PARTHENON CAPITAL ANNOUNCES PARTNERSHIP WITH SMART DATA SOLUTIONS
Positions Healthcare Workflow Automation Leader for Accelerated Growth and Expansion of its Payer-focused Claims Automation Solutions
BOSTON, MA — Smart Data Solutions (“SDS” or the “Company”), a leading provider of data management, claim routing and workflow solutions to health plans and TPAs, announced the completion of a recapitalization transaction with Parthenon Capital (“Parthenon”), a growth-oriented private equity firm. As part of the transaction, the Blue Venture Fund, a unique collaboration representing 35 Blue Cross Blue Shield plans, is also investing. Terms of the transaction were not disclosed.
“We’re very excited to partner with an experienced healthcare investor like Parthenon. As we look to further accelerate growth and client success through internal investment and strategic acquisitions, Parthenon’s history of supporting high-growth businesses in payer technology and outsourced solutions will be invaluable.,” said Pat Bollom, co-CEO.
John Prange, co-CEO added, “Pat and I are very proud of what our team has built over the past 20 years in bringing reliable, tech-enabled solutions to our payer clients and have worked to become the go-to partner for all of their claims-related challenges. With our partnership with Parthenon, we will continue to innovate around high-value products and pursue advancement in our automation capabilities, all designed to drive efficiencies in the healthcare system.”
Dave Ament, Co-CEO of Parthenon, said, “SDS has combined a relentless focus on the client with strong operational and technical capabilities to become a market leader in helping manage the claims workflow. We are excited to partner with the SDS team to build on this success and support continued growth over time.”
Dan Killeen, a Principal at Parthenon, added, “SDS’s solutions enable payer organizations to have confidence in the claims process and ensure access to clean, standardized data. Payers are increasingly looking for automation-enabled service offerings to address administrative pain points across functional areas like claims management and SDS is well-positioned to be a key part of the solution.”
Kirkland & Ellis, LLP acted as legal advisor to Parthenon Capital Partners in connection with the transaction.
ABOUT SMART DATA SOLUTIONS
As a leader in healthcare automation, Smart Data Solutions’ mission is to make the healthcare market more efficient by leveraging technology to provide effective, high-quality claims processing solutions. SDS brings a comprehensive set of tools and processes to every opportunity, carefully configured to the individual needs of each client. Smart Data Solutions has focused on creating innovative solutions specifically to meet the needs of the healthcare market. Today, more than 400 TPAs, PPOs, HMOs, hospitals, and insurance companies depend on SDS for automation of intake, data capture, and front-end workflows for health insurance and claim administration entities. For more information about Smart Data Solutions please visit our website at www.sdata.us or contact us at 651.894.6400.
ABOUT PARTHENON CAPITAL
Parthenon Capital is a leading growth-oriented private equity firm with offices in Boston, San Francisco and Austin. Parthenon utilizes niche industry expertise and a deep execution team to invest in growth companies in service and technology industries. Parthenon seeks to be an active and aligned partner to management, either through recapitalization transactions or by backing new executives. Parthenon has particular expertise in healthcare, financial and insurance services, and technology services, but seeks any service, technology or delivery business with a strong value proposition and proprietary know-how. For more information, visit www.parthenoncapital.com.
SOURCE: Parthenon Capital