Chicago, Illinois – NXT Capital announced today that it has closed a $220 million senior secured credit facility to support New Mountain Capital’s acquisition of Ontario Systems.
NXT Capital acted as the Joint Lead Arranger, Joint Bookrunner and Administrative Agent for this transaction.
Established in 1980, Ontario Systems is a leading provider of enterprise software designed to improve operations and revenue recovery for clients in the healthcare industry and the accounts receivable management (ARM) market as well as federal, state, and local governments. Headquartered in Muncie, IN, with additional offices in Vancouver, WA, and Albuquerque, NM, and 500+ employees in 28 states, Ontario Systems offers a full portfolio of leading software platforms including the Artiva family of products, FACS, TCS, RevQ®, and Ontario Omni®. Ontario Systems serves 600+ hospital network customers—including 5 of the 15 largest hospital networks—that actively manage over $40 billion in receivables collectively, as well as 8 of the 10 largest ARM companies and more than 600 federal, state, and municipal government clients in the U.S. Ontario Systems’ portfolio also includes Justice Systems solutions such as FullCourt Enterprise™, whose integrated technologies empower state and local governments to manage court cases, process online payments, and automate revenue recovery processes.
New Mountain Capital is a New York-based investment firm that emphasizes business building and growth, rather than debt, as it pursues long-term capital appreciation. The firm currently manages private equity, public equity, and credit funds with over $20 billion in assets under management. New Mountain seeks out what it believes to be the highest quality growth leaders in carefully selected industry sectors and then works intensively with management to build the value of these companies.
NXT Capital provides structured financing solutions through its Corporate Finance and Real Estate Finance groups and is based in Chicago with offices in Atlanta, Dallas, Los Angeles, Nashville, New York and Phoenix.