Citizens M&A Advisory served as the exclusive financial advisor to Health iPASS, a provider of cloud-based patient engagement software and revenue cycle management technology, on the company’s sale to Sphere, backed by Waud Capital.
“The Health iPASS team has built a tremendous business with innovative technology and has reached a point where we will benefit from broader distribution channels, an in-house payment acquiring platform and a global brand. These gaps are filled when combined with Sphere,” Rajesh Voddiraju, founder and CEO of Health iPASS, said. “The Citizens team was instrumental in helping us get to the right outcome at the right time.”
“The Citizens M&A Advisory team really helped us to get organized and negotiate the best outcome for our shareholders. The team was with us during every step of the transaction and played a significant role in preparing materials, managing the entire process with interested parties and helping to optimize the final bids,” Imran Ahmad, CFO and COO of Health iPASS, said.
“Health iPASS’ software modernizes the patient experience, visibility to healthcare costs and ability to pay while giving the healthcare providers a higher probability to collect payments and improve the patients’ overall experience,” Don Holbrook, managing director at Citizens, said.
“Healthcare providers’ need for virtual interactions with their patients throughout the full patient experience is greater than ever. The Health iPASS software platform addresses those needs by delivering a streamlined healthcare consumer experience from appointment to final payment and enhancing provider revenue collections,” Andrew Rueff, executive chairman of Sphere and operating partner at Waud Capital, said. “This strategic acquisition advances Sphere’s strong presence in the healthcare and wellness market and brings together key components of the patient financial engagement workflow to address the growing demand for improved patient engagement and payment experience in healthcare.”
Citizens M&A Advisory focuses on middle market mergers and acquisitions as well as later-stage financing transactions.
