Office Ally , a leading healthcare technology company providing a comprehensive suite of cloud-based clearinghouse and software solutions to a national network of healthcare providers, partners, and health plans, announced a strategic growth investment from New Mountain Capital, a leading growth-oriented investment firm with more than $55 billion in assets under management. As part of the transaction, Francisco Partners, which originally invested in Office Ally in 2021, will also reinvest alongside management.
This investment empowers Office Ally to accelerate its strong growth and product roadmap to become a preeminent next-generation clearinghouse and software provider. With expanded resources, Office Ally will drive greater efficiency, automation, and interoperability across the healthcare ecosystem. Trusted by more than 80,000 healthcare organizations, Office Ally enables the exchange of more than 950 million transactions annually between providers and payers to coordinate patient care and enable healthcare payments.
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“We are thrilled to have the opportunity to work with both New Mountain Capital and Francisco Partners on this next chapter of growth for Office Ally,” said Chris Hart, CEO of Office Ally. “The team at Francisco Partners have been incredible enablers of our success over the past several years and the New Mountain Capital team’s investing acumen, strategic insights and operational knowledge across the healthcare technology space make them an ideal partner for us moving forward. On behalf of the entire Office Ally team, we are proud to support the critical work of healthcare providers and payers across the country—and we cannot wait to work with both of these great firms to further our mission.”
Matt Holt, Managing Director and President, Private Equity at New Mountain Capital said, “We are excited to partner with Chris Hart, Francisco Partners and the entire Office Ally team to build a next-generation healthcare technology platform company. We have tracked Office Ally’s innovation record over the past few years and believe that the company is exceptionally well-positioned to lead the modernization effort of payment in the U.S. healthcare systems. Office Ally can leverage its technology and data assets to enable what we see as a modern, real-time payment system, bringing together clinical and administrative processes into a model that’s aligned with an overall shift to outcomes-based payment models. At New Mountain, we have been investing in the modernization of the healthcare system and we plan to bring our ecosystem and network to the benefit of Office Ally. We are excited to support the company’s leadership position in helping to shift the U.S. healthcare systems from a broken system of antiquated processes to a modern, proactive and efficient system that’s better aligned with the health of patients.”
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Justin Chen, Partner at Francisco Partners said, “It has been a pleasure and a privilege to partner with Chris and the Office Ally team to accelerate growth and expand the business over the past several years. The team has built an exceptional company with a unique culture, customer-first approach, innovative product roadmap and compelling product suite. We are excited to continue supporting Office Ally’s mission and next stage of growth with our new partners at New Mountain Capital.”
William Blair served as financial advisor and Kirkland & Ellis served as legal advisor to Office Ally and Francisco Partners. Houlihan Lokey served as financial advisor and Ropes & Gray LLP served as legal advisor to New Mountain Capital.
Financial terms of the transaction were not disclosed.
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Source – businesswire
