Health care payments company Zelis entered into a definitive agreement to acquire Payer Compass, a provider of reimbursement and claims pricing, administration and processing solutions.
Financial terms of the deal announced Aug. 1 were not disclosed. Zelis is based in Bedminster.
Payer Compass has helped organizations control the cost of care for the last two decades by providing data and insights to reprice more than $200 billion in claims, generating more than $1.5 billion in annual savings and serving more than 10 million people, according to a press release about the acquisition.
“We’re committed to our mission of making care more affordable and transparent for all. Combining Payer Compass’ innovative platform with our existing network solutions and payment integrity offerings will do just that,“ said Amanda Eisel, CEO of Zelis. “Through our combined assets, we’ll have the people, technology, and shared energy to generate more savings for our clients and continue to positively impact healthcare’s rising costs and complexity.”
The transaction is expected to close in the third quarter. Growth equity firm Spectrum Equity and investment firm Health Enterprise Partners have been investors in Payer Compass since 2019.
Triple Tree LLC served as the exclusive financial advisor for this transaction. Payer Compass was represented by Latham & Watkins LLP and Zelis was represented by Kirkland & Ellis.