Private equity firm GTCR has acquired XIFIN, a California-based provider of cloud-based software and services to diagnostic service providers.
XIFIN's technology platform enables end-to-end connectivity from patient to payor, linking together the many stakeholders in healthcare delivery.
Since its founding, XIFIN's technology solutions have supported some of the US's largest and most complex diagnostics providers. The company's customers occupy a diverse set of industry segments, including molecular diagnostics, pain management/toxicology, anatomic pathology, radiology, hospital outreach, medical device and clinical laboratories.
XIFIN's core product is a cloud-based workflow application designed to help clients optimise billing and collection practices, automate billing workflow and reduce regulatory compliance risk. XIFIN's health economics optimisation platform also includes additional cloud-based applications, including a Laboratory Information System, physician and patient portals, enterprise class business intelligence and a physician collaboration network.
As part of the transaction, GTCR will partner with founder and CEO Lâle White and the management team at XIFIN as they continue to grow and develop the company's services and product offering.
"We are excited to partner with Lâle and her team to acquire XIFIN," says Dean Mihas, managing director at GTCR. "We believe XIFIN's leading position, market expertise and best-in-class technology provide a unique value proposition to laboratories as they navigate a complex reimbursement and regulatory environment. GTCR looks forward to investing in the business and building a leading company within the healthcare information technology industry."
"GTCR is a great partner for XIFIN," says White. "They have tremendous capital resources and a proven history of building market-leading companies. GTCR shares our commitment to delivering health optimisation solutions and services to the diagnostic service provider market, and we will benefit immensely from GTCR's resources. XIFIN remains deeply committed to the markets we serve, and in expanding our investment in our customers, technology platform solutions and employees."
GTCR's investment in XIFIN was funded from GTCR Fund XI, a private equity fund raised in 2014 with USD3.85 billion of limited partner equity capital commitments. GE Capital and CapitalSource provided financing for the transaction. Kirkland & Ellis served as legal counsel to GTCR.
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