Latest news with #NewMountainCapital
Yahoo
23-05-2025
- Business
- Yahoo
New Mountain combines portfolio companies to launch AI revenue cycle firm
This story was originally published on Healthcare Dive. To receive daily news and insights, subscribe to our free daily Healthcare Dive newsletter. New Mountain Capital is combining three of its portfolio companies to create an artificial intelligence-backed revenue cycle management firm called Smarter Technologies, the private equity firm said Monday. The deal merges three companies that received investments from New Mountain this year: Access Healthcare, a revenue cycle management platform; SmarterDx, which uses AI to analyze charts to catch missed billing codes and appeal denied claims; and a company that uses AI agents to handle tasks like checking insurance eligibility, managing prior authorizations and processing claims. Jeremy Delinsky, former chief technology officer at health IT firm Athenahealth and an executive advisor to New Mountain, will serve as CEO of the combined company. Smarter Technologies will serve more than 200 clients, including more than 60 hospitals and health systems, according to a press release. The combined firm is expected to generate more than $800 million in revenue. Individual leaders across each of the three companies will continue to oversee their business units, New Mountain said. The deal aims to offer a 'comprehensive' platform for making health systems' administrative work for managing revenue and billing more efficient, the private equity firm said. AI has become an alluring technology across the healthcare sector, igniting hopes it could alleviate some of the industry's administrative and back-office tasks. 'We recognize that healthcare provider organizations are confronted with growing administrative and operational challenges, and they need a new kind of flexible revenue management platform that brings together the most proven AI technologies with the lowest cost to serve, highest quality global operations platform at scale,' Delinsky said in a statement. The latest rollup by New Mountain comes months after the private equity firm merged some of its other healthcare investments into a new payment accuracy company. In September, the private equity firm said it was combining The Rawlings Group, an analytics firm that finds third parties responsible for paying medical claims, the payment integrity platform of health tech provider Apixio and overpayment identification firm Varis. Then, early this year, New Mountain acquired AI-backed healthcare payments company Machinify to add to the combined firm, which took on the Machinify brand. Healthcare technology has also recently become an increased focus for private equity investors. The value of private equity and venture capital deals in health tech has grown about 50% year over year in 2024, according to a report published last month by S&P Global Market Intelligence. Recommended Reading New Mountain merges Rawlings, Varis, Apixio assets to form payment accuracy firm Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
16-05-2025
- Business
- Yahoo
Grant Thornton Advisors LLC's multinational platform grows to include Grant Thornton Netherlands
CHICAGO & AMSTERDAM, May 16, 2025--(BUSINESS WIRE)--Grant Thornton Advisors LLC (Grant Thornton Advisors) today announced that Grant Thornton Netherlands is joining the multinational platform it established earlier this year with Grant Thornton Ireland. The platform is backed by an investor group led by New Mountain Capital, a growth-oriented investment firm with approximately $55 billion in assets under management. Last month, three Grant Thornton firms in Europe, the Middle East and the Americas closed or signed agreements to join the platform. Joining the platform will allow Grant Thornton Netherlands to offer enhanced services to new and existing clients across markets, underpinned by investments in quality, innovation, and seamless client-centric delivery. Grant Thornton Netherlands's team of almost 800 professionals across eight Dutch offices will join the platform's nearly 13,000 team members in almost 60 offices. The expanded platform remains part of the Grant Thornton International Limited network, which comprises member firms in more than 150 markets worldwide. Marcel Blöte, CEO of Grant Thornton Netherlands, will remain in his current position as head of that geography. The audit practice of Grant Thornton Netherlands will operate independently under an alternative practice structure. "By uniting with preeminent high-growth firms such as Grant Thornton Netherlands, we've established a world-class service provider platform spanning multinational markets," said Jim Peko, CEO of Grant Thornton Advisors. "We will continue to solidify our standing as the industry's destination of choice for clients and team members alike, providing a singular experience focused on quality and unparalleled service delivery." "We welcome Grant Thornton Netherlands to our expanded platform," said Steve Tennant, managing partner of Grant Thornton in Ireland, who leads international M&A on behalf of Grant Thornton Advisors. "The Dutch firm brings complementary ambition and talent as we look to extend our capabilities, services and geographic reach to benefit our clients and our people." According to Netherlands's Blöte: "Joining forces with Grant Thornton Advisors empowers us to deliver enhanced value for clients as a diversified platform poised for growth and expansion. We'll be able to offer our people extremely attractive paths for career development, while maintaining our hallmark entrepreneurial culture and commitment to quality. Collectively, we will ensure our status as a top 10 firm in our market well into the