Healthcare tech provider Iodine Software said Dec. 1  it has landed a strategic growth investment from Advent International Corp. at a valuation of more than $1 billion.

The parties did not disclose financial terms of the deal. Bain Capital Ventures and Silversmith Capital Partners, which invested in the company in 2018, will remain shareholders, according to the release.

Iodine Software and Bain looked to Deutsche Bank AG for financial advice and Queen Saenz + Schutz PLLC for counsel. Advent looked to Evercore Inc. and TripleTree Advisors LLC for financial advice and Weil, Gotshal & Manges LLP  for legal advice.

Founded in 2010 in Austin, Texas, by CEO William Chan, Iodine uses AI and data to help power revenue cycle services for healthcare finance professionals.

Silversmith managing partner Jim Quagliaroli told The Deal in a September 2019 interview that the firm was most interested in companies that use artificial intelligence and machine learning to address workflow problems. Iodine Software fit the bill, and Silversmith became the first institutional investor in the company outside of a banker-led process, Quagliaroli revealed at the time.

Chan previously cofounded Crimson, a healthcare tech company sold to Advisory Board Co. (now part of UnitedHealthcare Inc. (UNH)) in 2008 for $23 million. He also cofounded WhisperWire Inc., a sale software provider sold to Convergys Corp. (now Concentrix Corp. (CNXC)) in 2004.

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