KKR agrees to purchase a stake in well being tech firm Cotiviti
US-based healthcare expertise firm Cotiviti has signed a definitive settlement for its recapitalization with subsidiaries of Veritas Capital and funding funds managed by KKR.
Veritas Capital, Cotiviti's long-standing companion, and KKR will now be co-sponsors and have an equal possession curiosity within the healthcare expertise sector.
The deal is predicted to shut within the second quarter of this 12 months, topic to regulatory approval.
Veritas Capital and KKR will every make an funding to drive Cotiviti's industrial growth, innovation, technological capabilities and new product improvement.
KKR will make its funding primarily by way of its North America Fund XIII, whereas Veritas will use its Veritas Fund VIII for its funding.
Veritas CEO and managing companion Ramzi Musallam mentioned: “Over the course of our funding, Veritas labored with Cotiviti to ship a interval of sustained transformative progress, each organically and thru strategic acquisitions, constructing a mission-critical suite of options which have helped to reshape the economic system. of healthcare.
Achieve entry to essentially the most complete firm profiles in the marketplace, powered by GlobalData. Save hours of analysis. Achieve aggressive benefit.
Firm Profile – Free Pattern
Your obtain e mail will arrive shortly
Now we have confidence within the distinctive high quality of our firm profiles. Nonetheless, we wish you to take advantage of helpful resolution for what you are promoting. That's why we give you a free pattern that you may obtain by submitting the shape beneath.
By GlobalData
“Each KKR and Veritas consider the corporate will play an more and more vital function in bettering the healthcare system by way of proprietary knowledge, expertise and analytics.”
Based mostly in Utah, Cotiviti goals to assist healthcare organizations ship higher care at decrease prices.
The corporate's expertise and knowledge analytics are designed to scale back prices and enhance high quality by way of cost accuracy, high quality enchancment, danger adjustment and client engagement packages.
KKR Companion Max Lin mentioned: “Cotiviti has developed an revolutionary portfolio of best-in-class options utilized by practically 200 healthcare payers to make sure correct and environment friendly healthcare supply.
“We stay up for working with the Cotiviti and Veritas administration staff to help the corporate because it accelerates progress by way of continued investments in its individuals and expertise.”
KKR, primarily based in New York, gives different asset administration, capital markets and insurance coverage options.
The corporate sponsors funding funds that spend money on non-public fairness, credit score and actual property.
