Citizens Advises OSG on its Divestiture of AppRev to Centauri Health Solutions

Citizens M&A Advisory served as the exclusive financial advisor to OSG, an Aquiline Capital Partners portfolio company, on its divestiture of Applied Revenue Analytics ("AppRev"), a provider of revenue cycle optimization and revenue integrity solutions. AppRev was acquired by Centauri Health Solutions, a healthcare technology and services provider and portfolio company of Abry Partners.

AppRev provides cloud-based software which identifies and manages improvements in provider pricing, charge accuracy, denial management, and other revenue cycle management (RCM) services. It serves a broad base of acute care hospitals in the United States. AppRev was founded in 2004 and is based in Temple, Texas.

Mark Satisky, Executive Vice President, Strategy & Acquisitions at OSG, said: "The guidance and attention to detail we received from the Citizens team was a key factor in driving a successful outcome for AppRev.  Justin and the team were engaged and responsive throughout the process. Their experience in RCM services and technology, and knowledge of the buyer universe, created an efficient process which culminated in the right partner for AppRev and a great result for OSG.

Justin Bentley, director at Citizens, said: "OSG has helped build AppRev to deliver tremendous value to hospital systems, enabling them to optimize pricing, improve coding and charging practices, and effectively manage denials. AppRev's superior technology and outstanding leadership team, combined with their new partnership with Centauri and Abry, will deliver outstanding growth for years to come. We were proud to leverage our deep knowledge of the RCM space to deliver a positive outcome for OSG." 

Citizens M&A Advisory specializes in middle-market mergers and acquisitions as well as later-stage financing transactions. Citizens combines sector intelligence with a client-focused approach to realize our clients' true value. The Citizens team has closed more than 130 transactions in the last five years and has more than 80 M&A professionals specializing in a range of industries across the United States. Citizens M&A Advisory is part of Citizens Capital Markets, Inc., a subsidiary of Citizens Financial Group (NYSE: CFG).

About Citizens Financial Group, Inc.

Citizens Financial Group, Inc. is one of the nation's oldest and largest financial institutions, with $179.9 billion in assets as of June 30, 2020. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a 24/7 customer contact center and the convenience of approximately 2,700 ATMs and approximately 1,000 branches in 11 states in the New England, Mid-Atlantic and Midwest regions. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. In Commercial Banking, Citizens offers a broad complement of financial products and solutions, including lending and leasing, deposit and treasury management services, foreign exchange, interest rate and commodity risk management solutions, as well as loan syndication, corporate finance, merger and acquisition, and debt and equity capital markets capabilities. More information is available at www.citizensbank.com or visit us on Twitter, LinkedIn or Facebook.