Halyard Capital, a New York based private equity firm, announced today that it has sold its Houston, TX based portfolio company, Practice Insight. The Company is a leading software-as-a service revenue cycle management platform sold through many of the best-known healthcare IT vendors in North America and utilized by over 60,000 healthcare providers. Terms of the transaction were not disclosed.
Houston Johnson, CEO of Practice Insight, said, “We have appreciated our partnership with the Halyard team who not only provided strategic guidance to help fuel growth over the course of their ownership but also helped navigate this transaction to find a home for the business where it would thrive.”
“We are extremely pleased to have worked with the management team at Practice Insight since 2011 as they’ve built a leading revenue cycle management business”, said Brendyn Grimaldi, Principal of Halyard Capital. “The acquisition gives Practice Insight the opportunity to join a family of companies that will provide the necessary resources to further accelerate growth”, added Grimaldi.
Robert Nolan, Managing Partner at Halyard Capital, added, “We wish the team all the best in the future and we will follow them closely as they continue to innovate in the marketplace.”
The Company was represented by Harris Williams & Co. and received legal advice from Andrews Kurth Kenyon LLP. The sale of Practice Insight represents the seventh significant monetization from Halyard Capital Fund II.
About Halyard Capital
Halyard Capital is a lower middle-market private equity firm focused on creating value within companies in high- growth sectors. Halyard’s sectors of focus include technology-enabled Business and Information Services, Digital Marketing and Data Analytics, IT Security and IT Infrastructure and Communications. The firm specializes in growth equity, leveraged buyouts and structured equity investments and its investment philosophy rests upon its deep understanding of its targeted industries, the development of its investment theses, and its network of executive relationships. For more information about Halyard Capital visit www.halyard.com
About Practice Insight Practice Insight’s principals have been deeply immersed in providing services to the healthcare industry since 1977. Together they founded Practice Insight in 2003. Since then the company has grown rapidly by providing fast, secure, robust, integrated EDI solutions through its industry-leading proprietary software, EDIinsight. Practice Insight brings the power of EDIinsight to more than 100 different practice management software brands, and has partnered with many of the best-known healthcare IT vendors and resellers in North America. More than 60,000 providers in all 50 states rely on the power of Practice Insight’s technology. For more information about Practice Insight visit www.practiceinsight.net.