Parthenon Capital has recapitalized Mount Laurel, New Jersey-based Nuvem Health, a provider of pharmacy claims administration and related analytics solutions to safety net healthcare providers. No financial terms were disclosed.
BOSTON–(BUSINESS WIRE)–Nuvem Health (“Nuvem” or the “Company”), a high-growth, healthcare technology company offering pharmacy claims administration and related analytics solutions to safety net healthcare providers, announced the completion of a recapitalization transaction with Parthenon Capital (“Parthenon”), a growth-oriented private equity firm. Proceeds from the transaction will be used to accelerate growth initiatives and to provide liquidity to non-management shareholders. The Company’s senior leadership team, including Founder & President Colleen DiClaudio and CEO Gonen Antebi, will continue to lead the organization post-closing.
“We are thrilled to partner with Parthenon to pursue our growth strategy and to continue our mission of delivering innovative healthcare technology solutions for healthcare provider organizations nationwide,” said Gonen Antebi. “Parthenon’s track record within healthcare technology and approach to supporting high-growth businesses was the combination of experience and resource support we were looking for as we seek to expand our offering both organically and through strategic acquisitions.” Colleen DiClaudio added, “I am incredibly proud of what our team and company has accomplished in bringing software and tech-enabled services to the market that allow our clients to achieve savings and to drive business efficiencies so they can focus on delivering high-quality patient care. I am excited to work with Parthenon to expand what we can do for our clients and to broaden our reach in the coming years.”
Dave Ament, Co-CEO of Parthenon, said, “Nuvem brings a unique combination of deep industry expertise, entrepreneurial energy and a commitment to innovation together to address the technology needs of a critical, but often underserved, healthcare provider client base. We are excited to partner with the Nuvem team to support their growth initiatives over time.”
Kurt Brumme, a Principal at Parthenon, added, “Nuvem’s solutions allow safety net providers to leverage technology to create meaningful business efficiencies, thereby enabling them to focus on expanding care and community support for some of the most vulnerable patient populations. We see a compelling opportunity to build upon Nuvem’s track record of client success and to extend the company’s offering in both existing and new market segments.”
Terms of the investment were not disclosed.
Nuvem is a leading provider of innovative, pharmacy claims administration and related technology-enabled solutions for healthcare provider organizations nationwide. It is Nuvem’s mission to make healthcare technology an asset to each clients’ organization. Nuvem’s flagship product, 340BasicsTM, is a pharmacy claims administration platform that enables qualified healthcare providers to purchase drugs under the Federal 340B Drug Discount Program. Clients leverage Nuvem’s platform and industry-leading client support to manage day-to-day pharmacy claims processing and to build and optimize retail pharmacy networks that afford patients convenient access to their medications. Nuvem has also successfully launched a suite of add-on products and services to deliver billing and collections, audit and compliance, and specialty pharmacy referral solutions that provide incremental efficiencies and savings for clients. Nuvem is headquartered in Mount Laurel, NJ with an additional office in Melville, NY. For more information, visit www.nuvemhealth.com.
ABOUT PARTHENON CAPITAL
Parthenon Capital is a leading growth-oriented private equity firm with offices in Boston, San Francisco and Austin. Parthenon utilizes niche industry expertise and a deep execution team to invest in growth companies in service and technology industries. Parthenon seeks to be an active and aligned partner to management, either through recapitalization transactions or by backing new executives. Parthenon has particular expertise in financial and insurance services, healthcare and technology services, but seeks any service, technology or delivery business with a strong value proposition and proprietary know-how. For more information, visit www.parthenoncapital.com.