The Carlyle Group to acquire CNSI
Purchase of McLean-based health care tech company to close this month
Washington, D.C.-based private equity firm The Carlyle Group announced Thursday that affiliated funds under its management have agreed to acquire McLean-based health information technology provider CNSI.
Financial terms of the transaction, which is expected to close in December, were not disclosed. Greenwich, Connecticut-based firm Alvarez & Marsal Capital Partners currently owns CNSI.
“We believe CNSI is well-positioned for continued success driven by its technical leadership and proven track record of innovation and execution,” Carlyle Managing Director Dayne Baird said in a statement. “CNSI operates at the unique intersection of technology, health care and government services, and we see significant growth opportunities ahead as the company leverages its unique capabilities and continues to develop market-leading solutions.”
Founded in 1994 as Client Network Services Inc., CNSI provides mission-critical systems that are aimed to better process medical claims, billing and health benefits for Medicaid, Medicare and related programs.
Todd Stottlemyer, CNSI’s CEO since 2018, will continue to lead the company. He previously partnered with Carlyle as a senior executive at BDM International Inc.
“We are delighted about this opportunity to partner with Carlyle as we continue to execute exquisitely for our clients, strengthen our market leading products and solutions, and drive innovation that improves health outcomes and lowers costs,” Stottlemyer said in a statement.
The Carlyle Group manages $293 billion of assets across three business segments: Global Private Equity, Global Credit and Global Investment Solutions. It has more than 1,800 employees in 26 offices across five continents. Carlyle reported $1.6 million in revenue for the third quarter of 2021, bringing its year-to-date total to $6.78 million.