ST. LOUIS--(BUSINESS WIRE)--Thompson Street Capital Partners (TSCP), a private equity firm based in St. Louis, announced today that Revenue Management Solutions (RMS), a provider of automated healthcare payments reconciliation services, has 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 remittance reconciliation technology and services. Combined, the Company will process over 350 million annual transactions across over 14,000 National Provider Identifiers (“NPIs”).
As part of the transaction, OrboGraph’s industry leading 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. It was also announced that Tom Wimsett, a long-tenured payments executive, will be joining the Board of Directors of OrboGraph.
Brian Kornmann, TSCP Managing Director stated “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.”
Scott Thomas, CEO of RMS said, “We are thrilled to welcome the team at OrboGraph into the RMS organization. The combined company’s commitment to automation technology and leading customer service model will continue to transform the automated remittance reconciliation services market.”
Barry Cohen, CEO of OrboGraph added, “This acquisition brings together two great assets in RMS and OrboGraph. I look forward to working with RMS to integrate the healthcare services of the businesses and to continue to lead and focus on the growth of our check business as a stand-alone division within RMS.”
Founded in 2006 and based in Oklahoma City, Oklahoma, RMS (rmsweb.com/) is the leading technology-based healthcare remittance automation platform. Used by more than 14,000 acute care, revenue cycle management, dental and pharmacy billing NPIs, RMS allows healthcare providers, outsourcers, and facilities to optimize the remittance matching, reconciliation, and RCM processes. RMS processes over 19 million transactions monthly, offering its technology-driven solutions directly to customers and via established channel relationships with leading financial institutions throughout the United States.
OrboGraph LLC. and OrboGraph LTD. (www.orbograph.com), an independent company of Revenue management Solutions (RMS), is a premier developer and supplier of recognition solutions, payment negotiability, and check fraud detection for the U.S. check processing market. Nearly 4,000 financial institutions, service bureaus, and clearinghouses rely on OrboGraph technology to process billions of checks and payments annually.
About Thompson Street Capital Partners
Thompson Street Capital Partners (www.tscp.com) is a St. Louis-based private equity firm focused on investing in founder-led middle market businesses in the Life Sciences & Healthcare, Software & Technology, and Business and Consumer Services and Products sectors. TSCP partners with management teams to increase value by accelerating growth, both organically and via acquisitions.