Check Fraud and Recognition Solutions Business Will Continue to Run Independently
BILLERICA, Mass.–(BUSINESS WIRE)–OrboGraph, a premier supplier of check processing automation, fraud detection, and healthcare payment electronification, announced today that Revenue Management Solutions (RMS), a provider of automated healthcare payments reconciliation services has acquired OrboGraph. Thompson Street Capital Partners (TSCP), a private equity firm based in St. Louis, MO, funded the acquisition under the TSCP’s first Continuation Fund. Terms of the transaction were not disclosed.
While the OrboGraph healthcare payment processing business will merge into the RMS organization, the OrboGraph brand as well as check fraud and recognition products under the OrboAnywhere suite will remain intact as the foundation for future growth of the Company.
CEO of OrboGraph, Barry Cohen, commented on the acquisition, “It was an opportune time to transition to RMS, as two leading providers of automation-focused healthcare remittance reconciliation technology and services converged to provide a path for economies of scale to the market. OrboGraph will continue to thrive in today’s mature check processing market with our innovative OrbNet Forensic AI and OrbNet AI-based solutions.”
Brian Kornmann, a Managing Director with TSCP commented, “We expect to see OrboGraph continue to have significant market impact as fraud continues to plague the financial industry, automation and cost reduction remains a priority, and payment expansion provides creative niche opportunities.”
Chief Strategy Officer (CSO) of OrboGraph, Joe J. Gregory stated, “We look forward to growing this product suite and line of business as we have identified several routes for expansion and diversification.”
For more information, please contact Joe Gregory at firstname.lastname@example.org.
OrboGraph LLC. and OrboGraph LTD. (www.orbograph.com), an independent company of Revenue Management Solutions (RMS), is a premier developer and supplier of recognition solutions, payment negotiability, and check fraud detection for the U.S. check processing market. Nearly 4,000 financial institutions, service bureaus, and clearinghouses rely on OrboGraph technology to process billions of checks and payments annually.
Founded in 2006 and based in Oklahoma City, Oklahoma, RMS (https://rmsweb.com/) is the leading technology-based healthcare remittance automation platform. Used by more than 14,000 acute care, revenue cycle management, dental and pharmacy billing NPIs, RMS allows healthcare providers, outsourcers, and facilities to optimize the remittance matching, reconciliation, and RCM processes. RMS processes over 19 million transactions monthly, offering its technology-driven solutions directly to customers and via established channel relationships with leading financial institutions throughout the United States.
Thompson Street Capital Partners (www.tscp.com) is a St. Louis-based private equity firm focused on investing in founder-led middle market businesses in the Life Sciences & Healthcare, Software & Technology, and Business and Consumer Services and Products sectors. TSCP partners with management teams to increase value by accelerating growth, both organically and via acquisitions.
Chief Strategy Officer