WindRose Health Investors announced the completion of a majority investment in Avalon Healthcare Solutions.
The financial terms of the transaction were not disclosed.
Avalon Healthcare Solutions has raised more than $46 million in funding across several funding rounds since its founding in 2013.
Francisco Partners, an existing investor, provided “continued support” through an additional investment alongside WindRose’s new majority stake.
Headquartered in Tampa, Florida, Avalon Healthcare Solutions is a healthcare technology company focused on managing the appropriate use of thousands of routine and genetic diagnostic laboratory tests on behalf of health plan clients. The company’s revenue is derived from providing the technology and expertise to help healthcare insurers manage and optimize their spending on laboratory and diagnostic services.
WindRose Health Investors said that Avalon Healthcare Solutions’ existing management team, headed by CEO Bill Kerr, will remain in place to lead the company in its next phase of growth.
As of today, Avalon Healthcare Solutions supports more than 90 million members across the USA and serves over 30 national, regional, and community health plans.
William Blair acted as financial advisor to Avalon. McDermott Will & Schulte LLP acted as legal advisor to WindRose, Kirkland and Ellis acted as legal advisor to Francisco Partners, and Davis Polk & Wardwell LLP acted as legal advisor to Avalon.