GTCR Announces Sale of RevSpring
CHICAGO, March 12, 2024 /PRNewswire/ -- GTCR, a leading private equity firm, announced today that portfolio company RevSpring, Inc. ("RevSpring" or "the Company"), a leader in patient and consumer engagement and payment solutions, has been acquired by healthcare-focused investment firm Frazier Healthcare Partners.
Transaction Follows Successful Transformation of Leading Provider of Patient and Consumer Engagement and Payment Solutions
CHICAGO, March 12, 2024 /PRNewswire/ -- GTCR, a leading private equity firm, announced today that portfolio company RevSpring, Inc. ("RevSpring" or "the Company"), a leader in patient and consumer engagement and payment solutions, has been acquired by healthcare-focused investment firm Frazier Healthcare Partners.
Headquartered in Nashville, Tennessee, RevSpring is a leading provider of end-to-end communication and payment solutions in healthcare and financial services. In total, RevSpring sends 1.5 billion communications and processes over $8 billion in payment volume annually for its healthcare and financial services customers. RevSpring is rated #1 in Patient Communications in the "2024 Best in KLAS: Software & Services" report, published by KLAS, a leading healthcare research organization.
GTCR partnered with CEO Scott MacKenzie and the RevSpring management team to transform the business through investments in technology and product development and strategic acquisitions. Under Mr. MacKenzie's leadership, RevSpring increased product innovation for the Company's digital communications, payment portal and pre-service solution set, and expanded RevSpring's patient engagement suite across the continuum of patient care and into new healthcare end markets. These initiatives supported new client wins across healthcare channels and drove sustained record revenue growth for the Company.
"We are proud of the transformation that we accomplished at RevSpring working in partnership with Scott and the rest of the management team, building the business into a leading provider of patient engagement and payments solutions," said Collin Roche, GTCR Co-CEO and Managing Director. "We want to thank Scott and the management team for their partnership over the years and wish them the best on their next phase of growth."
"It has been an incredible journey for RevSpring with GTCR," said Mr. MacKenzie. "GTCR has been a great partner, working side-by-side with us to better serve our growing customer base. The strategic investments we made with GTCR will serve us well over the long term, and we will continue to invest in innovation and our exceptional customer service."
"Our investment in RevSpring is a great example of what a Leaders Strategy™ partnership can achieve. Pairing our domain expertise in healthcare and payments with the tremendous leadership of the RevSpring team allowed us to build an innovative industry leader. The Company has a bright future ahead, and we look forward to watching its continued success," said Aaron Cohen, Managing Director and Head of Financial Services & Technology at GTCR.
"We have enjoyed working with Scott and the team to strategically enhance RevSpring's value proposition and achieve strong growth," added KJ McConnell, Managing Director at GTCR. "Frazier Healthcare Partners is a highly regarded firm with deep healthcare and healthcare technology expertise, which will benefit RevSpring in its next chapter."
Morgan Stanley & Co. LLC and TripleTree acted as co-lead financial advisors and Kirkland & Ellis LLP served as legal counsel to RevSpring.
About GTCR
Founded in 1980, GTCR is a leading private equity firm that pioneered The Leaders Strategy™ – finding and partnering with management leaders in core domains to identify, acquire and build market-leading companies through organic growth and strategic acquisitions. GTCR is focused on investing in transformative growth in companies in the Business & Consumer Services, Financial Services & Technology, Healthcare and Technology, Media & Telecommunications sectors. Since its inception, GTCR has invested more than $25 billion in over 270 companies, and the firm currently manages $40 billion in equity capital. GTCR is based in Chicago with offices in New York and West Palm Beach. For more information, please visit www.gtcr.com. Follow us on LinkedIn.
About RevSpring, Inc.
Headquartered in Nashville, TN, RevSpring is a leading end-to-end platform for consumer-driven engagement and payments. The company has built the industry's most comprehensive and impactful patient and consumer engagement suite backed by behavior analysis, propensity-to-pay scoring, contextual messaging, and user experience best practices. Using proprietary data analytics to tailor the engagement from preservice to post-service to payment, RevSpring improves the patient experience and outcomes for providers, members and patients, and other industries focused on payments. To learn more, visit revspringinc.com. Follow us on LinkedIn and X (formerly Twitter).
GTCR Media Contact
Andrew Johnson
212.835.7042
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SOURCE GTCR
