“New Mountain has had a longstanding sector thesis around the transformative potential for technology to drive greater efficiency in healthcare payments and we believe that the combined company is the platform to enable this,” said Matt Holt, Managing Director and President, Private Equity, at New Mountain Capital. “We are confident that this business will disrupt the status quo and improve outcomes for all stakeholders.”
The transaction is supported by an existing investor group of private equity and venture capital led by New Mountain Capital, Eir Partners, Battery Ventures, Ardan Equity Partners, Matrix Partners, and GV.
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The merger is subject to regulatory approvals and is expected to close in the first quarter of this year. Deutsche Bank served as financial advisor and Cooley LLP served as legal advisor to Machinify. J.P. Morgan Securities LLC served as financial advisor and Ropes & Gray LLP served as legal advisor to New Mountain.
About the merged Rawlings, Apixio PI and VARIS platform
The newly combined company from the merger of The Rawlings Group (“Rawlings”), Apixio’s Payment Integrity (PI) business, and VARIS is a leading healthcare intelligence company with expertise across the payment continuum, delivering unmatched value and efficiency to health plan clients across the country. Deployed by over 60 health plans, including many of the top 20, and representing more than 160 million lives, the company brings together a fully configurable and content-rich platform along with deep domain expertise. The company is focused on creating disruptive solutions to maximize financial outcomes today to drive down healthcare costs tomorrow.
About Machinify
Machinify is dedicated to developing AI-first processes for administrative decisioning across the healthcare claim payment cycle. Today, the company’s AI engine powers applications that have delivered hundreds of millions of dollars of annual cost savings for blue-chip health plans representing over 65 million lives. Machinify is headquartered in Palo Alto. For more information, visit: www.machinify.com.
About New Mountain Capital
New Mountain Capital is a New York-based investment firm that emphasizes business building and growth, rather than excessive risk, as it pursues long-term capital appreciation. The firm currently manages private equity, strategic equity, credit, and net lease real estate funds with over $55 billion in assets under management. New Mountain seeks out what it believes to be the highest quality growth leaders in carefully selected industry sectors and then works intensively with management to build the value of these companies. For more information, visit: www.newmountaincapital.com.
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