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H.I.G. Capital Announces Sale of Allegient Systems, Inc
MIAMI - April 1, 2011 - H.I.G. Capital, a leading global private equity firm, announced today the sale of Allegient Systems, Inc ("Allegient") to Bottomline Technologies (NASDAQ: EPAY), a leading provider of collaborative payment, invoice and document automation solutions.
Allegient, headquartered in Wilton, Connecticut, is a leading provider of claims vendor management services (outside legal counsel, independent adjuster and other expert services) to insurance companies, third party administrators and self-insured corporations. Clients use Allegient’s proprietary SaaS-based software suite and in-house auditing expertise to more strategically manage their vendors through workflow process improvement, bill review cost containment and business intelligence.
H.I.G. teamed with management to help expand its infrastructure and service offering while successfully penetrating new segments within its high-growth core market. "Working with the Allegient team was a pleasure and a tremendous success," commented Rob Wolfson, a Managing Director at H.I.G. Capital. "The Allegient team has done a fantastic job building the leading SaaS-based claims vendor management company. Over the last 4 years, Allegient has consistently grown at almost 20%, nearly doubling its revenues. We are confident Allegient's success will continue well into the future."
John Kelly, CEO of Allegient, commented, "We thank H.I.G. for their strategic direction and capital support in our continued effort to become the leading claims vendor management player to the insurance industry. The Allegient team is excited to join Bottomline and we believe this combination of complementary offerings will create exciting new opportunities for our customers and accelerate our delivery of innovative solutions.”
About H.I.G. Capital, L.L.C.
H.I.G. Capital is a leading global private equity investment firm with more than $8.5 billion of equity capital under management. Based in Miami, and with offices in San Francisco, Atlanta, Boston, and New York in the U.S., as well as affiliate offices in London, Hamburg and Paris in Europe, H.I.G. specializes in providing capital to small and medium-sized companies with attractive growth potential. H.I.G. invests in management-led buyouts and recapitalizations of profitable and well-managed service or manufacturing businesses. H.I.G. also has extensive experience with financial restructurings and operational turnarounds. Since its founding in 1993, H.I.G. has invested in and managed more than 200 companies worldwide. The firm's current portfolio includes companies with combined revenues in excess of $8 billion. For more information, please refer to the H.I.G. website at www.higcapital.com