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Marlin Equity Partners Exploring Sale of ImagineSoftware

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ImagineSoftware, a Marlin Equity Partners-backed revenue cycle management company, is working with Baird to explore a potential sale, according to sources.

Charlotte, N.C.-based ImagineSoftware, which also goes by Technology Partners LLC, offers a platform for managing medical billing across various specialties. The company has more than 200 employees, according to its LinkedIn page.

Marlin Equity Partners made a growth investment for majority control of ImagineSoftware in 2021. Baird advised ImagineSoftware in that transaction, while TripleTree advised Marlin Equity, according to an announcement from the sponsor.

ImagineSoftware has completed multiple acquisitions under Marlin’s ownership, including patient engagement and workflow automation company Exchange EDI LLC in 2022 and radiology workflow automation business Within Health in 2023. More recently, ImagineSoftware also purchased Avid Anesthesiology Solutions, a developer of billing and practice management software for anesthesia and pain management practices, last month.

Other medical billing companies that may transact in the coming months include Zealie, an All Points North Capital-backed company working with Alantra to explore a possible sale, Octus reported.

Healthcare borrowers in Octus’ BDC Database include Symplr Software Inc., which has a first lien term loan priced at SOFR+525 bps maturing in December 2027. Its BDC lenders include Golub Capital BDC, Ares Capital Corp. and Ab Private Lending Fund.

ImagineSoftware, Marlin Equity Partners and Baird did not respond to requests for comment.

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