MRO Announces Transaction with Parthenon Capital


KLAS-rated No. 1 provider of release of information (ROI) vendor
receives funding to continue accelerated growth.

Norristown, PA – MRO Corporation (MRO), a leader in the secure, compliant and efficient exchange of protected health information (PHI), announced today the completion of an investment transaction with Parthenon Capital (Parthenon), a growth-oriented private equity firm. As part of the transaction, Parthenon provided capital for growth purposes and acquired a meaningful ownership stake in the company.

Parthenon’s investment in MRO provides resources and capital to support the continued expansion of the company’s capabilities focused on helping healthcare providers manage the exchange of PHI.

“We’re thrilled to join forces with Parthenon Capital and look forward to the myriad of ways that their investment and healthcare experience will help us grow our company and bring additional services and capabilities to our clients,” said Stephen Hynes, CEO of MRO. “We look forward to working with them as we enter this next chapter.”

MRO is the six-time KLAS “Category Leader” for release of information, as designated in the 2013-2019 “Best in KLAS Software & Services” reports. In September 2018, KLAS released the report “Release of Information 2018: Who Delivers Most Consistently Across Customers?” in which MRO was recognized for the best overall performance, highest quality service, fastest turnaround times and proven scalability.

Dave Ament, a Managing Partner at Parthenon, said, “We are excited to have this opportunity to partner with Steve and the MRO management team. We believe MRO is well-positioned to help providers not only address numerous challenges related to exchanging PHI, but optimize the overall process of capturing, managing, releasing and utilizing health information in a secure and compliant manner.”

Houlihan Lokey served as the exclusive financial advisor to MRO, while Torys LLP served as the company’s legal advisor. Kirkland & Ellis served as Parthenon’s legal advisor.

About MRO

MRO, the KLAS-rated No. 1 provider of release of information (ROI) solutions since 2013, empowers healthcare organizations with proven, enterprise-wide solutions for the secure, compliant and efficient exchange of protected health information (PHI). In addition to ROI, MRO’s suite of PHI disclosure management solutions is comprised of government and commercial payer audit management and accounting of disclosures services and technologies. MRO’s technology-driven services reduce the risk of improper disclosure of PHI, ensure unmatched accuracy and enhance turnaround times. To learn more, visit

About Parthenon Capital

Parthenon Capital is a leading growth-oriented private equity firm with offices in Boston, San Francisco and Austin. Parthenon utilizes niche industry expertise and a deep execution team to invest in growth companies in service and technology industries. Parthenon seeks to be an active and aligned partner to management, either through recapitalization transactions or by backing strong executive teams. Parthenon has particular focus and experience in healthcare technology and outsourced services, financial services and technology services. For more information visit