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KKR Announces Strategic Acquisition of HealthCare Royalty Partners, Expanding the Firm’s Health Care Franchise and Enhancing its Life Sciences Strategy

KKR

NEW YORK–(BUSINESS WIRE)– KKR & Co. Inc., a leading global investment firm, today announced that it has acquired a majority ownership stake in HealthCare Royalty Partners (HCRx), a leading biopharma royalty acquisition company. This strategic partnership will enable KKR to enhance its capabilities in biopharma royalty and credit investing, while expanding the firm’s existing footprint in the life sciences ecosystem.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250730161531/en/

Founded in 2006 and headquartered in Stamford, Connecticut, HCRx has a strong track record of investing in commercial-stage and near-commercial-stage biopharmaceutical assets. Since inception, the firm has committed over $7 billion in capital and today manages approximately $3 billion in assets with a portfolio that spans over 10 therapeutic areas and over 55 products. HCRx’s deep expertise in royalty monetizations, private debt and corporate financing solutions presents significant opportunity given the biopharma royalties market is currently addressing only a small portion of total biopharma capital needs.

“As the biopharma industry has grown and matured, companies are increasingly seeking to partner with investors that can provide a range of capital to meet their financing needs. The HCRx acquisition supports KKR’s ability to provide comprehensive solutions across the health care spectrum and meaningfully expands our life sciences capabilities to address market demand,” said Ali Satvat, Partner, Co-Head of Health Care and Global Head of Health Care Strategic Growth at KKR. “We were drawn to HCRx given our long-standing relationship with the firm, its market leadership in biopharma royalties – an asset class with growing demand – and the expertise of its leadership team. We are deeply impressed with the differentiated platform that Clarke and the HCRx team have built, and we look forward to welcoming them to KKR.”

As part of the transaction, HCRx Chairman and CEO Clarke Futch will continue to lead the HCRx team and will maintain an ongoing substantial minority interest in HCRx. HCRx’s team will collaborate closely with KKR’s health care team to provide a range of financing solutions across the biopharma sector.

“Joining forces with KKR marks a significant milestone for HCRx. We share a common vision of supporting the growth and innovation of the biopharma industry,” said Mr. Futch. “With KKR’s resources, expertise and similar approach to partnership, we are well positioned to scale our platform, more comprehensively serve the landscape of biopharma companies and continue delivering value to our stakeholders.”

KKR has a long track record of supporting health care companies globally, having invested more than $20 billion of equity capital in the sector since 2004. KKR’s existing portfolio of life sciences companies includes BridgeBio Pharma, a clinical-stage biopharmaceutical company focused on genetic diseases, Dawn Bio, a platform that provides flexible equity capital to companies across the life sciences ecosystem, Immedica Pharma, a rare disease company, and Treeline Biosciences, an oncology-focused biotherapeutics platform, among others.

TD Securities served as exclusive financial advisor to HCRx.

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

About HCRx

HCRx is a leading royalty acquisition company focused on commercial and near-commercial biopharmaceutical products with offices in Stamford, San Francisco, Boston, London and Miami. HCRx has committed $7+ billion in over 110 biopharmaceutical products since inception. For more information, visit https://www.hcrx.com. HEALTHCARE ROYALTY®, HEALTHCARE ROYALTY PARTNERS® and HCRx® are registered trademarks of HealthCare Royalty Management, LLC.

Media Contacts
Liidia Liuksila
212-750-8300
media@KKR.com

Source: KKR & Co. Inc.

 

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Ambience Healthcare Announces $243 Million Series C to Scale its AI Platform for Health Systems

Oak HC FT

Oak HC/FT and Andreessen Horowitz (a16z) co-lead investment to accelerate the deployment of Ambience’s AI platform to transform clinical and administrative workflows for health systems across the country.  

Ambience Healthcare, the leading ambient AI platform for documentation, coding, and clinical documentation integrity (CDI), today announced a $243 million Series C round to scale its AI platform for health systems. The round was co-led by Oak HC/FT and Andreessen Horowitz (a16z), with participation from existing investors including the OpenAI Startup Fund, Kleiner Perkins, and Optum Ventures. New investors in the round include Frist Cressey Ventures, Town Hall Ventures, Smash Capital, Georgian, and Founders Circle Capital.

Ambience was architected with the understanding that health systems are not monolithic enterprises. They span ambulatory clinics, emergency departments, and inpatient hospitals — each with distinct workflows, specialties, and clinical and administrative demands. Ambience integrates directly into the EHR to meet this complexity, enabling its platform to adapt to the unique context of each care setting and specialty without requiring workflow redesign or staff retraining.

Building on its foundation of industry-leading ambient scribing, Ambience has grown into the leading end-to-end platform for documentation, coding, and clinical workflow support that operates across the full continuum of care. Today, it supports more than 100 ambulatory subspecialties, EDs, and inpatient specialties, producing structured, compliant documentation that improves clinical quality, reduces administrative burden, and drives revenue-cycle performance. The platform is powered by proprietary AI reasoning models purpose-built to handle the nuanced regulatory, clinical, and operational demands of real-world healthcare.

“The market response to Ambience goes beyond customer satisfaction – it reflects genuine customer love,” said Vig Chandramouli, Partner at Oak HC/FT. “Ambience has developed a comprehensive AI platform that not only works across specialties and integrates seamlessly with EHR systems, but also meets the rigorous standards of compliance teams – a rare and powerful combination. We’re proud to support them.”

Ambience is now used by leading health systems across the United States, including Cleveland Clinic, UCSF Health, Houston Methodist, and Memorial Hermann. Adoption has been fastest in high-complexity subspecialties, the emergency department and inpatient settings — areas with the greatest documentation burden. In recent KLAS evaluations, Ambience achieved a 97.7 customer satisfaction score, with top marks for product quality and responsiveness. It is also the first ambient solution with third-party validated, CFO-approved ROI tied to improved coding accuracy and compliance.

“Documentation has long been a source of friction,” shares CEO Michael Ng. “Ambience is turning it into a source of strength — transforming how clinicians deliver care, how administrators run operations, and how patients experience the system.”

