Growth capital poises Knack for accelerated growth in Revenue Cycle Management Solutions
Knack Global, a leading provider of Revenue Cycle Management solutions, announced that it has successfully completed the recapitalization of the Company through an investment led by LKCM Headwater Investments (“LKCM”) and further supported by Weave Growth Partners (“Weave”). The combined partnership will seek to accelerate the Company’s growth by bolstering its direct sales capability, augmenting the service model with tech enablement, and expanding within current and new verticals via opportunistic acquisitions which will further cement the company’s foothold in the rapidly growing, yet fragmented, $110 billion domestic RCM market.
Following the close of the transaction, Rajiv Sharma, Knack’s founder, has retained a significant equity stake in the Company and will continue to serve as Chief Executive Officer.
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“The LKCM and Weave teams bring to Knack an exceptional combination of tech capability and business expertise. I feel confident that our combined team will be able to build on Knack’s core attributes of high-quality services, reliable performance and customer satisfaction to build a stronger and better Company, and as CEO my focus will continue to be driving Knack’s philosophy of putting customers first,” expressed Sharma.
“We are very excited to partner with Rajiv, Knack and the team from Weave on this opportunity. Knack has demonstrated a commitment to quality and superior service to its customers, and we believe, the Company’s best-in-class service levels and scalability make Knack an exciting platform from which to build. We believe Rajiv’s desire to invest in Knack in order to build an even more robust company and service offering is perfectly aligned with LKCM’s investment focus and skillset,” said Jonathon Miller, Principal of LKCM Headwater.
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Knack will leverage LKCM Headwater’s hands-on approach and experienced lens across the healthcare value chain to help tackle the complexities of growth while also leaning on Weave’s experience in leveraging data, analytics and automation to accelerate sales and service delivery. This scale-enhancing, tech-enabled backbone will serve as a competitive advantage for new partners to join the Knack platform during this next phase of growth.
CEOAlly, Inc. served as the exclusive financial advisor to Knack on the transaction; this marks firm’s 6th transaction advising Knack over the last 13 years.