Check Fraud and Recognition Solutions Business Will Continue to Run Independently
OrboGraph, a premier supplier of check processing automation, fraud detection, and healthcare payment electronification, announced 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.
“We look forward to growing this product suite and line of business as we have identified several routes for expansion and diversification.”
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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.”
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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.”