  • For clinicians: Automates documentation with ambient listening, preps them with specialty-specific chart summaries, and simplifies complexity with built-in features like ICD-10 assistant and real-time compliance engine — all directly inside their existing EHR workflow. This reduces cognitive burden and documentation time, freeing clinicians to focus on delivering their best patient care.
  • For administrators: Standardizes workflows across coding, quality, CDI, prior authorization, and utilization management by producing complete, compliant documentation in real time. Built-in support includes CDI & ICD-10 coding assist and structured chart output tailored for operational review — all at leading levels of compliance from data captured throughout the entire clinical workflow.
  • For patients: Enhances understanding and care follow-through with contextually aware ambient listening and clear after-visit summaries. With Ambience handling documentation in the background, clinicians stay more engaged — strengthening trust, communication, and overall care experience.

“When we first backed Ambience at the seed, we saw the potential for their ambient AI product to be the wedge into a number of essential clinical workflows over time,” said Julie Yoo, general partner at Andreessen Horowitz (a16z). “In a space now crowded with point solutions, the exceptional team at Ambience has executed impressively over the years by expanding into a robust platform, grounded in real clinical needs—tailored to subspecialties, trusted by frontline providers, and delivering clear value to health systems. We’re honored to continue to support Ambience to bring AI to the places where it’s needed the most in healthcare.”

With this new funding, Ambience will continue expanding its AI platform across health systems and accelerate the delivery of products that make administrative tasks invisible, data accurate by default, and care teams more effective everywhere.

About Ambience Healthcare

Ambience Healthcare is the leading AI platform for documentation, coding, and clinical workflow, built to reduce administrative burden and protect revenue integrity at the point of care. Trusted by top health systems across North America, Ambience’s platform is live across outpatient, emergency, and inpatient settings, supporting more than 100 specialties with real-time, coding-aware documentation. The platform integrates directly with Epic, Oracle Cerner, athenahealth, and other major EHRs. Founded in 2020 by Mike Ng and Nikhil Buduma, Ambience is headquartered in San Francisco and backed by Oak HC/FT, Andreessen Horowitz (a16z), OpenAI Startup Fund, Kleiner Perkins, and other leading investors.

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TA Invests in HealthMark Group to Support the Next Phase of Growth

TA associates

DALLAS – HealthMark Group (“HealthMark” or “the Company”), a leading provider of clinical information exchange solutions for healthcare providers, today announced a strategic growth investment from TA Associates (“TA”), a leading global private equity firm. This partnership aims to accelerate HealthMark’s growth as the Company advances its mission to optimize the exchange of healthcare data through cutting-edge technology.

As part of the transaction, HealthMark management and existing investor Ridgemont Equity Partners will both roll meaningful ownership stakes, welcoming TA as the new lead investor. Financial terms of the transaction were not disclosed.

“TA’s belief in our vision has been evident for years, as they’ve closely followed our progress and laid the groundwork for this collaboration,” said Bart Howe, CEO of HealthMark. “With deep expertise in scaling healthcare technology businesses, their partnership, along with the continued support from Ridgemont, marks a pivotal moment for our company, positioning us to expand our capabilities and broaden our market reach. Together, we will continue transforming the patient information journey by driving efficiency, interoperability, and compliance to increase quality of care across the healthcare industry.”

Founded in 2006, HealthMark’s platform enables healthcare providers to outsource clinical information requests from health plans, law firms, insurance companies, patients, and other requestors. Through a network of over 60,000 providers and 5,000 facilities nationwide, the Company integrates with a disparate set of data sources and over 100 electronic medical record systems, allowing clinical information to be exchanged on an ongoing basis to meet compliance requirements. To date, HealthMark has processed more than 20 million clinical data requests, helping thousands of hospitals and clinics transform manual administrative processes into seamless digital encounters.

“HealthMark’s technology offers a compelling value proposition for providers and requestors alike,” said Ethan Liebermann, Managing Director and Head of the North America Healthcare Group at TA. “By streamlining clinical information exchange, requestors benefit from lower costs and faster access to fragmented clinical data. At the same time, providers gain meaningful administrative efficiencies, reduced compliance risk, and stronger patient satisfaction. We are proud to support HealthMark’s mission to further automate a mission-critical healthcare information workflow and ultimately drive better outcomes for patients across the healthcare ecosystem.”

“We have spent considerable time assessing the broader healthcare interoperability landscape, focusing on scalable solutions that solve the complexities of structuring and exchanging fragmented healthcare data,” added Eric Zagorski, Senior Vice President at TA. “We’re thrilled to partner with Bart, Ridgemont, and the exceptional HealthMark team as they continue to lead innovation in this critical area of healthcare infrastructure.”

“Since our investment, HealthMark’s footprint has expanded from three to 49 states, and its technological capabilities have advanced significantly,” said Anthony Cassano, Partner at Ridgemont Equity Partners. “We’re immensely proud of our partnership with Bart and the entire management team, and by partnering with TA, we’re even more excited to deepen interoperability, unlock new efficiencies for providers, and elevate patient care in the years ahead.”

About HealthMark Group
HealthMark Group is a leading provider of clinical information exchange solutions for healthcare providers across the country. With an unrelenting focus on the patient experience, HealthMark delivers secure, compliant, and technology-driven solutions to streamline the patient information journey. Our health data exchange solution helps thousands of hospitals and clinics transform administrative processes into seamless digital encounters. HealthMark Group is based in Dallas, TX and has been named to both the Dallas 100 and the Inc. 5000 for multiple years in a row as one of the fastest growing companies in the region and across the country. To learn more, visit us at healthmark-group.com or follow us on LinkedIn.

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Bristol Myers Squibb and Bain Capital Create New Company Dedicated to Developing Innovative Immunology Therapies that Address the Unmet Medical Needs of Patients

BainCapital

  • Five immunology assets in-licensed from BMS with potential to address unmet needs for patients with autoimmune diseases, including late-stage asset for lupus
  • Bain Capital leads $300 million financing commitment

PRINCETON, N.J. & BOSTON, MASS. — Bristol Myers Squibb (NYSE: BMY, “BMS”) and Bain Capital today announced the creation of a new independent biopharmaceutical company (“NewCo”) focused on developing new therapies for autoimmune diseases that address significant unmet needs of patients. The newly-formed company launches with five immunology assets in-licensed from BMS and a $300 million financing commitment that was led by Bain Capital.

The NewCo has a broad pipeline consisting of three clinical-stage and two Phase 1-ready investigational medicines that each target promising mechanisms in autoimmune diseases. The most advanced assets in the NewCo’s portfolio are afimetoran, an oral, potential best-in-class TLR7/8 inhibitor that is currently being studied in a Phase 2 clinical trial for systemic lupus erythematosus (SLE), and BMS-986322, an oral TYK2 inhibitor, which successfully established proof-of-concept in a positive plaque psoriasis Phase 2 trial. Other licensed assets include BMS-986326, a novel, potential best-in-class, IL2 fusion protein that is currently being studied in Phase 1 clinical trials for SLE and atopic dermatitis, and BMS-986481 and BMS-986498, two Phase 1-ready biologics targeting the IL18 and IL10 pathways respectively.

