- Barry Cohen will continue to lead OrboGraph as CEO
- Also, Tom Wimsett will be joining OrboGraph’s board of directors
- Justin Bentley of Citizens M&A Advisory provided advisory services to KLA on the deal
Revenue Management Solutions, a portfolio company of Thompson Street Capital Partners, has acquired OrboGraph, a provider of automation-focused healthcare remittance reconciliation technology and services. No financial terms were disclosed.
OrboGraph is a subsidary of KLA Corporation.
Justin Bentley of Citizens M&A Advisory provided advisory services to KLA in support of the transaction.
As part of the transaction, OrboGraph’s AI-based check imaging and fraud detection solutions will operate as an independent entity, retaining the OrboGraph name, within RMS post-closing. Barry Cohen will continue to lead OrboGraph as its CEO. Also, Tom Wimsett, a long-tenured payments executive, will be joining the OrboGraph’s board of directors.
On the deal, Brian Kornmann, TSCP Managing Director said in a statement, “We are pleased to announce the acquisition of Orbograph as the first add-on of RMS under the TSCP’s first Continuation Fund. Having spent seven years following the growth of OrboGraph under Barry Cohen’s leadership, we believe the timing is right for bringing together these two great companies. Both RMS and OrboGraph will remain active in exploring potential acquisition opportunities that provide leading technology-driven automation solutions in their respective markets.”
Founded in 2006 and based in Oklahoma City, RMS is technology-based healthcare remittance automation platform.
Thompson Street Capital Partners invests in the middle market.