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Two Tech-Enabled RCM Firms Acquired by Gulf Capital for $60 million

Rockville, MD – March 23, 2021 Greenberg Advisors (GA) is pleased to announce the acquisition of two companies in the Revenue Cycle Management (RCM) sector. GA represented Gulf Capital (Gulf) in both transactions.

Abu Dhabi-headquartered Gulf purchased majority stakes in Eclat Health Solutions (Eclat) and Hansei Solutions (Hansei), which specialize in providing revenue cycle management solutions for healthcare providers. Eclat, based in Herndon, Virginia, serves acute care facilities across the US and Hansei, based in Los Angeles, California, focuses on behavioral and mental health treatment facilities. The enterprise value of the combined transactions was approximately $60 million.

Gulf engaged GA to help it identify and acquire US-based RCM firms in order to create a global RCM presence in conjunction with its majority ownership in Accumed Practice Management, which provides RCM services in the United Arab Emirates and Saudi Arabia.

Brian Greenberg, CEO of GA, noted, “Combining Eclat and Hansei and their exceptional management talent, with Accumed, creates a notable RCM platform. Specialists like these will continue playing a key role in this highly active M&A market.”

Despite the pandemic, $18.5 billion worth of investments were completed in the HCIT and RCM sectors in 2020, reflecting the appetite of investors globally. More information and analysis regarding market activity is available in GA’s M&A Update for HCIT and RCM.

GA has advised in six RCM transactions in the past 12 months, ranging from tech-enabled RCM firms specializing in denials management, complex claims, coding, coding audits, clinical documentation improvement, billing, patient-pay, utilization review, and beyond.

About Greenberg Advisors
Greenberg Advisors, LLC is an independent investment bank providing world-class M&A and strategic advisory solutions to Business Services and Technology companies in the Revenue Cycle Management (RCM), Healthcare Information Technology (HCIT), Accounts Receivable Management (ARM), and Business Process Outsourcing (BPO) sectors.

Focused on these sectors for over 25 years, the firm’s professionals offer a comprehensive, yet highly specialized perspective from which to advise clients, which has resulted in the completion of over 135 M&A, capital raising, valuation, and strategic advisory engagements. These client successes reflect Greenberg’s distinct client-first approach, deep sector expertise, objective point of view, and work ethic.