The assets licensed to NewCo reflect the strength of BMS’s scientific innovation and hold promise to address unmet needs for patients with autoimmune diseases. As part of the agreement, BMS will retain a nearly 20 percent equity stake in NewCo and will be entitled to royalties and milestones tied to the success of each asset. Robert Plenge, MD, PhD, Executive Vice President and Chief Research Officer at BMS, will also serve on NewCo’s Board of Directors. This transaction reflects BMS’s strategic shift in Immunology research to focus on assets that have the potential to reset the immune system and promote tissue repair. It also further demonstrates the company’s sharpened strategy to invest in areas where BMS is best positioned to lead, while enabling the continued development of promising medicines.

“These assets have significant potential, and we are confident that this new company will drive their development to ensure greater impact for patients,” said Julie Rozenblyum, Senior Vice President, Business Development at BMS. “Bain Capital’s exceptional track record in building successful life science companies by providing focused development and dedicated resources makes them ideally suited to advance these assets to realize their full promise.”

Daniel S. Lynch will serve as the Executive Chairman of the Company’s Board of Directors and interim CEO. Mr. Lynch is an accomplished biopharmaceutical industry leader with decades of strategic, management and operational experience at companies spanning many stages of growth. Nicholas Downing, MD, Adam M. Koppel, MD, PhD, and Andrew Kaplan from Bain Capital will also join Mr. Lynch and Dr. Plenge of BMS on NewCo’s Board of Directors.

“We are excited to partner with BMS and we share their commitment to improving lives through science,” said Adam Koppel, a Partner at Bain Capital Life Sciences. “We look forward to working together and leveraging our company creation experience to build out this new platform and advance these distinct assets in an effort to bring innovative, high-quality therapies to patients with autoimmune diseases.”

“This is a unique opportunity to build an innovative biotech company with a strong scientific foundation and differentiated development capabilities,” said Mr. Lynch. “I’m thrilled to have the opportunity to leverage my background and experience to contribute to the success of the company as it seeks to develop much-needed new therapies, and I look forward to supporting BMS and Bain Capital in the build-out of the company’s operations.”

Bain Capital is investing in NewCo through its Life Sciences and Private Equity teams, drawing on over 40 years of supporting the growth and innovation of healthcare companies globally. Canada Pension Plan Investment Board also joined the investment.

About Bristol Myers Squibb: Transforming Patients’ Lives Through Science
At Bristol Myers Squibb, our mission is to discover, develop and deliver innovative medicines that help patients prevail over serious diseases. We are pursuing bold science to define what’s possible for the future of medicine and the patients we serve. For more information, visit us at BMS.com and follow us on LinkedIn, X, YouTube, Facebook and Instagram.

Bristol Myers Squibb Cautionary Statement Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 regarding, among other things, the research, development and commercialization of pharmaceutical products, the creation of NewCo and the agreement with NewCo. All statements that are not statements of historical facts are, or may be deemed to be, forward-looking statements. Such forward-looking statements are based on current expectations and projections about our future financial results, goals, plans and objectives and involve inherent risks, assumptions and uncertainties, including internal or external factors that could delay, divert or change any of them in the next several years, that are difficult to predict, may be beyond our control and could cause our future financial results, goals, plans and objectives to differ materially from those expressed in, or implied by, the statements. These risks, assumptions, uncertainties and other factors include, among others, that the expected benefits of, and opportunities related to, the creation of NewCo and the agreement with NewCo may not be realized by Bristol Myers Squibb or may take longer to realize than anticipated, that the assets described in this press release, may not achieve their primary study endpoints or receive regulatory approval for the indications described in this release in the currently anticipated timeline or at all and, if approved, whether such assets will be commercially successful. No forward-looking statement can be guaranteed. Forward-looking statements in this press release should be evaluated together with the many risks and uncertainties that affect Bristol Myers Squibb’s business and market, particularly those identified in the cautionary statement and risk factors discussion in Bristol Myers Squibb’s Annual Report on Form 10-K for the year ended December 31, 2024, as updated by our subsequent Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other filings with the Securities and Exchange Commission. The forward-looking statements included in this document are made only as of the date of this document and except as otherwise required by applicable law, Bristol Myers Squibb undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances or otherwise.

About Bain Capital
Founded in 1984, Bain Capital is one of the world’s leading private investment firms. We are committed to creating lasting impact for our investors, teams, businesses, and the communities in which we live. As a private partnership, we lead with conviction and a culture of collaboration, advantages that enable us to innovate investment approaches, unlock opportunities, and create exceptional outcomes. Our global platform invests across five focus areas: Private Equity, Growth & Venture, Capital Solutions, Credit & Capital Markets, and Real Assets. In these focus areas, we bring deep sector expertise and wide-ranging capabilities. We have 24 offices on four continents, more than 1,850 employees, and approximately $185 billion in assets under management. To learn more, visit www.baincapital.com. Follow @BainCapital on LinkedIn and X (Twitter).

Media Contacts

 Scott Lessne / Charlyn Lusk

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Ardian to support future growth strategy of international home care provider Dovida

Ardian

Ardian, a world-leading private investment firm, acquires a majority stake in Horizon Home Care Group AG, a Swiss-based international provider of non-medical home care services operating under the name Dovida (“Dovida”). An agreement to this effect was signed. Ardian is acquiring the shares from the previous majority shareholder and company founder Paul Fritz, asset manager Unigestion, and Swiss family office Verium. Paul Fritz will continue to lead the firm as CEO and, along with Verium, will reinvest significantly in Dovida as part of the transaction. Dovida’s management will also hold a stake in the company. Further details and financial terms of the transaction were not disclosed.

Founded in 2007, Dovida employs approximately 12,000 individuals who provide home care services to those in need, enabling its clients to continue living in their own homes as long as possible and in accordance with their preferences. Dovida offers a wide range of non-medical services, including companion care, home help, basic care, overnight assistance, dementia care, as well as support for palliative situations and caregiving relatives. Dovida’s services not only enhance the quality of life for clients but also contribute significantly to society by alleviating pressure on inpatient care facilities, which are experiencing capacity constraints in many regions.

