Washington, DC, and San Francisco, CA
Martis Capital (“Martis”), a healthcare-focused middle market private equity firm, announced yesterday that it completed the sale of Altruista Health, Inc. (“Altruista” or the “Company”), a leading payor care management software platform. Altruista was acquired by HealthEdge Software, Inc. (“HealthEdge”), a portfolio company of the Blackstone Group (“Blackstone”), and the terms of the deal were not disclosed.
Headquartered in Reston, VA, Altruista Health delivers care management and population health management solutions that support value-based and person-centered care models. The Company serves approximately 30 customers and manages more than 16 million member lives.
Since Martis’ original investment in Altruista in December 2015, the Company has continued to grow into a leading provider of care management and population health management solutions through GuidingCare®, the largest and most widely adopted platform of its kind in the United States. Health plans and healthcare providers use GuidingCare® to transform their processes, reduce avoidable expenses and improve patient health outcomes. Altruista was named twice as one of the “Top Population Health Management Companies to Know” by Becker’s Healthcare.
Ashish Kachru, Chairman and Chief Executive Officer of Altruista, said “Martis Capital was instrumental in helping us grow and further professionalize our company during our five-year partnership. Together we have successfully diversified our service offering, expanded our client relationships, and meaningfully invested in our corporate infrastructure both in the United States and India.” Mr. Kachru added, “Martis Capital has been an invaluable partner for us during a critical stage of our company’s history and we are now well positioned to capitalize on continued future growth”.
McDermott Will & Emery acted as legal adviser to Martis and Altruista in connection with the transaction.
Founded in 2007, Altruista Health is a leading payor care management platform offering customers a highly configurable set of comprehensive modules delivered as a SaaS solution spanning care management, utilization management, population health, appeals and grievances, medication therapy management, member engagement, and reporting and compliance.
Martis Capital is a middle market private equity firm focused exclusively on the healthcare industry. The Martis team manages more than $1.2 billion of equity capital and is currently investing out of its third fund. With offices in San Francisco, CA, and Washington, DC, Martis seeks to invest in middle-market, growth-oriented companies that provide innovative and cost-effective products and services within targeted segments of the North American healthcare industry. For more information visit martiscapital.com.