Francisco Partners Acquires Office Ally to Accelerate Growth
Press Releases — Dec 20, 2021
Private Buy Out
SAN FRANCISCO, CA, VANCOUVER, WA AND SAN ANTONIO, TX – Office Ally, a leading provider of healthcare clearinghouse and software solutions, announced today its acquisition by Francisco Partners, a leading global investment firm that specializes in partnering with technology businesses. The investment will provide Office Ally with a new partner to help capitalize on its current momentum and continue to drive product innovation and growth.
Office Ally is a leading provider of electronic clearinghouse services, revenue cycle management, and healthcare software solutions to payers and office-based physicians in the U.S. Since 2000, Office Ally’s comprehensive product portfolio of mission-critical solutions has enabled its customers to drive better operational results and streamline administrative workflows. Today, Office Ally processes approximately 25 million claims monthly for more than 720,000 providers and 4,000 payers nationwide.
Brian O’Neill, Office Ally Founder and CEO, stated, “We are thrilled to announce this acquisition by Francisco Partners, which is further validation of the platform that we have built over the last 21 years. Francisco Partners’ expertise growing healthcare technology companies will help us expand our ability to provide innovative products with best-in-class customer service to our customers. Our employees should be proud of our accomplishments and excited for the future.”
In conjunction with the closing of this transaction, Brian O’Neill will be retiring, and industry healthcare technology veteran Chris Hart will become CEO of the company. “I am excited to join Office Ally at such a momentous inflection point in the company’s history. I want to thank Brian and the entire Office Ally team for their tremendous efforts and success in building this company from the ground up. I look forward to continuing the culture of innovation and support that the company has established for our customers,” said Chris Hart.
“Office Ally’s position at the intersection of payers, providers, and patients provides unique insights into addressing the complexities and administrative burdens in the healthcare system,” said Justin Chen, Principal at Francisco Partners. “The Office Ally platform delivers significant ROI to their customers, and our investment will support the company’s continued growth, customer focus, and product development including enhanced revenue cycle offerings.”
“We are thrilled to welcome Chris Hart back to the Francisco Partners portfolio as CEO of Office Ally,” said Ezra Perlman, Co-President of Francisco Partners. “Chris is an outstanding operator with a successful track record in healthcare technology and revenue cycle management. We look forward to his leadership and partnership with the impressive Office Ally team, whom we are excited to support with this investment.”
Francisco Partners has extensive experience in the healthcare technology space and is one of the most active private equity investors in healthcare IT and software companies. For the last two decades, Francisco Partners’ healthcare investments have focused on companies that are leveraging technology to provide innovative products and solutions to patients, providers, and payers. Select current and past investments in the sector include Availity, eSolutions, GoodRx, Kyruus, QGenda, and Zocdoc.
Lazard and Meridian Capital LLC served as financial advisors and K&L Gates LLP served as legal advisor to Office Ally. Kirkland & Ellis LLP served as legal advisor to Francisco Partners.
About Francisco Partners
Francisco Partners is a leading global investment firm that specializes in partnering with technology and technology-enabled businesses. Since its launch over 20 years ago, Francisco Partners has invested in more than 300 technology companies, making it one of the most active and longstanding investors in the technology industry. With more than $30 billion in assets under management, the firm invests in opportunities where its deep sectoral knowledge and operational expertise can help companies realize their full potential. For more information on Francisco Partners, please visit www.franciscopartners.com.
About Office Ally
Office Ally is a healthcare technology company that offers cloud-based solutions to healthcare providers, independent physician associations (IPAs) and health plans. Office Ally’s platform supports both the management of care and facilitates payments between providers, health plans and patients. Office Ally’s platform is paired with a clearinghouse that enables the secure exchange of healthcare information including claims, remits, and eligibility information between covered entities and across the healthcare market. For more information visit www.OfficeAlly.com.