In addition to its domestic operations in Switzerland, the Rheinfelden-based company maintains a significant presence in Ireland, Australia, and the Netherlands, where it operates over 70 local branches. Dovida is recognized as a leading provider within its sector in numerous markets. This achievement is largely attributed to the company’s strong reputation for delivering high-quality care, as reflected by outstanding satisfaction ratings from both clients and employees. Central to this success is Dovida’s excellent management team, unwavering commitment to service quality, and well-established internal processes developed within a founder-managed company. Over nearly two decades since its inception, Dovida has built on this basis to realize successful international expansion, both organically and through strategic acquisitions. With Ardians’ support, the company plans to continue and accelerate this growth trajectory and further internationalize its operations. Throughout this process, Dovida remains committed to maintaining an uncompromising high standard of care as its core promise to its clients.
“Partnering with Ardian is an honour and a testament to our successful track record. The quality standards provided by Dovida are increasingly setting the benchmark in our industry. With the expertise of Ardian in developing and internationalising companies, we are now opening up completely new opportunities to tap into new markets, improve people’s quality of life in those markets and take the strain off their families and the local healthcare system.” Paul Fritz, Company Founder and CEO, Dovida
“Dovida provides solutions tailored to the demands of an aging society. The company recognizes both the growing need and the importance of enabling individuals who require assistance to remain in their familiar environments for as long as possible, while supporting their independence. Dovida’s excellent reputation is a key contributor to its ongoing success. We appreciate the trust which founder Paul Fritz has placed in Ardian as a future partner, and we look forward to working together with him and the global management team.” Yannic Metzger, Managing Director, Expansion, Ardian

Participants

  • Ardian

    • Ardian: Yannic Metzger, Dirk Wittneben, Nicolas Münzer, Janine Paustian, Bastian Spleiter
    • Financial / Tax: Deloitte
    • Commercial: LEK
    • Legal (Corporate / Financing / Structuring): Niederer Kraft Frey
    • ESG: AXA Climate
    • Insurance: Marsh
    • M&A Advisory: Lincoln International

ABOUT ARDIAN

Ardian is a world-leading private investment firm, managing or advising $180bn of assets on behalf of more than 1,850 clients globally. Our broad expertise, spanning Private Equity, Real Assets and Credit, enables us to offer a wide range of investment opportunities and respond flexibly to our clients’ differing needs. Through Ardian Customized Solutions we create bespoke portfolios that allow institutional clients to specify the precise mix of assets they require and to gain access to funds managed by leading third-party sponsors. Private Wealth Solutions offers dedicated services and access solutions for private banks, family offices and private institutional investors worldwide. Ardian’s main shareholding group is its employees and we place great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our 1,050+ employees, spread across 20 offices in Europe, the Americas, Asia and Middle East are strongly committed to the principles of Responsible Investment and are determined to make finance a force for good in society. Our goal is to deliver excellent investment performance combined with high ethical standards and social responsibility.

At Ardian we invest all of ourselves in building companies that last.

www.ardian.com

ABOUT DOVIDA

Dovida provides person-centred home care which is carefully designed to support, empower and uplift individuals, and enhance their quality of life. Dovida’s global footprint spans six countries (Australia, Ireland, France, Netherlands, New Zealand, and Switzerland) delivering nine million hours of care each year. With a global presence and a local touch, Dovida delivers care that’s personal, empowering, and impactful.

www.dovida.ch

Press contact

Ardian

Charles Barker

ardian@charlesbarker.de+49 69 79409026

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Kuraray Noritake Dental Inc. Partners with nyce.logic to set new WMS standard

Stg Partners

Kuraray Noritake Dental Inc. has selected nyce.logic as its new warehouse management system (WMS) provider, marking a strategic move to modernize and future-proof its logistics operations. The nyce.logic WMS will be implemented at Kuraray Noritake Dental Inc.’s distribution center for dental products in IJmuiden, the Netherlands. The project is set to launch in September 2025, with a go-live planned for April 2026.

Kuraray Noritake comments:

“After a thorough review, it was clear that nyce.logic was the ideal fit. The system is user-friendly and flexible enough to support our logistics independently. Right now, our first step is implementing nyce.logic WMS in Europe. When that proves successful, we aim to extend the solution to our logistics operations in America.”

Ronald Bakker, Client Executive at nyce.logic, comments:

“Partnering with Kuraray Noritake marks a major milestone for nyce.logic as we grow our footprint across the Benelux region and Europe. Our shared values of innovation and continuous improvement make this collaboration a perfect fit. Together, we are confident in setting a new standard for warehouse management in the indu

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Waystar to Acquire Iodine Software, Accelerating the AI-Powered Transformation of Healthcare Payments

Advent
  • Extends Waystar’s AI leadership into clinical intelligence software, unlocking greater value for clients and shareholders
  • Highly recurring subscription-based business projected to be accretive to Waystar’s financial profile
  • Expected to expand Waystar’s total addressable market by more than 15%
  • Conference call to be held Wednesday, July 23, 2025, at 5:30 p.m. ET

LEHI, Utah, LOUISVILLE, Ky., and AUSTIN, Tex., July 23, 2025 – Waystar (Nasdaq: WAY), a provider of leading healthcare payment software, today announced a definitive agreement to acquire 100% of Iodine Software (“Iodine”) from shareholders led by Advent International, a leading global private equity investor, for a total enterprise value of $1.25 billion. The proposed transaction is expected to accelerate Waystar’s ability to transform healthcare payments through its leading cloud-based software platform, empowering more than one million providers with advanced AI capabilities to prevent denials, reduce manual work, and improve financial performance.

Building on Waystar’s track record of successful M&A execution and synergy realization, Waystar expects the acquisition of Iodine to be immediately accretive to gross margin and adjusted EBITDA margin, and accretive to revenue growth and non-GAAP net income per diluted share in 2027.

Iodine is trusted by many of the nation’s premier health systems for its AI-powered clinical intelligence software. Up to 60 million claims are denied each year due to administrative errors in the critical stage between care delivery and submission, costing providers billions in lost revenue. This highlights the essential role of accurate clinical documentation and coding in preventing revenue leakage and underpayments.

Together, Waystar and Iodine will be better positioned to help decrease the estimated $440 billion in annual administrative costs* burdening providers. Waystar brings a decade-long track record of applying AI pervasively across its software platform to simplify healthcare payments. Iodine extends that leadership into clinical intelligence software, leveraging proprietary AI models trained on one of the industry’s largest clinical datasets, representing more than a third of all U.S. inpatient discharges.

