Swedish private investment firm EQT has agreed to acquire a controlling stake in GeBBS, a global provider of healthcare outsourcing solutions, from ChrysCapital. While financial terms of the deal have not been disclosed, reports suggest a purchase price of over $850m.
EQT is making the investment via the BPEA Private Equity Fund VIII, its Asia private equity fund, which, according to a press statement statement, will support GeBBS’ “next phase of accelerated growth and innovation”.
With this transaction, which is expected to close in Q4 2024, BPEA Private Equity Fund VIII will be 70-75% invested.
GeBBS offers a range of services which help US-based healthcare providers improve their financial performance by optimising revenue cycle management (RCM) processes and ensuring accurate coding and billing practices. The Company – which was founded in 2005 – has established a global footprint of 13,000 employees spread across the US, India, Dominican Republic and Philippines.
Hari Gopalakrishnan, Partner in the EQT Private Capital Asia advisory team and Head of EQT Private Capital India, said: “Healthcare technology is a key investment theme for EQT. GeBBS has developed a robust business with a clear focus on supporting healthcare providers through industry leading solutions. We see strong alignment between GeBBS’ growth ambitions and EQT’s experience in creating long-term value. We look forward to supporting the team through EQT’s proven value creation playbook to further accelerate GeBBS’ growth momentum.”
Akshat Babbar, Managing Director, of Indian private equity firm ChrysCapital Advisors, said,: “We are extremely glad to have partnered with GeBBS Healthcare. The Company’s deep capabilities and technological prowess make it the partner of choice for large health systems in the US. Since our investment, the Company has delivered industry-leading organic growth and, through four key acquisitions, added new competencies and expanded its global footprint. We wish EQT all the best as they continue the journey and take GeBBS to new heights.”
EQT was advised by Ropes & Gray, JSA Law, Deloitte Touche Tohmatsu Limited, and PricewaterhouseCooper. Law firm Cooley, advised GeBBS and ChrysCapital.
