Swedish investment firm EQT has acquired a controlling beneficial interest in GeBBS Healthcare Solutions, a provider of healthcare outsourcing solutions like revenue cycle management (RCM), health information management (HIM), and medical billing services.
The deal is valued at more than $850m, Reuters reported.
EQT acquired GeBBS from an Indian private equity firm ChrysCapital. The exact financial details of the transaction were not disclosed by the Swedish investment firm.
EQT has invested in GeBBS through the BPEA Private Equity Fund VIII, its dedicated Asia private equity fund.
The healthcare outsourcing solutions provider specialises in enhancing financial performance for US-based healthcare providers. The company offers advanced RCM services, including precise coding and billing practices.
It also offers a comprehensive suite of solutions that cover the entire RCM value chain.
Founded in 2005, GeBBS employs 13,000 people across the US, India, the Dominican Republic, and the Philippines.
The company maintains relationships with a wide array of US-based hospitals, physician groups, and other healthcare organisations.
EQT Private Capital India head and EQT Private Capital Asia advisory team partner Hari Gopalakrishnan said: “Healthcare technology is a key investment theme for EQT. GeBBS has developed a robust business with a clear focus on supporting healthcare providers through industry-leading solutions.
“We see strong alignment between GeBBS’ growth ambitions and EQT’s experience in creating long-term value. We look forward to supporting the team through EQT’s proven value creation playbook to further accelerate GeBBS’ growth momentum.”
EQT Private Capital Asia will help drive GeBBS’ next phase of growth and innovation.
The investment firm will use EQT’s experience in healthcare technology, its global network of industry experts, and its specialised digital value-creation team.
GeBBS CEO and managing director Milind Godbole said: “EQT has an impressive track record of building and scaling technology and business services platforms successfully.
“With a strong foundation built under ChrysCapital’s ownership, we believe we are well positioned to take GeBBS to the next level under EQT’s ownership using its well-proven value creation playbook.”
The transaction is anticipated to close in Q4 2024.
EQT Private Capital Asia received advisory services from Ropes & Gray, JSA Law, Deloitte Touche Tohmatsu, and PricewaterhouseCoopers.
On the other hand, the selling shareholders were advised by Jefferies and Avendus.
