Spark Financial Holdings (“Spark”) acted as the exclusive financial advisor to Exterprise on the sale of its Healthcare Revenue Cycle Management (RCM) business to Fornax.

We are pleased to announce the sale of Healthcare RCM business segment of Exterprise, a provider of a comprehensive range of RCM services with presence in the United States and India.

Founded in 2015, Exterprise's RCM business is a fast-growing segment with about 500 professionals. With a specialization in AR/denials management, Exterprise offers a range of RCM solutions from payment to account receivables, ensuring accelerated cash flow, faster revenue realization, and profitability of customers.

Fornax, backed by Carpediem Capital, is a digitally driven Business Services/BPM platform that started operations in 2022. Fornax offers a wide range of services to its 100+ customers through its 27,000+ employees, including Staff Augmentation, IT staffing/services, Gig Workforce, Engineering Services, BPM and others.

Prabhu [PK] Karunakaran, Founder & CEO of Exterprise, said, "Pleased that our RCM business is now a part of the Fornax family and we are confident that synergies created by the combined businesses will bolster and broaden the combined portfolio while delivering quality solutions on a global scale. We would also like to extend our sincere gratitude to the Spark team for their unwavering support throughout our journey, working alongside them has been a delight, and we deeply appreciate their depth of knowledge, professional competency, and dedicated engagement at every stage of this endeavor."

Vijay Radhakrishnan, Managing Director & Practice Head – Technology & Business Services, Spark Financial Holdings, said, "Exterprise is a fast-growing RCM solutions provider and serves large healthcare payment processors, delivering a wide array of solutions combined with a steadfast commitment to customer satisfaction. We believe that the considerable scale and expertise of Fornax across the business services market makes it the most suitable home for Exterprise's seasoned RCM team. We wish the Exterprise and Fornax teams all the best for the future."

This deal solidifies Spark's prominent standing within the Tech & Business Services sector, further enhancing its industry-leading performance. Over the past 3 years alone, Spark has successfully executed 17 cross border deals, totaling USD 2+ billion, boasting a 100% Transaction Closure Rate.

Spark operates on a philosophy of selective-but-strong conviction and takes only limited annual mandates with an aim to deliver the "best partner at the best value" representing its client first deal making approach.