Investment in partnership with management to facilitate expansion of health plan oriented operational and administrative technology and tech-enabled solutions
BOSTON, December 7, 2022 – BV Investment Partners (BV), a middle-market private equity firm focused on the tech-enabled business services, software and IT services sectors, announced today an investment in Imagenet, LLC, a leading provider of back-office support technology and tech-enabled outsourced services to healthcare plans nationwide.
Imagenet provides digital transformation, claims adjudication and member and provider engagement services, acting as a mission-critical partner to these plans in enhancing engagement and satisfaction with plans’ members and providers. The company processes millions of claims and related structured and unstructured data elements annually. The company has also developed an innovative workflow technology platform, JetStreamTM, to help with traceability, governance and automation of claims operations for its clients. Imagenet is headquartered in Tampa, operates 10 regional offices throughout the U.S. and has a wholly owned global delivery center in the Philippines.
Steve Strawn, Founder and Chief Executive Officer of Imagenet, commented, “I’m very proud of all that our team has accomplished for our valued health plan partners, and I know that we can – and now with BV’s support will – do yet more in the way of delivering high-ROI technology and outsourced solutions to our clients and the market at large. We and BV have aligned on an exciting growth plan, which is centered on positioning our clients for success in the ever-changing and evolving healthcare market. We were quick to recognize BV as our partner, given their deep experience scaling healthcare tech-enabled services businesses like ours and, perhaps most notably, their thoughtful approach to partnership and aligning with us on strategic priorities moving forward.”
Vidhya Bhat, Imagenet’s Chief Information Officer, said, “With BV’s investment we will be able to accelerate the expansion of our holistic suite of value-added services, which deliver automation and efficiency gains and enable health plan partners to focus on what matters most, members’ access to timely, affordable and quality healthcare.” Patrick Smith, Imagenet’s Chief Operating Officer, added, “We have seen heightened demand for our services and view this partnership with BV as the catalyst to accelerate our reach and the breadth of our solutions – and, in turn, reinforce and strengthen Imagenet’s positive impact across the healthcare community.”
Sean Wilder, Managing Director of BV, said, “We are excited to partner with the Imagenet team to expand on what is today a differentiated and best-in-class platform in health plan oriented back-office support services. There is significant opportunity to do more for and deliver yet more value to Imagenet’s long-tenured clients, including building or acquiring new capabilities in ancillary and strategic functional areas.” Lauren Morera, Vice President of BV added, “Our investment in Imagenet is a clear fit with BV’s healthcare technology and tech-enabled services practice and specifically aligns with our cornerstone thesis in administrative simplification and automation.” Tom Stephens, Operating Partner with BV, added, “We look forward to bringing our experience and network to bear to help the Imagenet team execute on the exciting growth plan that we collectively built and are all behind.”
BV was represented by Choate, Hall & Stewart LLP and Baird, while Imagenet was represented by Newman Du Wors LLP and Hexagon Capital Alliance LLC.
Imagenet is a premier healthcare technology and tech-enabled services company that has advanced the automation of business processes and data management for health plans nationwide. Well versed in the expectations of modern health plans, Imagenet partners with each of its clients to ensure compliance and business continuity needs are met while delivering bottom line efficiencies. Imagenet prides itself on delivering best-in-class Customer Support, Data Capture, Data Validation, Workflow Automation, and Analytics services. For more information, visit www.imagenetglobal.com.
About BV Investment Partners
BV Investment Partners is one of the oldest and most experienced sector-focused private equity firms in North America. Since its founding in 1983, the firm has invested approximately $4.7 billion, actively targeting investments in the tech-enabled business services, software, and IT services industries. For more information, visit www.bvlp.com.
Contact: Chris Tofalli
Chris Tofalli Public Relations, LLC