GREENWOOD VILLAGE, Colo., Jan. 24, 2013 /PRNewswire/ -- Recondo Technology today announced the company has received a $20 million growth investment from Bregal Sagemount. The investment will enable Recondo® to accelerate its already impressive organic growth rate, enhance its customer support teams, and complete strategic acquisitions. Phil Yates, a founding Partner of Bregal Sagemount, and Pavan Tripathi, Senior Associate, will join the company's board of directors.
"Recondo brings innovative, best-in-class technology to the problem of proper payments for hospitals, Integrated Delivery Networks (IDNs), and Accountable Care Organizations (ACOs)," said Yates. "The US healthcare system spends 15+ 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."
"We are very pleased that the seasoned partners of Bregal Sagemount have placed their confidence in Recondo Technology," said Rick Adam, Recondo Founder and CEO. "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 merger and acquisition (M&A) opportunities."
Over Fiscal Year 2012, Recondo experienced a period of tremendous growth. The company increased revenue by 94% and added 266 new hospital customers. Additionally, Deloitte Touche placed Recondo at #9 in its annual list of the Deloitte Technology Fast 500. Inc. Magazine ranked Recondo at #222 in its annual Inc. 500 list, an exclusive ranking of the nation's fastest-growing private companies.
About Bregal Sagemount
Bregal Sagemount is a growth-focused private equity fund with $500 million in committed capital. Bregal Sagemount makes investments of $15 million to $150 million in market leaders in high growth segments. For more information, please see www.bregalsagemount.com.
About Recondo Technology
Recondo delivers innovative technologies and services to connect providers, payers, and patients throughout the healthcare revenue cycle. Recondo cloud software and services are designed to ensure Proper Payments across the continuum of US healthcare. Recondo brings efficiencies and cost savings to healthcare payment processing. Recondo combines sophisticated rules architectures, legacy integration, and data mining to provide true interoperability for more than 500 US hospitals and more than 500 payers.
Visit Recondo Technology at www.recondotech.com.
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Recondo, SurePayHealth, ReconBot, Recondo Financial Medical Record, and Powered by Recondo are registered trademarks of Recondo Technology. Trilogi is a registered trademark of Trilogi, Inc. EligibilityPlus, Auth-DP, Denial Reporting, Denial Management, Omni278, Financial Assistance, and Patient Resource Management are trademarks of Recondo Technology. All other trademarks and registered trademarks are the property of the respective trademark holders.
SOURCE Recondo Technology