CHICAGO, Nov. 7, 2016 /PRNewswire/ -- GTCR, a leading private equity firm, announced today that it has acquired RevSpring, Inc., a leading provider of multi-channel billing and communications solutions to the healthcare and financial services industries. GTCR is partnering with RevSpring's existing management team to pursue growth initiatives at RevSpring as well as complementary acquisitions in the multi-vertical billing and payments industries. To support this strategy, GTCR has committed up to $400 million of equity capital to the platform.
RevSpring helps customers accelerate revenue through an end-to-end platform of offerings that includes physical and electronic invoices, consumer payment portals, data cleansing solutions and analytics tools that validate consumer identities and optimize engagement. RevSpring serves a diversified client base of approximately 2,000 health systems & hospitals, revenue cycle management providers and financial services organizations. Headquartered in Wixom, Michigan, RevSpring was formed by the merger of PSC and DANTOM in 2012 and has since become one of the largest billing providers in the industry. Collin Roche, Managing Director at GTCR, said, "In acquiring RevSpring, GTCR leveraged its long history and extensive experience in both the billing & payments and healthcare industries to develop a truly differentiated perspective. We are excited to pursue our strategy and continue building a market-leading business with management, both organically and through acquisition, in the coming years." "We are excited to partner with the talented team at RevSpring as we work together to build a leading, differentiated provider of billing and payments solutions," continued Aaron Cohen, Managing Director at GTCR. "RevSpring's end-to-end offering and unwavering commitment to customer service have differentiated it within the healthcare and financial services industries, and we believe there is substantial opportunity to extend both to serve customers in new markets." Financing for the transaction is being arranged by Jefferies, Madison Capital, Newstone, and Northwestern Mutual. The transaction is expected to close in late November, subject to customary regulatory approvals.