The amount of the deal was not disclosed. In the transaction, Sheridan invested alongside SpendMend’s founders and management, who will retain a meaningful ownership stake in the business.
The company intends to use the funds to accelerate growth and further develop its capabilities and overall value proposition.
Led by Dan Geelhoed, CEO, and Rob Heminger, President, SpendMend provides audit recovery, cost containment, and spend visibility services to healthcare providers nationwide.
The company’s services deliver monetary recoveries, cost reduction insights, and analytics and benchmarking tools to its customer base.
The investment was led by Lewis, Sean Dempsey, Nicholas Rowland, and Jonathan Gavron at Sheridan Capital Partners.