A group led by Starr Investment and Partners Group are to acquire MultiPlan from Silver Lake and private equity firm BC Partners.
Terms of the deal have not been disclosed.
Founded in 1980, MultiPlan delivers transaction-based solutions to healthcare payers. With a network of over 900,000 healthcare providers and extensive proprietary analytics, MultiPlan generates over USD11bn in medical cost savings on about 40 million claims annually. It optimises healthcare transactions by reducing medical costs through its network- and analytics-based solutions and by enabling efficient transaction processing through its technology platform.
"Today's announcement marks the next step in an exciting journey for MultiPlan," says Mark Tabak, MultiPlan's chief executive officer. "Starr's historical relationship with MultiPlan and its executives was fundamental in bringing our firms together. With the investment led by Starr and Partners Group, we have the long-term capital, strategic support and collective set of relationships to further grow our company and evolve our solutions in the rapidly-changing healthcare market and beyond."
"In an environment of escalating medical costs, MultiPlan's value proposition is increasingly critical and its innovative solutions ever more impactful to corporations and, more importantly, the lives of their employees," says Joel Schwartz, a managing director of Partners Group in New York.
"It has been our privilege to partner with MultiPlan," said Raymond Svider, managing partner of BC Partners, and Egon Durban, managing partner of Silver Lake. "Since our investment in 2010, MultiPlan has successfully integrated Viant and strengthened its foundation for long-term growth through enhanced technology capabilities, expanded customer relationships and deeper penetration into adjacent markets and new product lines."
The transaction has fully committed financing from Barclays PLC and JP Morgan Chase & Co and is subject to regulatory approvals and customary closing conditions.
