Bedminster-based Zelis Healthcare and RedCard Systems said Oct. 4 that they completed a previously announced merger, creating an entity serving more than 700 payers and 600,000 providers.
The deal was supported by private equity firm Parthenon Capital, an investor in both Zelis and RedCard, and Bain Capital Private Equity and Bain Capital Ventures.
Financial terms of the deal, which was announced on Aug. 1, were not disclosed.
The existing management teams of both Zelis and RedCard will lead the combined company, with Doug Klinger serving as chief executive officer and Joe DiMartini and Eric Scahaefer in senior executive positions. The company will maintain existing locations, and teams, in Bedminster in addition to St. Louis; Clearwater, Fla.; Atlanta and Overland Park, Kansas.
Goldman Sachs served as financial advisor to Zelis and RedCard, the companies said, while Deutsche Bank served as financial advisor to Bain Capital.
Kirkland & Ellis served as transaction counsel to Zelis and RedCard and Ropes & Gray counseled Bain Capital.