“Our mission is to simplify healthcare payments by eradicating unnecessary denied claims, automating manual work, and increasing transparency for providers and patients,” said Matt Hawkins, Chief Executive Officer of Waystar. “We are committed to transforming healthcare through harnessing the power of AI to tackle the most critical challenges in healthcare payments. Welcoming Iodine’s talented team and clinical intelligence platform to Waystar is a terrific next step in achieving our mission.”

“We are proud to have built a market-leading AI software company in partnership with Advent, Bain Capital Ventures, and Silversmith Capital Partners, and are thrilled to join Waystar, an organization that shares our deep commitment to modernizing the revenue cycle for providers,” said William Chan, Co-Founder and Chief Executive Officer of Iodine Software. “From day one, our focus has been helping hospitals and health systems capture the full value of care through transformational AI. As part of Waystar, we are excited to accelerate that mission and amplify the value delivered to healthcare providers.”

“Our success has been driven by strong partnerships, continuous innovation, and meaningful outcomes,” added Mike Kadyan, Co-Founder and Chairman of Iodine Software. “We look forward to delivering even greater outcomes for providers as part of Waystar’s market-leading platform.”

“It has been a privilege to partner alongside the Iodine team as they have built a category-defining AI-powered revenue cycle platform consistently delivering exceptional ROI to its clients,” said Lauren Young and Carmine Petrone, Managing Directors at Advent. “We are excited to build on that foundation together with Waystar to drive even greater impact across healthcare, empowering organizations to optimize their financial performance.”

Strategic and Financial Benefits

  • Unlocks transformational outcomes across the revenue cycle: Waystar expects to unlock new automation throughout its platform, leveraging Iodine’s industry-leading AI capabilities in clinical documentation integrity, utilization management, and prebill revenue leakage identification to further streamline cumbersome tasks for providers. The addition of these solutions is expected to expand Waystar’s total addressable market by more than 15%.
  • Accelerates AI innovation with clinical intelligence: Integrating Iodine’s unique clinical data assets with Waystar’s expansive data network is expected to enhance the impact and reach of Waystar AltitudeAI™. Waystar expects to create opportunities that quickly expand GenAI applications in prior authorizations, claims management and processing, denial prevention, and appeals. Iodine’s proprietary clinical AI engine, IodineIQ, continuously trains on millions of patient encounters and billions of clinical data points to deliver relevant insights.
  • Deepens relationships with premier health systems: Iodine brings strong adoption and credibility among leading hospitals and health systems. Iodine’s footprint is expected to expand Waystar’s scale and deepen relationships with premier providers. The combined company is expected to serve 17 of the 20 U.S. News Best Hospitals.
  • Strengthens Waystar’s financial profile: Waystar will benefit from Iodine’s fully subscription-based revenue model as well as significant cross-sell potential to both companies’ client bases. In addition, Waystar has identified more than $15 million in run-rate cost synergies, to be realized within the first 18-24 months following closing.

Transaction Details
The transaction will be funded with a 50/50 mix of cash and stock consideration. Upon closing of the transaction, current Waystar shareholders will own approximately 92% of the combined company on a fully diluted, pro forma basis and Iodine equity holders will own approximately 8%. Advent, Iodine’s largest shareholder, is expected to only receive Waystar shares in connection with the transaction and will agree to be locked up for 18 months after closing.

Following the transaction, Waystar expects to maintain a strong balance sheet with an estimated adjusted net leverage ratio at transaction close of approximately 3.5x.

The transaction is anticipated to close by year-end 2025, subject to customary closing conditions and applicable regulatory approvals.

Preliminary Second Quarter 2025 Results
Waystar expects second quarter 2025 revenue to be approximately $271 million, representing approximately 15% year-over-year growth.

The foregoing estimates are preliminary and unaudited and based on management’s initial analysis of operations for the quarter. Waystar looks forward to sharing additional information regarding the company’s second quarter 2025 results as previously scheduled on July 30, 2025.

Advisors
Barclays is serving as exclusive financial advisor, and Simpson Thacher & Bartlett LLP is serving as legal advisor to Waystar.

J.P. Morgan Securities is serving as exclusive financial advisor, and Weil, Gotshal & Manges LLP and Queen Saenz + Schultz PLLC are serving as legal advisors to Iodine.

Conference Call
Waystar will discuss the transaction on a conference call today, Wednesday, July 23, 2025, at 5:30 p.m. Eastern Time. The conference call can be accessed by dialing (800) 715-9871 from the United States and Canada or (646) 307-1963 internationally and using conference code 8810133. A live audio webcast of the conference call will be available on Waystar’s investor relations website at investors.waystar.com/news-events/events. Following the call, an audio replay will be archived on the site.

*CAQH Index Report 2024

About Waystar

Waystar’s mission-critical software is purpose-built to simplify healthcare payments so providers can prioritize patient care and optimize their financial performance. Waystar serves approximately 30,000 clients, representing over 1 million distinct providers, including 16 of 20 institutions on the U.S. News Best Hospitals list. Waystar’s enterprise-grade platform annually processes over 6 billion healthcare payment transactions, including over $1.8 trillion in annual gross claims and spanning approximately 50% of U.S. patients. Waystar strives to transform healthcare payments so providers can focus on what matters most: their patients and communities. Discover the way forward at waystar.com.

About Iodine Software

Iodine Software is the leader in AI-powered clinical intelligence, built to eliminate revenue leakage, lower administrative burden, and ensure accurate reimbursement. Trusted by more than 1,000 hospitals and health systems, Iodine delivers real-time insight and automation across the mid-revenue cycle: connecting clinical documentation, utilization management, and prebill workflows from admission through claim submission. For over a decade, health systems have trusted Iodine to apply the right AI – from machine learning, deep learning, large language models, GenAI, to Agentic AI – to the right use case, consistently delivering reliable, high-impact financial results.

At the core of the platform is IodineIQ, our proprietary Clinical Reasoning Knowledge Engine, featuring a robust clinical condition library and a dataset of millions of patient encounters and billions of clinical data points. IodineIQ mirrors clinical reasoning to surface opportunities, predict outcomes, and guide decisions; ensuring the patient’s clinical picture is fully and accurately reflected in status, documentation, and final codes. Discover more at www.iodinesoftware.com.

