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Serent Capital Sells Cardon Outreach to MedData

San Francisco, CA - July 5, 2016 — Serent Capital ("Serent"), a San Francisco-based private equity firm, announced that it has agreed to sell Cardon Outreach, the country's leading provider of healthcare revenue cycle management services, to MedData, a subsidiary of MEDNAX (NYSE: MD) for $400 million in cash.

Founded in 1996, Cardon Outreach is a leading provider of technology-enabled revenue cycle management services, serving over 800 hospitals and physician groups across 46 states. The company's offerings include assistance with patient eligibility, third-party liability, disability advocacy, early-out patient-pay, workers' compensation, and denials management. Cardon's solution marries its proprietary MPOWER technology platform with the skills of over 1,000 highly-trained employees.

"Over the last five years, our partners at Serent Capital have been instrumental in Cardon Outreach's success," said Dr. Doug Cardon, Chairman and co-founder of Cardon Outreach. He continued, "Serent's support has allowed Cardon Outreach to fulfil the mission that we had from the beginning: to become a national leader in healthcare revenue cycle services. We sought out a values-driven investor that would help to drive our growth through their active support and Serent was a perfect match. We are delighted today to see the successful outcome of our collective efforts."

"Serent's active support has been critical in many ways," said Glen Laschober, Cardon Outreach's CEO. "They worked closely with our team to develop our industry leading technology development strategy, helped accelerate organic growth through a revamped sales and marketing program, played a key role in helping to build our executive team, and led three highly accretive acquisitions for us."

"Congratulations to the entire Cardon Outreach team on this milestone," said David Kennedy, a partner and co-founder at Serent Capital. "They have performed exceptionally well over the last five years, building and refining the best offering in their industry and then taking significant market share through superb sales execution. We are grateful to Doug and his late co-founder, Michael Shure, for picking us to be their partners and feel fortunate to have been part of their success."

Serent originally invested in what was then called Cardon Healthcare Networks in January 2011, after multiple years of researching the Medicaid eligibility segment of healthcare revenue cycle management. Over the following five years, the company built the next generation of its proprietary technology platform, transformed its customer delivery and customer acquisition models, and made three tuck-in acquisitions. The result has been a tripling of the company's revenue and a ten-fold increase in profitability.

Cain Brothers and Houlihan Lokey Capital, Inc. acted as financial advisers to Cardon Outreach and Serent on this transaction.

About Serent Capital
Serent Capital invests in growing businesses that have developed compelling solutions that address their customers' needs. As those businesses grow and evolve, the opportunities and challenges that they face evolve with them. Principals at Serent Capital have firsthand experience at capturing those opportunities and navigating those challenges through their experiences as CEOs, strategic advisors, and board members to successful growing businesses. By bringing its experience and capital to bear, Serent helps growing businesses thrive.

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