future — one that can flexibly respond to a dynamic market and changing regulations." "We're bringing the highest quality and fastest growing firms together into one truly integrated global platform," said Andre Moura, managing director, New Mountain Capital. "Grant Thornton Netherlands is a perfect example of this — delivering the quality, expertise and industry specialization integral to the world-class client experience we're creating." The transaction is expected to close later this year, subject to regulatory approvals and other standard closing conditions. About the platformGrant Thornton delivers professional services in the US through two specialized entities: Grant Thornton LLP, a licensed, certified public accounting (CPA) firm that provides audit and assurance services ― and Grant Thornton Advisors LLC (not a licensed CPA firm), which exclusively provides non-attest offerings, including tax and advisory services. Grant Thornton Ireland is a leading multinational professional services firm with approximately 2,800 people in offices across the island of Ireland, Bermuda, Isle of Man and Gibraltar. Their tax, audit and advisory teams work with organizations across sectors including technology, insurance, asset management, banking, life sciences, and aviation, as well as the public sector. In January 2025, Grant Thornton Advisors LLC formed a multinational, multidisciplinary platform with Grant Thornton Ireland. The platform offers a premier advisory and tax practice, as well as independent audit practices. In April 2025, Grant Thornton UAE also joined the multinational platform. With $2.7 billion in revenues and almost 60 offices spanning the U.S., Ireland, the UAE and other territories, the platform delivers a singular client experience that includes enhanced solutions and capabilities, backed by powerful technologies and a roster of almost 13,000 quality-driven professionals enjoying exceptional career-growth opportunities and a distinctive cross-border culture. Grant Thornton LLP, Grant Thornton Advisors LLC and their respective subsidiaries operate as an alternative practice structure (APS). The APS conforms with applicable laws, regulations and professional standards, including those from the American Institute of Certified Public Accountants. "Grant Thornton" refers to the brand under which the member firms in the Grant Thornton International Ltd (GTIL) network provide services to their clients and/or refers to one or more member firms. Grant Thornton LLP and Grant Thornton Advisors LLC serve as the U.S. member firms of the GTIL network. GTIL and its member firms are not a worldwide partnership and all member firms are separate legal entities. Member firms deliver all services; GTIL does not provide services to clients. About Grant Thornton NetherlandsGrant Thornton Netherlands is a member of Grant Thornton International Ltd (GTIL), one of the world's largest networks of independent accounting and advisory organisations with over 73,000 professionals in more than 150 markets. From eight Dutch offices, over 800 professionals support clients with advice and assistance in the field of accountancy, tax and (financial) advisory issues About New Mountain CapitalNew Mountain Capital is a New York-based investment firm that emphasizes business building and growth, rather than debt, as it pursues long-term capital appreciation. The firm currently manages private equity, credit and net lease investment strategies with approximately $55 billion in assets under management. New Mountain Capital seeks out what it believes to be the highest quality growth leaders in carefully selected industry sectors and then works intensively with management to build the value of these companies. For more information on New Mountain Capital, please visit View source version on Contacts Grant Thornton US Jon RucketT: +1 404 984 6249E: Grant Thornton Ireland Fiona MacCarthyT: +353870000107E: Grant Thornton Netherlands Sabrina ThoenT: 31627186855E: Sign in to access your portfolio
Business Wire
16-05-2025
- Business
- Business Wire
Grant Thornton Advisors LLC's multinational platform grows to include Grant Thornton Netherlands
CHICAGO & AMSTERDAM--(BUSINESS WIRE)--Grant Thornton Advisors LLC (Grant Thornton Advisors) today announced that Grant Thornton Netherlands is joining the multinational platform it established earlier this year with Grant Thornton Ireland. The platform is backed by an investor group led by New Mountain Capital, a growth-oriented investment firm with approximately $55 billion in assets under management. Last month, three Grant Thornton firms in Europe, the Middle East and the Americas closed or signed agreements to join the platform. Joining the platform will allow Grant Thornton Netherlands to offer enhanced services to new and existing clients across markets, underpinned by investments in quality, innovation, and seamless client-centric delivery. Grant Thornton Netherlands's team of almost 800 professionals across eight Dutch offices will join the platform's nearly 13,000 team members in almost 60 offices. The expanded platform remains part of the Grant Thornton International Limited network, which comprises member firms in more than 150 markets worldwide. Marcel Blöte, CEO of Grant Thornton Netherlands, will remain in his current position as head of that geography. The audit practice of Grant Thornton Netherlands will operate independently under an alternative practice structure. 'By uniting with preeminent high-growth firms such as Grant Thornton Netherlands, we've established a world-class service provider platform spanning multinational markets,' said Jim Peko, CEO of Grant Thornton Advisors. 