Zelis Adds Investors, Reflecting Strong Market Confidence in Mission
BOSTON--(BUSINESS WIRE)--Dec 4, 2024--
Zelis, a leading provider of healthcare technology solutions, has agreed to sell a minority stake in the company to a group of investors, led by Mubadala Investment Company and including Norwest and HarbourVest. Parthenon and Bain Capital remain the majority owners of Zelis.
“Zelis is solving complex challenges in healthcare in a unique way,” says Amanda Eisel, Chief Executive Officer at Zelis. “Our level of visibility and expertise in removing friction from the healthcare financial system delivers value, efficiency, and transparency at a scale that very few companies can do. We have solidified our place as a market leader and continue to make a growing impact on the healthcare financial system in the United States. I look forward to working with Mubadala and other new investors and having their support as we pursue our mission.”
The process of seeking, navigating, and paying for care can be frustrating and complex, from deciphering which hospital or provider is in network, what services will be covered, to reconciling a confusing bill. Zelis recognizes that modern care is more than clinical; the financial experience is just as important and a growing factor in how people engage with and respond to healthcare.
“We are delighted to announce our investment in Zelis, a company whose thoughtful and integrated approach to healthcare payments solutions has set it apart from its peers. Zelis is helping to streamline the U.S. healthcare financial experience which is complex and in need of technology-driven solutions that can unlock efficiencies and create better outcomes for everyone engaged in the care journey,” said Mina Hamoodi, Head of Healthcare Investments at Mubadala. “We look forward to partnering with one of the strongest management teams in healthcare, alongside Parthenon and Bain Capital, and contributing to Zelis’ continued success.”
As a result of the Company’s commitment to innovation and delivering value to the market, Zelis continues to grow both top and bottom line at double-digit rates. The continued rate of profitable, sustainable growth led to Zelis being listed among the Inc. 5000 fastest-growing private companies in the U.S. in 2024.
Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC served as financial advisors and Kirkland & Ellis LLP acted as legal advisor to Zelis. Evercore served as financial advisor and Akin Gump Strauss Hauer & Feld LLP acted as legal counsel to Mubadala. The transaction closed on November 26, 2024.
About Zelis
Zelis is modernizing the healthcare financial experience by providing a connected platform that bridges the gaps and aligns interests across payers, providers, and healthcare consumers. This platform serves more than 750 payers, including the top 5 national health plans, BCBS insurers, regional health plans, TPAs and self-insured employers, and millions of healthcare providers and consumers. Zelis sees across the system to identify, optimize, and solve problems holistically with technology built by healthcare experts – driving real, measurable results for clients.
Learn more at Zelis.com and follow us on LinkedIn to get the latest news.
View source version on businesswire.com:https://www.businesswire.com/news/home/20241204300280/en/
CONTACT: Jon Gregalis
press[at]zelis.com
KEYWORD: MASSACHUSETTS UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: PAYMENTS DATA MANAGEMENT HEALTH TECHNOLOGY HEALTH TECHNOLOGY SOFTWARE
SOURCE: Zelis
Copyright Business Wire 2024.
