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Citizens advises Health iPASS on sale to Sphere

Citizens M&A Advisory served as the exclusive financial advisor to Health iPASS, a high-growth, innovative provider of cloud-based patient engagement software and revenue cycle management technology, in its sale to Sphere, backed by Waud Capital.

Health iPASS specialises in solutions that enhance provider revenue collections and deliver a streamlined healthcare consumer experience from appointment to final payment. The software helps providers accelerate cash flow, reduce the cost to collect, lower claim denials and improve patient relations. The technology improves the healthcare consumer experience by simplifying the check-in process and payment experience by facilitating pre-service, time-of-service and post-service engagement and patient payments through an innovative, multi-channel virtual software interface.
“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,” says Rajesh Voddiraju, founder and chief executive officer of Health iPASS. “The Citizens team was instrumental in helping us get to the right outcome at the right time.”
Imran Ahmad, chief financial officer and chief operating officer of Health iPASS, says: “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.”
Don Holbrook, managing director at Citizens, says: “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.”
“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,” says Andrew Rueff, executive chairman of Sphere and operating partner at Waud Capital. “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 specialises in middle-market mergers and acquisitions as well as later-stage financing transactions. Citizens combines sector intelligence with a client-focused approach to realise our clients’ true value. The Citizens team has closed more than 150 transactions in the last five years and has more than 80 M&A professionals specialising in a range of industries across the United States. Citizens M&A Advisory is part of Citizens Capital Markets, Inc, a subsidiary of Citizens Financial Group (NYSE: CFG).

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