'We will continue to solidify our standing as the industry's destination of choice for clients and team members alike, providing a singular experience focused on quality and unparalleled service delivery.' 'We welcome Grant Thornton Netherlands to our expanded platform,' said Steve Tennant, managing partner of Grant Thornton in Ireland, who leads international M&A on behalf of Grant Thornton Advisors. 'The Dutch firm brings complementary ambition and talent as we look to extend our capabilities, services and geographic reach to benefit our clients and our people.' According to Netherlands's Blöte: 'Joining forces with Grant Thornton Advisors empowers us to deliver enhanced value for clients as a diversified platform poised for growth and expansion. We'll be able to offer our people extremely attractive paths for career development, while maintaining our hallmark entrepreneurial culture and commitment to quality. Collectively, we will ensure our status as a top 10 firm in our market well into the future — one that can flexibly respond to a dynamic market and changing regulations.' 'We're bringing the highest quality and fastest growing firms together into one truly integrated global platform,' said Andre Moura, managing director, New Mountain Capital. 'Grant Thornton Netherlands is a perfect example of this — delivering the quality, expertise and industry specialization integral to the world-class client experience we're creating.' The transaction is expected to close later this year, subject to regulatory approvals and other standard closing conditions. About the platform Grant Thornton delivers professional services in the US through two specialized entities: Grant Thornton LLP, a licensed, certified public accounting (CPA) firm that provides audit and assurance services ― and Grant Thornton Advisors LLC (not a licensed CPA firm), which exclusively provides non-attest offerings, including tax and advisory services. Grant Thornton Ireland is a leading multinational professional services firm with approximately 2,800 people in offices across the island of Ireland, Bermuda, Isle of Man and Gibraltar. Their tax, audit and advisory teams work with organizations across sectors including technology, insurance, asset management, banking, life sciences, and aviation, as well as the public sector. In January 2025, Grant Thornton Advisors LLC formed a multinational, multidisciplinary platform with Grant Thornton Ireland. The platform offers a premier advisory and tax practice, as well as independent audit practices. In April 2025, Grant Thornton UAE also joined the multinational platform. With $2.7 billion in revenues and almost 60 offices spanning the U.S., Ireland, the UAE and other territories, the platform delivers a singular client experience that includes enhanced solutions and capabilities, backed by powerful technologies and a roster of almost 13,000 quality-driven professionals enjoying exceptional career-growth opportunities and a distinctive cross-border culture. Grant Thornton LLP, Grant Thornton Advisors LLC and their respective subsidiaries operate as an alternative practice structure (APS). The APS conforms with applicable laws, regulations and professional standards, including those from the American Institute of Certified Public Accountants. 'Grant Thornton' refers to the brand under which the member firms in the Grant Thornton International Ltd (GTIL) network provide services to their clients and/or refers to one or more member firms. Grant Thornton LLP and Grant Thornton Advisors LLC serve as the U.S. member firms of the GTIL network. GTIL and its member firms are not a worldwide partnership and all member firms are separate legal entities. Member firms deliver all services; GTIL does not provide services to clients. About Grant Thornton Netherlands Grant Thornton Netherlands is a member of Grant Thornton International Ltd (GTIL), one of the world's largest networks of independent accounting and advisory organisations with over 73,000 professionals in more than 150 markets. From eight Dutch offices, over 800 professionals support clients with advice and assistance in the field of accountancy, tax and (financial) advisory issues About New Mountain Capital New Mountain Capital is a New York-based investment firm that emphasizes business building and growth, rather than debt, as it pursues long-term capital appreciation. The firm currently manages private equity, credit and net lease investment strategies with approximately $55 billion in assets under management. New Mountain Capital seeks out what it believes to be the highest quality growth leaders in carefully selected industry sectors and then works intensively with management to build the value of these companies. For more information on New Mountain Capital, please visit
Yahoo
25-03-2025
- Business
- Yahoo
23andMe users told to consider deleting their data by California attorney general as the company files for bankruptcy
23andMe users are being advised to delete their data as the company files for bankruptcy. The California attorney general issued a consumer alert urging users of the biotech company to consider asking the company to delete their data and destroy any samples of genetic material. California attorney general Rob Bonta is urging 23andMe users to ask the company to delete their data and destroy any samples of genetic material as it files for bankruptcy. The biotech company said on Sunday it had started voluntary Chapter 11 proceedings in the US Bankruptcy Court for the Eastern District of Missouri. It is operating as usual throughout the sale process. On Friday, when rumors of 23andMe's plans started to circulate, Bonta issued a consumer alert reminding users of their right to request the biotech company to delete their genetic information under the Genetic Information Privacy Act (GIPA) and California Consumer Protection Act (CCPA). 