RevSpring and Apex Announce Transaction to Create Strategic Combination
LIVONIA, Mich. and ST. PAUL, Minn., Sept. 11, 2018
LIVONIA, Mich. and ST. PAUL, Minn., Sept. 11, 2018 /PRNewswire-PRWeb/ -- RevSpring and Apex Revenue Technologies announced today that they have entered into a definitive agreement to combine in a strategic transaction. The combined company, which will continue to conduct business as RevSpring, will be the leading provider of intelligent multi-channel consumer and patient engagement solutions, electronic and printed communications, and billing and payments solutions. On behalf of their customers, the combined companies generate over one billion consumer financial communications and $4 billion in consumer payment volume annually. The transaction is being led by GTCR, a leading private equity firm based in Chicago which is currently the majority shareholder of RevSpring. Closing is expected to be in the fourth quarter of 2018 after the receipt of regulatory approvals. Following closing, GTCR will be the majority shareholder with substantial ownership held by management of the combined companies.
RevSpring and Apex are pioneers in intelligent, analytics-driven consumer engagement and multi-modal communications platforms designed to drive the right message to the right consumer at the right time to drive the best outcome for both the patient and the healthcare provider. The companies' solutions are differentiated by proficiencies in consumer behavior analysis, propensity-to-pay scoring, intelligent design, and user experience best practices. These solutions allow healthcare providers and others to improve their revenue cycle management, increase customer and patient engagement, better leverage data and increase overall efficiency.
"Every day, over 700 team members at RevSpring and Apex strive to drive the best outcomes for their customers by leveraging technology to intelligently engage with each consumer. We all care deeply about the patients we serve and believe that every communication matters," said Rahul Gupta, RevSpring CEO. "I am thrilled that we can bring these two great companies together, creating enhanced scale and deeper capabilities. This combination will augment our capability to further evolve our powerful healthcare solutions and to continue our innovation on behalf of all our customers. I look forward to working with the Apex team to leverage our combined strengths."
"I am a strong believer in the merits of this combination," said Brian Kueppers, Apex Founder and CEO. "I am so extremely proud of the entire Apex team and all that we have accomplished together. This combination represents the next chapter in our mission to deliver world-class technology and data-driven solutions to this marketplace."
"We are gratified that RevSpring is joining forces with Brian Kueppers and the Apex team," continued Collin Roche, Managing Director at GTCR. "We have long respected Apex's position in the market and their service orientation. We believe that RevSpring and Apex have a shared perspective and commitment to their customers in healthcare, financial services and other industries. Our plans going forward are to continue to invest heavily in technology and further expand product offerings and solutions for current and future clients."
"We could not be prouder of Brian Kueppers and the Apex team. Their focus on serving their customers' needs and developing unique solutions has been the hallmark of Apex's growth," said John Turner, Partner of WestView Capital, a member of Apex's board of directors. "Together, we have accomplished great things, and while we won't be part of the next step in their journey, could not be more excited about the future of the combined Apex and RevSpring."
RevSpring is a leader in patient communication and payment systems that tailor engagement touch points to maximize revenue opportunities in acute and ambulatory settings. Since 1981, RevSpring has built the industry's most comprehensive and impactful suite of patient engagement, communications and payment pathways backed by behavior analysis, propensity-to-pay scoring, intelligent design and user experience best practices. RevSpring leverages "Best in KLAS" software and services to deliver over 1 billion smart medical communications each year that drive increased patient engagement and payment rates. To learn more visit https://revspringinc.com/healthcare/.
About Apex Revenue Technologies
Founded in 1995, Apex Revenue Technologies is a leader in healthcare technology solutions that provide insight into how patients pay to improve financial outcomes for providers and their patients. Apex's cloud-based software promotes patient financial engagement, streamlines patient billing processes, increases revenues and reduces the cost to collect from patients. The company's award-winning Apex Connect™ platform dynamically tailors financial communications and payment options to match healthcare provider goals with the needs of the patient for better results. To learn more, visit http://www.apexrevtech.com.
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 $15 billion in over 200 companies. For more information, please visit http://www.gtcr.com.
About WestView Capital Partners
WestView Capital Partners, a Boston-based private equity firm focused exclusively on middle market growth companies, manages approximately $1.7 billion in capital across four funds. WestView partners with existing management teams to sponsor minority and majority recapitalizations, growth, and consolidation transactions in industries such as healthcare technology and outsourcing business services, software and IT services, consumer, and growth industrial. WestView invests in companies with operating profits between $3 million and $20 million with investment sizes ranging from $10 million to $60 million. For more information, please visit http://www.wvcapital.com.
SOURCE Revspring, Inc.