Spend visibility and audit recovery company SpendMend has received an undisclosed investment from Sheridan Capital Partners.
The investment was made alongside the company’s founders and management, who will keep a ‘meaningful ownership’ in SpendMend.
Michigan-based SpendMend is an audit recovery, cost containment and spend visibility solution for healthcare providers across the US. Offerings from the company include monetary recoveries, cost reduction insights, and analytics and benchmarking tools for a customer base.
SpendMend helps to prevent financial leakage by uncovering hidden data and using industry benchmarks to find the cause of the leakage and preventing it.
This new partnership will enable the company to accelerate its growth and further the development of its product’s capability.
Sheridan Capital Partners managing partner Jonathan Lewis said, “As the market leader in healthcare audit recovery, SpendMend’s services help healthcare executives, operators and providers navigate an increasingly challenging macro-economic environment of reimbursement pressure and rising organizational costs.â€
Sheridan Capital Partners, based in Chicago, makes buyout investments in the US healthcare and consumer sector. The firm targets companies with enterprise values of between $20m to $150m, and makes an investment of between $10m and $50m.
Earlier this week, HealthFirst Financial, a patient financing solution, was acquired by Frontier Capital-based AccessOne, in an undisclosed deal.
Fellow auditing company, Perforce Software was acquired by private equity firm Clearlake Capital Group. The company’s original backer, Summit Partners, sold its stake in the company to the new owners.
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