Page 42 Bain Capital Helthcare
P. 42
Payments
Powerhouse
Private Equity and Ventures joined forces to support Zelis
Payments’ astonishing growth
When the healthcare payments company Zelis sought a
partner to complete a transformational merger, it had its pick
of top-tier firms.
By 2019, Zelis had just recorded its fifth year of breakneck
growth, having increased revenue from $3 million to $200
million for its healthcare payments business. A merger with
its business partner, RedCard, would take things to the next
level.
Financing the investment, therefore, wasn’t the problem—it
was finding a partner that could support a business that
paired venture-style growth with private equity-style scale.
Enter Bain Capital Private Equity and Bain Capital Ventures.
“Sitting in the boardroom of healthcare services portfolio
companies, we recognized that healthcare payments is a
pain point for many. We had identified this high-growth,
interesting healthcare payments company,” says Devin
O’Reilly, Partner and Head of North America for Bain Capital
Private Equity’s Healthcare Vertical. “Given the experience
of our Ventures team in payments broadly, we brought them
in to help perform due diligence. Matt Harris, in particular,
is a payments expert and helped us think about analogs for
other payments markets that were more mature.”
Zelis realized it had found the right partner or, more
accurately, it found two: Ventures and Private Equity both
made investments.
Bain Capital has been leveraging our understanding of
payments and the healthcare competitive landscape to help
Zelis differentiate its technology. What’s more, Bain Capital
Private Equity’s Portfolio Group, which has guided portfolio
companies through dozens of mergers, has helped guide the
management team through the RedCard integration.
The market has taken notice. Recognizing Zelis’ vital role
in modernizing the healthcare financial experience and
its exceptional leadership team, Mubadala Investment
Company, the Abu Dhabi-based investment company,
announced its agreement to purchase a minority stake in
Zelis in December 2024. Together, majority owners Bain
Capital and Parthenon and lead minority investor Mubadala
will continue to support Zelis’ growth and success in the
complex and evolving healthcare financial landscape.
Zelis: Quick Facts
OVERVIEW
Health insurance payments
optimization solutions
HQ
Bedminster, NJ
INVESTMENT
2019
INVESTORS
Bain Capital Ventures
Bain Capital Private Equity
WEBSITE
www.zelispayments.com
42
Bain Capital
Healthcare
Powerhouse
Private Equity and Ventures joined forces to support Zelis
Payments’ astonishing growth
When the healthcare payments company Zelis sought a
partner to complete a transformational merger, it had its pick
of top-tier firms.
By 2019, Zelis had just recorded its fifth year of breakneck
growth, having increased revenue from $3 million to $200
million for its healthcare payments business. A merger with
its business partner, RedCard, would take things to the next
level.
Financing the investment, therefore, wasn’t the problem—it
was finding a partner that could support a business that
paired venture-style growth with private equity-style scale.
Enter Bain Capital Private Equity and Bain Capital Ventures.
“Sitting in the boardroom of healthcare services portfolio
companies, we recognized that healthcare payments is a
pain point for many. We had identified this high-growth,
interesting healthcare payments company,” says Devin
O’Reilly, Partner and Head of North America for Bain Capital
Private Equity’s Healthcare Vertical. “Given the experience
of our Ventures team in payments broadly, we brought them
in to help perform due diligence. Matt Harris, in particular,
is a payments expert and helped us think about analogs for
other payments markets that were more mature.”
Zelis realized it had found the right partner or, more
accurately, it found two: Ventures and Private Equity both
made investments.
Bain Capital has been leveraging our understanding of
payments and the healthcare competitive landscape to help
Zelis differentiate its technology. What’s more, Bain Capital
Private Equity’s Portfolio Group, which has guided portfolio
companies through dozens of mergers, has helped guide the
management team through the RedCard integration.
The market has taken notice. Recognizing Zelis’ vital role
in modernizing the healthcare financial experience and
its exceptional leadership team, Mubadala Investment
Company, the Abu Dhabi-based investment company,
announced its agreement to purchase a minority stake in
Zelis in December 2024. Together, majority owners Bain
Capital and Parthenon and lead minority investor Mubadala
will continue to support Zelis’ growth and success in the
complex and evolving healthcare financial landscape.
Zelis: Quick Facts
OVERVIEW
Health insurance payments
optimization solutions
HQ
Bedminster, NJ
INVESTMENT
2019
INVESTORS
Bain Capital Ventures
Bain Capital Private Equity
WEBSITE
www.zelispayments.com
42
Bain Capital
Healthcare
