Private equity firm Alpine Investors acquired Medusind from H.I.G. Capital in January of this year. Founded in 2002 in Mumbai, India, Medusind offers revenue cycle management services to the healthcare industry. San Francisco-based Alpine’s acquisition of Medusind adds to its growing portfolio of medical and dental healthcare and software companies, which includes Lightwave Dental, Midwest Vision Partners, Optima Dermatology and Radicle Health.
The Path to Growth
Headquartered in Miami, H.I.G. Capital acquired Medusind from its founders in 2019. At the time, Medusind was a dual-shore business (U.S. and India) domiciled in India and privately owned by several institutional shareholders with minimal leverage. To carry out the acquisition, H.I.G. changed the corporate entity to a U.S. domiciled holding company and modified the organizational structure to facilitate first-time acquisition financing. Optimizing the legal structure created a more attractive business for U.S. investors.
During its ownership tenure, H.I.G. partnered with management at Medusind to improve the operating infrastructure, enhance the technology platform, expand the service offering and grow sales and marketing. For example, it incorporated AI and machine learning into the company’s core technology platform. During H.I.G.’s ownership, Medusind also completed the integration of three strategic add-on acquisitions.
Medusind, which is now headquartered in Miami, processed more than $2 billion in claims and served over 30,000 physicians as of the end of 2022.
“We believe we are the ideal partners to help Medusind accelerate its growth, continue to provide an exceptional level of customer service, and improve the efficiency and profitability for its clients,” Graham Weaver, CEO and founding partner at Alpine Investors, said in a statement when the deal was announced. Alpine, which specializes in majority buyouts in the software and services sectors, is also actively on the lookout for investments in additional revenue cycle management businesses across all healthcare specialties.
For more Deals of the Year coverage, see Mergers and Acquisitions Names the 2023 Middle-Market Deals of the Year.