About Advent

Advent is a leading global private equity investor committed to working in partnership with management teams, entrepreneurs, and founders to help transform businesses. With 16 offices across five continents, we oversee more than USD $94 billion in assets under management** and have made over 430 investments across 44 countries.

Since our founding in 1984, we have developed specialist market expertise across our five core sectors: business & financial services, consumer, healthcare, industrial, and technology. This approach is bolstered by our deep sub-sector knowledge, which informs every aspect of our investment strategy, from sourcing opportunities to working in partnership with management to execute value creation plans. We bring hands-on operational expertise to enhance and accelerate businesses.

As one of the largest privately-owned partnerships, our 660+ colleagues leverage the full ecosystem of Advent’s global resources, including our Portfolio Support Group, insights provided by industry expert Operating Partners and Operations Advisors, as well as bespoke tools to support and guide our portfolio companies as they seek to achieve their strategic goals.

To learn more, visit our website or connect with us on LinkedIn.

**Assets under management (AUM) as of March 31, 2025. AUM includes assets attributable to Advent advisory clients as well as employee and third-party co-investment vehicles.

Forward-Looking Statements
This press release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, that reflect our current views with respect to, among other things, statements regarding Waystar’s expectations relating to future operating results and financial position, including full year 2025, and future periods; anticipated future investments; our industry, business strategy, goals, and deployment of artificial intelligence in our solutions, our market position, offerings, future operations, margins, and profitability. Forward-looking statements include all statements that are not historical facts. These statements may include words such as “anticipate,” “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “future,” “will,” “seek,” “foreseeable,” “outlook,” the negative version of these words or similar terms and phrases to identify forward-looking statements in this press release, including any discussion of our guidance for full fiscal year 2025.

The forward-looking statements contained in this press release are based on management’s current expectations and are not guarantees of future performance. The forward-looking statements are subject to various risks, uncertainties, assumptions, or changes in circumstances that are difficult to predict or quantify. Our expectations, beliefs, and projections are expressed in good faith, and we believe there is a reasonable basis for them. However, there can be no assurance that management’s expectations, beliefs, and projections will result or be achieved. The following factors are among those that may cause actual results to differ materially from the forward-looking statements: our operation in a highly competitive industry; our ability to retain our existing clients and attract new clients; our ability to successfully execute on our business strategies in order to grow; our ability to accurately assess the risks related to acquisitions and successfully integrate acquired businesses (including our proposed acquisition of Iodine); our ability to establish and maintain strategic relationships; the growth and success of our clients and overall healthcare transaction volumes; consolidation in the healthcare industry; our selling cycle of variable length to secure new client agreements; our implementation cycle that is dependent on our clients’ timing and resources; our dependence on our senior management team and certain key employees, and our ability to attract and retain highly skilled employees; the accuracy of the estimates and assumptions we use to determine the size of our total addressable market; our ability to develop and market new solutions, or enhance our existing solutions, to respond to technological changes, or evolving industry standards; the interoperability, connectivity, and integration of our solutions with our clients’ and their vendors’ networks and infrastructures; the performance and reliability of internet, mobile, and other infrastructure; the consequences if we cannot obtain, process, use, disclose, or distribute the highly regulated data we require to provide our solutions; our reliance on certain third-party vendors and providers; any errors or malfunctions in our products and solutions; failure by our clients to obtain proper permissions or provide us with accurate and appropriate information; the potential for embezzlement, identity theft, or other similar illegal behavior by our employees or vendors, and a failure of our employees or vendors to observe quality standards or adhere to environmental, social, and governance standards; our compliance with the applicable rules of the National Automated Clearing House Association and the applicable requirements of card networks; increases in card network fees and other changes to fee arrangements; the effect of payer and provider conduct which we cannot control; privacy concerns and security breaches or incidents relating to our platform; the complex and evolving laws and regulations regarding privacy, data protection, and cybersecurity; our ability to adequately protect and enforce our intellectual property rights; our ability to use or license data and integrate third-party technologies; our use of “open source” software; legal proceedings initiated by third parties alleging that we are infringing or otherwise violating their intellectual property rights; claims that our employees, consultants, or independent contractors have wrongfully used or disclosed confidential information of third parties; the heavily regulated industry in which we conduct business; the uncertain and evolving healthcare regulatory and political framework; health care laws and data privacy and security laws and regulations governing our processing of personal information; reduced revenues in response to changes to the healthcare regulatory landscape; legal, regulatory, and other proceedings that could result in adverse outcomes; consumer protection laws and regulations; contractual obligations requiring compliance with certain provisions of the Bank Secrecy Act and anti-money laundering laws and regulations; existing laws that regulate our ability to engage in certain marketing activities; our full compliance with website accessibility standards; any changes in our tax rates, the adoption of new tax legislation, or exposure to additional tax liabilities; limitations on our ability to use our net operating losses to offset future taxable income ; losses due to asset impairment charges; restrictive covenants in the agreements governing our credit facilities; interest rate fluctuations; unavailability of additional capital on acceptable terms or at all; the impact of general macroeconomic conditions; our history of net losses and our ability to achieve or maintain profitability; actions of certain of our significant investors, who may have different interests than the interests of other holders of our securities; and each of the other factors discussed under the heading of “Risk Factors” in the Company’s 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 18, 2025, and in other reports filed with the SEC, all of which are available on the Investor Relations page of our website at investors.waystar.com.

Any forward-looking statements made by us in this press release speak only as of the date of this press release and are expressly qualified in their entirety by the cautionary statements included in this press release. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. You should not place undue reliance on our forward-looking statements. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments, or otherwise, except as may be required by any applicable securities laws.

Waystar Media Contact

Kristin Lee
kristin.lee@waystar.com

Daniel Yunger / Nick Capuano / Mark Fallati
Kekst CNC
kekst-waystar@kekstcnc.com

Waystar Investor Contact

investors@waystar.com

Iodine Software Media Contact

Michelle White
mjwhite@iodinesoftware.com

Isabella Morreale
SolComms
isabella@solcomms.com

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Medartis acquires remaining 53% stake in KeriMedical

medartis logo

Basel, 17 July 2025: Following FDA approval of the KeriMedical TOUCH prosthesis on 10 July, the Medartis Group has decided to acquire the remaining 53% of the privately held company in accordance with the existing agreement. The transaction values the remaining shares at CHF 99 million in cash, with potential additional earn-out payments.

