Back to News
Mergers & Acquisitions

Iodine Software Adds Advent to Investor Roster

By The Deal Staff
|
Published: January 25th, 2022
The healthcare software maker, which was founded in 2010 by serial entrepreneur William Chan, is valued at more than $1 billion with the new investment.

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.

Editor’s note: The original version of this article was published earlier on The Deal’s premium subscription website. For access, log in to TheDeal.com or request a free trial.

This Content is Only for The Deal Subscribers

The Deal provides actionable, intraday coverage of mergers, acquisitions and all other changes in corporate control to institutional investors, private equity, hedge funds and the firms that serve them.

If you’re already a subscriber, log in to view this article here.

More From Mergers & Acquisitions

Mergers & Acquisitions

Exit Ramp: Arsenal-Backed Polyventive Primed for Sale

By Tom Terrarosa
|
Published: August 18th, 2022
The private equity firm has signaled a desire to exit the chemicals company before the end of 2022, sources say, as it remains the final piece of a 2015 platform still in Arsenal's portfolio.
Activism

PayPal’s Elliott Engagement Could Lead to M&A

By Ronald Orol
|
Published: August 18th, 2022
Comments from the digital payment giant's CEO indicate that PalPal could consider divestitures of some sort if more immediate changes don’t produce share improvement.
Mergers & Acquisitions

Franchisees Seek to Control Destiny With Brand Deals

By Nikitha Sattiraju
|
Published: August 17th, 2022
Ampex Brands, a franchisee of Yum Brands and 7-Eleven, announces the purchase of Dallas-based restaurant chain Bellagreen, its second deal for an actual brand and yet another example of a franchisee shifting into being a franchisor.