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BPO Firm Healthaxis Signs Definitive Agreement with Tak Investments
Cash infusion supports organic and strategic growth
April 4, 2005 | Minneapolis, Minnesota |
TripleTree, LLC announced a new equity capital transaction in the healthcare market between Healthaxis (HAXS), an innovative provider of fully integrated business process outsourcing claims and administrative software solutions and services, and Tak Investments. Under the agreement, Tak Investments will invest up to $12.5 million in the company’s common stock at a purchase price of $2.25 per share. In addition, Healthaxis will enter into a five-year Remote Resourcing Agreement with Healthcare BPO Partners L.P., an entity also owned by Tak. This agreement provides the basis for Healthaxis to extend its operations into India, completing the company’s overall strategy of having “best-shore” operational capability for servicing its customers.
TripleTree acted as exclusive financial advisor in this transaction. “We were very pleased to negotiate financing with an investor that shares the company’s strategic vision and who will assist the company in stabilizing offshore service capabilities,” said Scott Tudor, a senior principal with the firm.
According to James W. McLean, CEO of Healthaxis, “Healthaxis is now situated as one of the strongest competitors in the Healthcare BPO services marketplace. The company stands out as one of the few competitors with a full scope of capability in claims processing BPO, from claim receipt to final adjudication. We combine decades of experience as a claims processing service organization with outstanding technology to bring a powerful value proposition to play in the market.”
As a boutique investment bank, TripleTree looked at Healthaxis’s preferred situations, BPO core competencies, growth opportunities and focused objectives. Working to define an attractive investment opportunity, TripleTree zeroed in on the Healthaxis’s innovative technology capabilities, management team, structure, and position in the market. At the end of the day, TripleTree’s team negotiated a deal that provided a solid foundation for global growth in the health insurance claims processing arena.
For more information and case studies on TripleTree transactions, please visit our engagements page.
TripleTree, LLC is a research-based investment bank serving growth companies, investors and global acquirers. TripleTree conducts proprietary research that guides our work in M&A, growth capital and financial advisory services. Our value-based approach benefits technology-enabled businesses in sectors where delivery models are converging technology and services, and all sectors where CEO’s and investors are in search of creative ways to disrupt markets and unleash value.
TripleTree’s unique personality is shaped by the experience of our principals who as former business builders and transaction professionals create strategic outcomes that maximize value for our clients. The firm is located in Minneapolis. |
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