July 18, 2014
Weil advised Connolly LLC, a global recovery audit firm and portfolio company of Advent International Corporation, in connection with its merger with iHeath Technologies, Inc., a provider of payment policy management solutions and services to healthcare organizations. The merger follows several other private equity deals in the sector thus far in 2014. Financial terms of the transaction were not disclosed.
iHealth Technologies, Inc., based in Atlanta, GA, provides analytics and servicing to more than 75 healthcare organizations in an effort to contain medical and administration costs, including insurance plans. The company was acquired by Goldman Sachs Group, Inc. in 2006 for an undisclosed sum. Connolly LLC, based in Connecticut, is the world’s largest privately held recovery auditing services firm, according to its website. The company reviews more than a trillion transactions per year in an effort to recover overpayments in the healthcare and retail sectors. The company was acquired by Advent International Corporation in 2012.
The Weil team representing Connolly LLC on the transaction was led by Private Equity partner Marilyn French. In addition, the team included Banking & Financing partner Allison Liff; Technology & IP Transactions partners Jefferey Osterman and Charan Sandhu; Tax partner Marc Silberberg; Litigation partners Patrick O’Toole, Elizabeth Weiswasser and Steven Tyrrell; Environmental partner Annemargaret Connolly; Corporate counsel Matthew Morton and John O’Loughlin; Tax counsel Max Goodman; Corporate associates Ben Bodamer, Andrea Bidegaray, Jakub Wronski, Michael Ginzburg, Pamela Usukumah, Benton Lewis, Paul Overmyer and Jeremy Hutcher; Litigation associates Robert Levine, Claire Comfort and Jill Corrigan; Tax associates Lane Morgan and Amanda Rosenblum; and Executive Compensation and Employee Benefits associate Eric Schecter.