Thompson Street Capital Partners Platform Revenue Management Solutions Completes Acquisition of OrboGraph

ST. LOUIS (August 15, 2022) – Thompson Street Capital Partners (TSCP), a private equity firm based in St. Louis, announced today that Revenue Management Solutions (RMS), a provider of automated healthcare payments reconciliation services, has acquired OrboGraph, a subsidiary of KLA Corporation (NasdaqGS: KLAC). Justin Bentley of Citizens M&A Advisory provided advisory services to KLA in support of the transaction. Terms of the transaction were not immediately disclosed.

The acquisition of OrboGraph brings together two leading providers of automation-focused healthcare remittance reconciliation technology and services. Combined, the Company will process more than 350 million annual transactions across more than 14,000 National Provider Identifiers (“NPIs”).

As part of the transaction, OrboGraph’s industry leading AI-based check imaging and fraud detection solutions will operate as an independent entity, retaining the OrboGraph name, within RMS post-closing. Barry Cohen will continue to lead OrboGraph as its CEO. It was also announced that Tom Wimsett, a long-tenured payments executive, will be joining the Board of Directors of OrboGraph.

Brian Kornmann, TSCP Managing Director stated “We are pleased to announce the acquisition of OrboGraph as the first add-on of RMS under the TSCP’s first Continuation Fund. Having spent seven years following the growth of OrboGraph under Barry Cohen’s leadership, we believe the timing is right for bringing together these two great companies. Both RMS and OrboGraph will remain active in exploring potential acquisition opportunities that provide leading technology-driven automation solutions in their respective markets.”

Scott Thomas, CEO of RMS said, “We are thrilled to welcome the team at OrboGraph into the RMS organization. The combined company’s commitment to automation technology and leading customer service model will continue to transform the automated remittance reconciliation services market.”

Barry Cohen, CEO of OrboGraph added, “This acquisition brings together two great assets in RMS and OrboGraph. I look forward to working with RMS to integrate the healthcare services of the businesses and to continue to lead and focus on the growth of our check business as a stand-alone division within RMS.”

###