Remedy Partners, a Norwalk, CT-based provider of software and services enabling health insurers and health care providers to organize and finance health care around patient episodes of care, secured an investment from New Mountain Capital.
The amount of the deal was not disclosed.
The investment is a recapitalization in which early venture capital investors sold part of their stake to New Mountain, although all previous investors will remain shareholders. The transaction is expected to close in 30 to 60 days and New Mountain will hold four of seven board seats and take an active role in business development, M&A and strategic guidance.
Led by Steve Wiggins, Founder and Chairman, Remedy provides a bundled payment network that serves Medicare and private insurers. It manages over $9 billion of annual health spending.