Avendus advises Visionary RCM on the sale of significant majority stake to Carlyle


December, 2017

Deal Value



Sunita Pendse
Tel: +91 22 6648 0044

Mumbai December 22, 2017
Visionary RCM Infotech (India) Pvt. Ltd (“VRCM’), the largest offshore risk adjustment and medical
coding solution provider, today announced the completion of the sale of a significant majority stake to
Carlyle Growth Investments IV, an affiliate of Carlyle Asia Growth Partners V (“Carlyle”). The terms of
the transaction were not disclosed.
Avendus was one of the strategic and financial advisors to VRCM.
Founded in 2006, VRCM is headquartered in Chennai with five offshore delivery centers and more than
2,500 employees in India, offering services to multiple healthcare clients. VRCM offers medical coding
services for risk adjustment, audit of medical records, diagnostic and procedural coding services to
hospitals and physicians for filing claims with health plans, and support for revenue cycle management
Rajesh P. Surana, CEO and Founder of Visionary RCM, said, “Carlyle has deep industry expertise and
an extensive network in the global healthcare and technology industry, including in the U.S. We believe
VRCM will strongly benefit from the partnership with Carlyle as we continue to expand our service
offerings, develop our business and explore expansion opportunities.”
Shankar Narayanan, Managing Director and Co-Head of Carlyle Asia Growth Partners, said, “We are
delighted to partner with VRCM, a company with an experienced management team, a track record of
high quality, consistent services and strong client relationships. As the medical coding and RCM
services market continues to grow, we believe VRCM is well-positioned to capitalize on future market
opportunities. We look forward to working with Rajesh and the VRCM team to support its next phase
of growth.”
Amit Singh, Executive Director, Head IT and Co Head Outsourcing Group, said, “VRCM is an exceptional
story of growth and execution. A combination of factors are coming together to fuel its growth in the
future as well. With the US healthcare market shifting from ‘Fee For Service’ to a value based care
model, risk adjustment is going to become an even more critical component. The strong thought
leadership of VRCM also enables it to tap into opportunities emerging from the increasing proportion of
the Medicare advantage population in the overall Medicare member market. With Carlyle’s global reach
and expertise, we expect VRCM to scale even more rapidly.”