The investment will enable Recondo to accelerate its organic growth rate, enhance its customer support teams, and complete strategic acquisitions, it said.
Phil Yates, a founding partner of Bregal Sagemount, and Pavan Tripathi, senior associate, will join the company’s board of directors as part of the deal.
Yates said, “The US healthcare system spends 15-plus percent of revenue to process and collect payments compared to one to two percent in other efficient markets. We are excited to invest in Recondo, the market leader changing this paradigm.”
Recondo founder and CEO Rick Adam, said, “This investment will be used to significantly expand our sales and marketing efforts, take client service to a new level, and broaden our product offerings through internal development and strategic M&A opportunities.”
For its fiscal year 2012, Recondo increased revenue by 94 per cent and added 266 new hospital customers.
Led by former Goldman Sachs executive Gene Yoon, Bregal Sagemount was launched in June last year with the backing of investment house Bregal
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