The partnership, which began in December 2020, provides Medartis access to an innovative hand portfolio whilst enhancing the company’s technological expertise in joint replacement and expanding its surgeon network. Medartis has steadily increased its ownership and now acquires full ownership of the Geneva-headquartered company with its two production facilities in France. The Group acts as distribution partner for KeriMedical in Germany, Austria, the UK, and, most recently, Australia, and has doubled its revenue every year during this period. Globally, KeriMedical has delivered average annual growth of nearly 30% over the past three years, achieving total sales of CHF 31 million in 2024. The transaction will immediately contribute positively to Medartis’ sales growth and core EBITDA margin. Closing is expected in August 2025, subject to customary closing conditions. Under the terms of the agreement, the remaining shares are valued at CHF 99 million in cash in addition to some milestone payments extending through 2027.

To maximise market potential, KeriMedical will continue operating as a distinct brand within the Medartis Group, maintaining dedicated teams for development, marketing, surgeon education, and manufacturing. Both co-founders, Dougal Bendjaballah and Bernard Prandi, will remain on the Board of KeriMedical and continue their full commitment and active involvement following the acquisition. Their entrepreneurial drive, clinical expertise and innovative vision have been fundamental to KeriMedical’s success. Medartis is pleased that they will continue to contribute their experience as the company expands into new markets and develops additional clinical solutions.

“This acquisition is a logical step in our five-year partnership, expanding our capabilities in our core hand & wrist indication. KeriMedical’s distinctive products have contributed to our strong performance in Germany, Austria and the United Kingdom, where we hold the exclusive distribution rights. They are the perfect addition to our comprehensive hand portfolio”, stated Matthias Schupp, CEO of Medartis, while also recognising the importance of preserving the expertise and entrepreneurial approach that has driven KeriMedical’s success, and which remains central to Medartis future development.

Dougal Bendjaballah and Bernard Prandi, co-founders of KeriMedical, commented: “We are pleased to reach this agreement with Medartis. Since founding the company, we have focused on creating innovative solutions for hand surgery based on scientific excellence and close collaboration with surgeons. In Medartis, we have found a partner whose approach to innovation, quality and medical education aligns perfectly with our vision. Our products still have plenty of potential in Europe, and entering the US and Australian markets will keep us on a strong growth path.”

In preparation for the controlled US market launch of the TOUCH thumb prosthesis in early 2026, the company has established a comprehensive surgeon training programme, designated reference centres, and selected key opinion leaders. The flagship TOUCH product, a CMC-1 prosthesis for thumb rhizarthrosis treatment, has established a strong market presence in EMEA over the past decade. The prosthesis features comprehensive clinical data support[1] and differentiates itself through dual mobility technology and various cup designs and materials, enhancing longevity and addressing requirements of patients with metal sensitivities.

The TOUCH prosthesis addresses a significant clinical need in hand surgery. The CMC-1 joint represents one of the hand joints most frequently affected by osteoarthritis, with radiographic evidence present in 20-30% of individuals over 40 years of age, increasing substantially with advancing age [2,3]. Between 2-16% of patients progress to symptomatic osteoarthritis [2,4], causing noticeable clinical symptoms that affect the patient’s daily life.

Medartis will publish its financial results for H1 2025 on 19 August 2025, and will provide further details on the market launch plan and the potential of KeriMedical at that time.

1 https://www.kerimedical.com/en/portail-kerimedical-en/home-professional/touch-scientific-publications-2/
2 Haugen IK, Englund M, Aliabadi P, et al. Prevalence, incidence and progression of hand osteoarthritis in the general population: the Framingham Osteoarthritis Study Ann Rheum Dis. 2011;70(9):1581-1586. doi:10.1136/ard.2011.150078
3 Wilder FV, Barrett JP, Farina EJ. Joint-specific prevalence of osteoarthritis of the hand. Osteoarthritis Cartilage. 2006;14(9):953-957,
4 Zhang Y, Niu J, Kelly-Hayes M, Chaisson CE, Aliabadi P, Felson DT. Prevalence of symptomatic hand osteoarthritis and its impact on functional status among the elderly: The Framingham Study. Am J Epidemiol. 2002;156(11):1021-1027. doi:10.1093/aje/kwf141

Contact

Medartis Corporate Communications
Fabian Hildbrand, Head of Corporate Communications, investor.relations@medartis.com
Andreas Richter, Corporate Communications Manager, corporate.communication@medartis.com
+41 61 633 37 36 / +41 61 633 37 34

About Medartis
Founded in 1997 and headquartered in Basel, Switzerland, Medartis is one of the world’s leading manufacturers and providers of medical devices for surgical fixation of bone fractures for upper and lower extremities as well as for the craniomaxillofacial region. Medartis employs approx. 1,200 individuals across its 13 locations, with products offered in over 50 countries globally. Medartis is committed to providing surgeons and operating theatre personnel with the most innovative titanium implants and instruments as well as best-in-class service. For more information, please visit www.medartis.com.

About KeriMedical
Founded in 2016, KeriMedical specialises in developing and marketing a comprehensive range of implants exclusively for hand & wrist surgery. The KeriMedical team possesses extensive experience in orthopaedic surgery with expertise across all operational areas: design, manufacturing, quality, marketing and product promotion. KeriMedical collaborates with a panel of surgeons who have recognised expertise in France and internationally. These specialists share their clinical and medical knowledge to support the development and validation of new solutions. The company is headquartered in Geneva, employs approx. 150 employees and its products are available in 30 countries. For further information, please visit www.kerimedical.com.

Disclaimer
This communication does not constitute an offer or invitation to subscribe for or purchase any securities of Medartis Holding AG. This publication may contain certain forward-looking statements and assessments, or intentions concerning the company and its business. Such statements involve certain risks, uncertainties and other factors which could cause the actual results, financial condition, performance, or achievements of the company to be materially different from those expressed or implied by such statements. Readers should therefore not place reliance on these statements, particularly in connection with any contract or investment decision. The company disclaims any obligation to update these forward-looking statements, assessments, or intentions. Furthermore, neither the company nor any of its directors, officers, employees, agents, counsel or advisers nor any other person makes any representation or warranty, express or implied, as to the accuracy or completeness of the information contained herein or of the views given or implied, and accordingly no reliance should be placed thereon.

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CoSolvia becomes part of the Vivecti Group, backed by Nordic Capital

Nordic Capital

CoSolvia will be the tenth company to join the Vivecti Group, thus extending the range of expertise of the market-leading performance partner for healthcare providers in the fields of medical and operational technology.

