09/10/2021
Citizens Advises Aviacode on its Acquisition by GeBBS
PROVIDENCE, RI – Citizens M&A Advisory announced today that it served as the exclusive financial advisor to Aviacode, a leading provider of outsourced medical coding services, on its sale to GeBBS, a ChrysCapital-backed technology enabled revenue cycle management (“RCM”) and risk adjustment solutions provider.
Aviacode, a former portfolio company of Heritage Group and Frontier Growth, is a global provider of medical coding and revenue integrity services for healthcare facilities, physician groups, payors and outpatient centers. Headquartered in Salt Lake City, with a full campus in Hyderabad, India, the company offers customers high quality onshore and offshore coding delivery with expertise across a full range of medical specialties.
Keith Hagen, chief executive officer of Aviacode, said: "We greatly appreciate the efforts made by Justin and the entire Citizens team in bringing about a successful outcome for Aviacode. Their knowledge of RCM services and deep experience executing transactions in the sector helped us find a tremendous partner with whom to build a disruptive, global, end-to-end RCM solutions provider."
“We’re thrilled to aid Keith, Heritage and Frontier in achieving a successful result with a great partner,” said Justin Bentley, managing director at Citizens. “Aviacode, in combination with GeBBS, will offer healthcare providers deep expertise across the entire revenue cycle. We look forward to following their success for years to come.”
Citizens M&A Advisory specializes in middle-market mergers and acquisitions. Citizens combines sector intelligence with a client-focused approach to realize our clients' true value. The Citizens team has closed more than 175 transactions in the last five years and has more than 60 M&A professionals specializing in a range of industries across the United States. Citizens M&A Advisory is part of Citizens Capital Markets, Inc., a subsidiary of Citizens Financial Group (NYSE: CFG).
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $185.1 billion in assets as of June 30, 2021. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a 24/7 customer contact center and the convenience of approximately 3,000 ATMs and approximately 1,000 branches in 11 states in the New England, Mid-Atlantic and Midwest regions. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. In Commercial Banking, Citizens offers a broad complement of financial products and solutions, including lending and leasing, deposit and treasury management services, foreign exchange, interest rate and commodity risk management solutions, as well as loan syndication, corporate finance, merger and acquisition, and debt and equity capital markets capabilities. More information is available at www.citizensbank.com or visit us on Twitter, LinkedIn or Facebook.
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