HealthAxis, a Tampa-based administrative processing services company for health care payers and organizations, received a growth investment from Revelstoke Capital Partners.
McGuireWoods acted as legal counsel to Revelstoke. Shumaker, Loop & Kendrick acted as legal advisors to HealthAxis. The terms of the transaction were not disclosed.
“HealthAxis and Revelstoke understand there is an urgent need to digitalize and promote efficiency within our health care system. We will use this significant new capital to drive growth through targeted product innovation and investment in our team, all while maintaining our focus on customers. We are excited by this new partnership and I am deeply grateful to our employees for their years of hard work and dedication. I also thank our customers who, through their loyalty and partnership, have positioned us for this transformative growth opportunity,” said Shilen Patel, founder and CEO of HealthAxis, in a statement.
Revelstoke Capital Partners, based in Denver, is a private equity firm focused on investing in health care companies. It has $4 billion of assets under management, the statement said.
“Revelstoke is excited to work alongside HealthAxis’ management team to pursue complementary acquisitions to broaden the company’s solution suite and better serve its customers,” said Cy Barton-Dobenin, Principal at Revelstoke. “This significant investment will allow the company to enrich, and extend, its care management, payment integrity and AI-driven automation capabilities for HealthAxis customers.”