Ontellus, a leader in outsourced records retrieval, announced today the completion of an investment in the company by Aquiline Capital Partners, a private equity firm based in New York and London who invests in businesses globally, across financial services and technology.
Aquiline invested alongside The CapStreet Group, LLC, a current investor in the business and management. As part of the transaction, Aquiline provided capital for growth purposes and acquired a majority ownership stake in the company. For the transaction, the financial terms were not disclosed.
Ontellus is one of the largest national providers of tech-enabled medical, billing, and other claims related records procurement for insurance companies and law firms. Ontellus is recognized for its overall performance, high-quality service, fast turnaround times, and proven scalability. Aquiline’s investment in the company provides resources and capital to support the continued expansion of the company’s records retrieval capabilities.
Darren Klauser, CEO of Ontellus said that “We’re thrilled to join forces with Aquiline and see the many ways that Aquiline’s investment and insurance experience will help us grow our organization and bring additional services and capabilities to our clients. We look forward to working with them as we enter this next chapter.”
Jeff Greenberg, Chairman and Chief Executive Officer of Aquiline said, “We are excited to partner with Darren and the Ontellus management team to help them build on Ontellus’ leading industry position.” Greenberg continued, “We believe the company is well-positioned to meet growing demand from record requesters and providers for solutions that address numerous challenges related to exchanging records and utilizing claims information in a secure and compliant manner.”
Harris Williams served as the exclusive financial advisor and Wilkie Farr served as the legal advisor to Ontellus. Weil, Gotshal & Manges served as the legal advisor to Aquiline.
