M&A Deal Summary

Change Healthcare Acquires Capario

On June 23, 2014, Change Healthcare acquired business services company Capario from Marlin Equity Partners for 115M USD

Acquisition Highlights
  • This is Change Healthcare’s 7th transaction in the Business Services sector.
  • This is Change Healthcare’s 3rd largest (disclosed) transaction.
  • This is Change Healthcare’s 11th transaction in the United States.
  • This is Change Healthcare’s 2nd transaction in California.

M&A Deal Summary

Date 2014-06-23
Target Capario
Sector Business Services
Buyer(s) Change Healthcare
Sellers(s) Marlin Equity Partners
Deal Type Add-on Acquisition
Deal Value 115M USD
Advisor(s) Harris Williams (Financial)

Target

Capario

Santa Ana, California, United States
Capario, Inc. is a healthcare technology company that facilitates the electronic exchange of medical claims and clinical information among hospitals, doctors, medical laboratories and insurance payers.

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Buyer(S) 1

Buyer

Change Healthcare

Nashville, Tennessee, United States

Category Company
Founded 2007
Sector Information Technology
Employees15,000
Revenue 3.1B USD (2021)
DESCRIPTION

Change Healthcare is a provider of revenue and payment cycle management solutions, connecting payers, providers and patients in the U.S. healthcare system. Change Healthcare’s product and service offerings integrate and automate key business and administrative functions for healthcare payers and healthcare providers throughout the patient encounter, including pre-care patient eligibility and benefits verification, clinical exchange capabilities, claims management and adjudication, payment integrity, payment distribution, payment posting and denial management, and patient billing and payment processing. Change Healthcare was founded in 2007 and is based in Nashville, Tennessee.


DEAL STATS #
Overall 11 of 21
Sector: Business Services M&A 7 of 7
Type: Add-on Acquisition M&A Deals 8 of 13
State: California M&A 2 of 4
Country: United States M&A 11 of 21
Year: 2014 M&A 1 of 3
Size (of disclosed) 3 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-06-12 Goold Health Systems

Augusta, Maine, United States

Goold Health Systems is a healthcare management organization that specializes in providing pharmacy benefit and related services primarily to State Medicaid agencies across the nation.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-12-11 Alegeus - Payment and Communication solutions business

United States

Alegeus’ payment and communications platform, allows payments via check, web payment or automated clearing house. Alegeus is a benefit manager based in Boston.

Buy -

Seller(S) 1

SELLER

Marlin Equity Partners

Hermosa Beach, California, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2005
PE ASSETS 8.5B USD
Size Mega
Type Sector Agnostic
DESCRIPTION
Marlin Equity's headquarters in Hermosa Beach, California.
Marlin Equity's headquarters in Hermosa Beach, California.

Marlin Equity Partners is a private investment firm focused on acquiring distressed businesses with sales of $10 million to $2 billion. Marlin has a special interest in non-core or underperforming divisions of larger corporations, as well as companies facing some sort of financial, operational or market-related transition. Marlin is a generalist investor and will consider opportunities in technology (software, IT, payment systems, hardware, communications, internet), healthcare, consumer (apparel, retail, consumer products, food/beverage), services (business, financial, consumer, education), manufacturing (automotive, industrial, metals, plastics), aerospace, defense, and media. Marlin prefers businesses with scalable business models, strong installed customer bases, defensible market positions, and barriers to entry. Marlin Equity Partners was formed in 2005 and is based in Hermosa Beach, California with an additional office in London.


DEAL STATS #
Overall 10 of 65
Sector: Business Services M&A 1 of 2
Type: Add-on Acquisition M&A Deals 9 of 43
State: California M&A 3 of 8
Country: United States M&A 8 of 48
Year: 2014 M&A 1 of 1
Size (of disclosed) 5 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-01-31 Uniface

Amsterdam, Netherlands

Uniface is a provider of model-driven, low-code application development and deployment software. Uniface was founded in 1984 and is based in Amsterdam, Netherlands.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-07-01 Longview Solutions

Markham, Ontario, Canada

Longview Solutions, Inc. is a provider of corporate performance management (CPM) and tax provisioning software to enterprise customers worldwide. Longview elevates planning, consolidation, tax reporting, and analytics from data collection and validation to strategic business processes. Longview’s 25+ years of domain knowledge and experience, combined with state-of-the-art cloud-based and on-premise platforms, deliver the most robust and innovative performance management solution in the marketplace.

Buy -