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Revenue Management Solutions Closes Acquisition of US Check Processing Firm OrboGraph
Tuesday 16 August 2022

US-based private equity firm Thompson Street Capital Partners's Revenue Management Solutions, a provider of automated healthcare payments reconciliation services, has acquired US check processing firm OrboGraph from KLA Corp. (NASDAQ: KLAC), the firm said.

Justin Bentley of Citizens M and 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 providers of automation-focused healthcare remittance reconciliation technology and services.

Combined, the company will process over 350 m annual transactions across over 14,000 National Provider Identifiers.

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.

Founded in 2006 and based in Oklahoma City, Oklahoma, RMS a 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 19m 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, an independent company of Revenue management Solutions, is a developer and supplier of recognition solutions, payment negotiability, and check fraud detection 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 annually.

Thompson Street Capital Partners is a St. Louis-based private equity firm focused on investing in founder-led middle market businesses in the Life Sciences and Healthcare, Software and Technology, and Business and Consumer Services and Products sectors.
Date Published: 16/08/2022