'California has robust privacy laws that allow consumers to take control and request that a company delete their genetic data,' Bonta said in a statement. 'Given 23andMe's reported financial distress, I remind Californians to consider invoking their rights and directing 23andMe to delete their data and destroy any samples of genetic material held by the company.' Users can request that 23andMe delete their genetic data in the "settings" section of their profile under "23andMe Data" at the bottom of the page. Users can also download a copy of their genetic data for personal storage. If users previously opted to have a saliva sample and DNA stored by 23andMe, they can change that under the "Preferences" section. Representatives for 23andMe said in an open letter to customers that their data remains protected. "The Chapter 11 filing does not change how we store, manage, or protect customer data," the company said. "Any buyer of 23andMe will be required to comply with applicable law with respect to the treatment of customer data." 23andMe has had a tumultuous few years. The company is still grappling with the aftermath of a massive 2023 data breach that compromised the information of nearly 7 million people—around half of its customer base. As many of its 15 million users rush to remove their genetic data from company records, revenue has continued to decline. In November, the company laid off 200 employees—around 40% of its workforce—and halted the development of all its therapies. The company's CEO and cofounder, Anne Wojcicki, also announced she was stepping down over the weekend. She will be temporarily replaced by the company's chief financial officer, Joe Selsavage, but will remain on the 23andMe board. Wojcicki had been advocating for a buyout since April of last year, but the company's board rejected the proposal. In late February, Wojcicki teamed up with New Mountain Capital, a venture capital firm, to propose buying out the struggling company's shareholders at $2.53 per share, valuing the company at $74.7 million. Just four years ago, the biotech firm was worth $6 billion. In a post on X, Wojcicki said she was "disappointed" the company had filed for bankruptcy. "While I am disappointed that we have come to this conclusion and my bid was rejected, I am supportive of the company and I intend to be a bidder. I have resigned as CEO of the company so I can be in the best position to pursue the company as an independent bidder," she wrote. 'If I am fortunate enough to secure the company's assets through the restructuring process, I remain committed to our long-term vision of being a global leader in genetics," she added. This story was originally featured on
Forbes
24-03-2025
- Business
- Forbes
23andMe Files For Chapter 11 Bankruptcy—CEO Anne Wojcicki Exits
Genetic testing company 23andMe filed for Chapter 11 bankruptcy protection to initiate the process of selling off its assets, while the troubled firm's co-founder Anne Wojcicki—who was attempting to take 23andMe private—stepped down from her role with the intent to become an outside bidder for the asset sale. In a press release, the company said it had initiated Chapter 11 proceedings before the Eastern District of Missouri federal bankruptcy court to ' facilitate a sale process to maximize the value of its business.' The genetics testing company said it will continue to operate its business while the asset sales process goes through, and there will be 'no changes' made to how it 'stores, manages, or protects customer data.' If the court approves the Chapter 11 plan, the company plans to solicit bids over 45 days and then conduct an auction if multiple bidders emerge. The statement said any potential buyer will be required to 'comply with applicable law with respect to the treatment of customer data.' Get Forbes Breaking News Text Alerts: We're launching text message alerts so you'll always know the biggest stories shaping the day's headlines. Text 'Alerts' to (201) 335-0739 or sign up here. The DNA testing firm also announced its cofounder Anne Wojcicki was stepping down from her role as CEO, effective immediately, however, she will continue to serve as a member of 23andMe's board. Last month, Wojcicki partnered with investment firm New Mountain Capital to make a bid to purchase all of 23andMe's outstanding shares for $2.53 per share, but the effort failed after the investment pulled out of the deal. In a follow-up bid earlier this month, the 23andMe cofounder offered to acquire the company's outstanding shares for a much lower 41 cents each. This was quickly rejected by the company's special committee of independent directors. In a statement on X, Wojcicki announced her exit as CEO and wrote: 'While I am disappointed that we have come to this conclusion and my bid was rejected, I am supportive of the company and I intend to be a bidder. I have resigned as CEO of the company so I can be in the best position to pursue the company as an independent bidder.' One Community. Many Voices. Create a free account to share your thoughts. Our community is about connecting people through open and thoughtful conversations. We want our readers to share their views and exchange ideas and facts in a safe space. In order to do so, please follow the posting rules in our site's Terms of Service. We've summarized some of those key rules below. Simply put, keep it civil. Your post will be rejected if we notice that it seems to contain: User accounts will be blocked if we notice or believe that users are engaged in: So, how can you be a power user? Thanks for reading our community guidelines. Please read the full list of posting rules found in our site's Terms of Service.