As a specialized service provider for the optimization of hospital equipment, CoSolvia brings new expertise to the Group. For the Vivecti Group, this is a further logical step in the execution of its vision to comprehensively and sustainably increase the efficiency, cost-effectiveness and quality of healthcare providers.

“Over the last two decades, CoSolvia has built an excellent reputation and we are delighted to welcome CoSolvia to the Vivecti Group. With this acquisition, we will expand our portfolio with comprehensive optimization and support services for the procurement and operation of medical and operational technology,” explains Dr. Benjamin I. Behar, CEO of the Vivecti Group.

CoSolvia: A strong partner for efficiency and cost optimization

CoSolvia is a leading provider of modular services for hospitals in the fields of medical and operational technology. With intelligent and specialized approaches, the company supports hospitals in reducing costs and optimizing processes – by optimizing the device inventory and maintenance and service costs or through investment planning aligned with a clinic’s operational needs. Hence, CoSolvia’s expertise contributes directly to increasing the efficiency and competitiveness of healthcare providers.

Stronger together: future synergies

The acquisition of CoSolvia marks the next step in the long-standing, trusting cooperation between the two companies. The Vivecti subsidiary Prospitalia and CoSolvia are already cooperating successfully in the field of medical technology procurement and have created significant value for a wide range of customers. WMC has also been able to draw on CoSolvia’s expertise in selected consulting projects in the past.

“We are very proud to have CoSolvia joining Vivecti, as their expertise and range of services have already impressed us in the past,” Dr. Behar continues. “In addition, we complement each other perfectly.”

A view that Christian Somberg shares. As Managing Director of CoSolvia, he will continue to run the company together with Cord Brüning under the umbrella of the Vivecti Group. “Together, we will be able to offer hospitals even more comprehensive and effective solutions – a real win-win situation for our customers and the entire healthcare sector.”

Somberg and Brüning can both draw on many years of experience in the German healthcare sector. Christian Somberg worked for many years at Dräger, a leading international company for medical and safety technology, before becoming Managing Director of HERMED Technische Beratungs GmbH, a Fresenius subsidiary. Cord Brüning founded CoSolvia more than twenty years ago as a subsidiary of EADS in order to focus on services and consulting for technical operations in hospitals. In addition, he volunteers as chairman of the Wissenschaftliche Gesellschaft für Krankenhaustechnik e.V. (Scientific Society for Hospital Technology) to transfer know-how and promote young talent.

“The Vivecti Group is the partner of choice for us. My team and I have already enjoyed working with Vivecti to date and have shown that together we will be able to even better address our customers‘ challenges and achieve an even greater impact,” says Brüning, explaining this strategic move.

The Vivecti Group: a visionary in the healthcare industry

The Vivecti Group is known for its excellent services and innovative, technology-based solutions in the healthcare industry. With a holistic offering that focuses on the optimization and digitalization of processes ranging from procurement services and software to clinic management and specialized consulting services, the Vivecti Group currently helps more than 4,500 healthcare facilities to work more efficiently, sustainably and economically in challenging times.

With the integration of CoSolvia, the Vivecti Group is taking the next step in its mission to elevate healthcare providers’ performance to a new level through holistic approaches, innovation and partnership.

“This strategic acquisition is a win-win situation for everyone involved: our customers benefit from an even broader and more efficient range of services, and we can strengthen our contribution to a sustainable healthcare system,” summarizes Dr. Behar.

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Knowtion Health Completes Acquisition of Switch RCM, Strengthens Executive Team and Innovation Capabilities

Arsenal Capital Partners

Boca Raton, FL – Knowtion Health (“Knowtion”), a leading healthcare revenue cycle company, today announced it has completed the acquisition of Switch RCM (“Switch”), a data- and technology-first company that uncovers and resolves overlooked reimbursement entitlements through intelligent automation and data-driven innovation.

“This acquisition brings four new service solutions, powerful technology, and exceptional leadership that will significantly strengthen our ability to serve clients and deliver greater impact,” said Jayson Yardley, Chief Executive Officer of Knowtion. “Importantly, Switch shares our unwavering commitment to helping healthcare providers recover more earned revenue from insurance payers, especially when it comes to the most complex and challenging reimbursement opportunities.”

To support its continued growth and strategic direction, Knowtion also announced key executive leadership appointments.

  • Erica Tingley has been named President, reporting to CEO Jayson Yardley. This role is in addition to her current role as Chief Financial Officer, as she will take responsibility for delivery of the company’s solutions.
  • Jon Scala, former Chief Executive Officer of Switch, joins Knowtion as Chief Strategy Officer. Jon will focus on acquisition growth, hiring strategic new talent, and expanding client relationships. He brings extensive experience in identifying market opportunities and driving operational excellence across the revenue cycle.
  • Ryan Feldt, former President and Chief Operating Officer of Switch, transitions to Chief Customer Officer of Knowtion, bringing a client-first mindset to strengthen partnerships and elevate experience.
  • Adam Cartabiano, former Commercial Advisor to Switch, joins Knowtion as Chief Growth Officer, responsible for accelerating market expansion, driving customer acquisition, and scaling the goto-market strategy.
  • Switch co-founders Nate Pluke and Melissa Pluke will partner with Ryan Clark to launch our new innovation laboratory, where they will drive expansion of innovation, data analytics, and AI and machine learning capabilities. The innovation lab will harness the power of our data, talent, and expertise to uncover emerging trends, accelerate solution development, and deliver greater impact to providers.

“These leadership additions underscore our commitment to innovation, growth, and delivering unmatched value to our clients,” said Yardley. “Each leader brings exceptional experience in businesstransformation, and we’re excited for what’s ahead.”

“This is more than an acquisition—it’s an acceleration,” Yardley continued. Together, and with the launch of our innovation lab, we are fast-tracking the development of smarter solutions that improve financial performance for healthcare organizations.”

About Knowtion Health:

Knowtion Health is a leading provider of technology-enabled revenue cycle management services serving more than 550 hospitals nationwide and managing over $4.5 billion annually in outstanding balance accounts for clients. Recognized as an Inc. 5000 fastest-growing company, Knowtion Health is a multi-year recipient of the Black Book award, which honors top partners as ranked by healthcare providers. Knowtion Health is a portfolio company of Arsenal Capital Partners, a leading private equity firm specializing in building technology-rich, market-leading healthcare and industrial growth companies, and Sunstone Partners, a premier private equity firm focused on accelerating growth in technologyenabled services and software companies. For more information, visit KnowtionHealth.com

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