Firms Invest Big in Passport

August 1, 2008

Health care electronic data interchange vendor Passport Health Communications, Franklin, Tenn., has announced $232 million in new investments.

The funding, which Passport calls a recapitalization, was led by Spectrum Equity Investors and Great Hill Partners, both in Boston. Some existing investors, particularly Primus Capital Funds, Cleveland, also contributed. Together, Spectrum Equity and Great Hill now own a majority interest in Passport Health, but no single entity holds a majority.

The senior management team also continues to have a significant equity position in the company. The new funding will enable continued investments in products and services while supporting acquisition opportunities, says Jim Lackey, chair and CEO of Passport.

The company in May acquired Nebo Systems Inc., an Oakbrook Terrace, Ill.-based vendor of claims processing and insurance verification eligibility services. The deal was the fourth acquisition for Passport, which is best known for its eligibility EDI services.

More information is available at passporthealth.com.

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