Carlyle to buy major stake in Knack Global
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Mumbai: Private equity (PE) fund Carlyle Group has signed an agreement to acquire a significant majority stake in Knack Global , a Florida-based revenue cycle management (RCM) solutions provider, at a valuation of around $500 million, people aware of the deal told ET.The exact quantum of the stake could not be ascertained.Founded in 2007 by Rajiv Sharma in Mohali, Knack employs more than 3,800 healthcare experts and caters to providers across categories including physician groups, hospitals, ambulatory care centres, surgical facilities, and durable medical equipment suppliers. The company has a strong global footprint, with offices in Mohali, Mumbai, Hyderabad and Jaipur, besides four offices across the US.Backed by investors such as LKCM Headwater Investments, Weave Growth, and angel investor Anurag Jogindernath Wahi, Knack Global raised its last funding in a seed round in 2022, according to Tracxn.The firm appointed Arvind Ramakrishnan as CEO in May 2024, who joined from 8D Consulting Inc., bringing deep experience advising private equity firms on healthcare technology and services.A Carlyle spokesperson declined to comment while mails sent to Knack Global did not elicit any responses till the press time.According to BCC Research, the global healthcare BPO market is projected to grow from $151.9 billion in 2022 to $259.5 billion by 2028, at a CAGR of 9.7%.The RCM industry has become a prime investment destination for global funds, driven by rising outsourcing demand from US healthcare providers. Increasing billing complexity, tightening compliance requirements, and the need to improve patient experience have pushed hospitals and physician groups to partner with specialist RCM firms. Outsourcing allows them to cut costs, improve efficiency, and ensure faster reimbursements.Carlyle's Knack Global deal is part of a broader wave of consolidation in the $259-billion healthcare outsourcing market. In 2024, Carlyle was in the race to acquire Chennai and Texas-based RCM service provider Access Healthcare , before US fund New Mountain Capital clinched the deal at a valuation of $1.8-2 billion, outbidding Blackstone, TPG and Hillhouse.Other recent large-ticket deals include Blackstone's $1.1-billion acquisition of AGS Health, Ontario Teachers' Pension Plan's 45% stake buy in Omega Healthcare valuing it at $1.8 billion, TA Associates' $250 million majority buyout of Vee Healthtek, and EQT Partners' $860-million acquisition of GeBBS Healthcare Solutions from ChrysCapital.Increasing complexity of healthcare billing and reimbursement regulations, the growing focus on improving patient experience and the need for efficient and cost-effective revenue cycle management processes, are some of the key factors that are driving the healthcare revenue cycle management market, according to a study by Precedence Statistics.
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