ST. LOUIS–(BUSINESS WIRE)–Thompson Street Capital Partners (TSCP), a St. Louis-based private equity firm, today announced that Revenue Management Solutions (RMS), a provider of automated healthcare payment reconciliation services, acquired OrboGraph, a subsidiary of KLA Corporation (NasdaqGS: KLAC). Justin Bentley of Citizens M&A Advisory provided advisory services to KLA in support of the transaction. Terms of the transaction were not immediately disclosed.
The acquisition of OrboGraph brings together two leading providers of automation-focused healthcare payment reconciliation technologies and services. Combined, the company will process more than 350 million annual transactions across more than 14,000 National Supplier Identifiers (“NPIs”).
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 after closing. Barry Cohen will continue to lead OrboGraph as CEO. It was also announced that Tom Wimsett, a long-time payments executive, will join OrboGraph’s board of directors.
Brian Kornmann, Managing Director of TSCP, said, “We are pleased to announce the acquisition of OrboGraph as the first add-on to RMS under TSCP’s first continuation fund. After spending seven years following the growth of OrboGraph under the leadership of Barry Cohen, we believe the time has come to bring these two great companies together. Both RMS and OrboGraph will remain active in exploring potential acquisition opportunities that provide technology-driven automation solutions in their respective markets.
Scott Thomas, CEO of RMS, said, “We are delighted to welcome the OrboGraph team to the RMS organization. The combined company’s commitment to automation technology and industry-leading customer service model will continue to transform the market for automated payment reconciliation services. »
Barry Cohen, CEO of OrboGraph, added: “This acquisition brings together two major strengths in RMS and OrboGraph. I look forward to working with RMS to integrate Enterprise Health Services and to continue to lead and focus on growing our check business as a standalone division within RMS.
Founded in 2006 and based in Oklahoma City, Oklahoma, RMS (rmsweb.com/) is the leading technology-based remittance automation platform. Used by over 14,000 acute care, revenue cycle management, dental and pharmaceutical billing NPIs, RMS enables healthcare providers, contractors and facilities to optimize payment matching processes, reconciliation and RCM. RMS processes more than 19 million transactions per month, delivering its technology-driven solutions directly to customers and through established channel relationships with leading financial institutions across the United States.
OrboGraph LLC. and OrboGraph LTD. (www.orbograph.com), an independent Revenue Management Solutions (RMS) company, is a leading developer and provider of check recognition, payment negotiability and check fraud detection solutions for the US check processing market. Nearly 4,000 financial institutions, service bureaus and clearinghouses rely on OrboGraph technology to process billions of checks and payments each year.
About Thompson Street Capital Partners
Thompson Street Capital Partners (www.tscp.com) is a St. Louis-based private equity firm focused on investing in middle-market, founder-led companies in the life sciences and healthcare, software and technology industries, and business and consumer services and products. TSCP partners with management teams to increase value by accelerating growth, both organically and through acquisitions.