BOSTON, MA — Parthenon Capital Partners (“Parthenon”), a growth-oriented private equity firm, announced an investment in RedCard Holdings (“RedCard” or the “Company”), the leading provider of claims communications, payments and enrollment solutions to healthcare providers, payors and members. The Company’s founders and existing shareholders retained their majority ownership position in RedCard following the investment. The current RedCard executive team will continue to lead the organization post-closing.
“We are excited to partner with Parthenon to pursue our growth strategy and continue to provide market-leading solutions that simplify the communication and payment of a healthcare claim and the member enrollment and engagement process,” said Joe DiMartini, RedCard’s Co-Founder and Chairman. “RedCard is dedicated to bringing technology and innovation to the healthcare industry, helping drive efficiencies, electronic communication, and coordination among providers, payors and members.” Eric Schaefer, RedCard’s Co-Founder and CEO, also remarked, “Parthenon’s approach to growth resonated with us as we seek to expand our offering through both internal product development and strategic acquisitions. We look forward to continuing to serve our clients with innovative solutions and industry leading customer service.”
Dave Ament, Co-CEO of Parthenon, said, “RedCard is an exceptional company, bringing unique technology and solutions to some of the healthcare industry’s most intractable claims and billing challenges. We’re thrilled to have the opportunity to partner with Joe, Eric, Dru and the entire RedCard team and to support their growth initiatives over time.”
Terms of the investment were not disclosed. Cain Brothers acted as exclusive financial advisor to RedCard in the transaction.
RedCard (www.redcard.com), based in St. Louis, Missouri, uses the power of technology and secure data to build stronger, more effective communications between healthcare payors, providers and members, delivering mission critical claims, payments, benefits and individual financial responsibility information. Through its DOCS® Platform, RedCard’s technology has redefined the way healthcare communications work, using flexible design to make every data point clear and understandable, coordinating communication schedules so that EOBs and patient statements align like never before, and driving efficiencies within a client’s communication process. RedCard is building a single-system to break-down the silos that lead to fragmented communications, moving the industry beyond transactional communications towards a coordinated episodic approach and delivering faster and more effective claims and payments outcomes.
ABOUT PARTHENON CAPITAL PARTNERS
Parthenon Capital Partners (www.parthenoncapital.com) is a leading growth-oriented private equity firm based in Boston and San Francisco. Parthenon utilizes niche industry expertise and a deep execution team to invest in growth companies in technology and tech-enabled services industries. Parthenon seeks to be an active and aligned partner to management, either through recapitalization transactions or by backing strong executive teams. Parthenon focuses on healthcare services and financial services with a particular expertise in HCIT, payments and financial technology.