR Partners will remain a significant minority investor in the combined company.

Apixio CEO Sachin Patel will become CEO of the combined entity, and ClaimLogiq CEO Tom Magnotta will become president and chief operating officer.

“We view the merger of Apixio and ClaimLogiq as creating a truly differentiated player in the healthcare technology industry,” said Matt Holt, managing director and president, private equity at New Mountain Capital in a statement. “We intend to continue investing in the combined company’s existing artificial intelligence capabilities while also launching new products with the aim of building the leading ‘connected care’ platform in the marketplace, enabling health plans’ and provider groups’ transition to value-based care.”

J.P. Morgan Securities LLC served as financial advisor to New Mountain Capital and Ropes & Gray LLP served as its legal counsel.

New Mountain Capital has more than $37 billion in assets under management.