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Riverside Partners Achieves Partial Exit on its Investment in Revecore
[April 05, 2022]

Riverside Partners Achieves Partial Exit on its Investment in Revecore

BOSTON, April 5, 2022 /PRNewswire/ -- Riverside Partners, a Boston-based private equity firm, is pleased to announce that its portfolio company, Revecore, achieved a partial exit. This is the fourth exit for Riverside Fund V. Revecore is a leading provider of revenue integrity and complex claims solutions for hospitals and health systems. As part of the acquisition by GrowthCurve Capital, Riverside Partners along with other Revecore shareholders will continue to own significant equity in Revecore. Financial terms of the transaction were not disclosed. David Belluck and Max Osofsky, both General Partners at Riverside, will continue as Revecore board members. 

"We are very pleased to achieve this exit for our limited partners and all of the Revecore shareholders," said David Belluck, a General Partner at Riverside Partners. "Our investment in Revecore is an ideal example of Riverside Partners' investment approach. We made an initial investment in Bottom Line Systems in 2016, partnering with the founder Bob Stevens. Soon thereafter, we supported the company through the strategic acquisition of Medical Reimbursements of America. Together with management, we transformed the business, including recruiting a new CEO, expanding the company's business development team, broadening its service offerings, and enhancing its market leading technology platform. These efforts resulted in significant organic growth and value creation. We are now very excited to partner with GrowthCurve to support the company in its next chapter of growth."

"At the time of our initial investment in 2016, we were extremely impressed with Revecore's highly specialized expertise, talented management team, and compelling value proposition for customers," said Max Osofsky, a General Partner at Riverside Partners. "We worked closely with management to create a strategic roadap and put the infrastructure and processes in place to support an accelerated growth plan."  

Bob Stevens, founder of Revecore, commented, "I chose to partner with Riverside because of their sector expertise and valued-added approach, and I could not be more pleased with our partnership. Riverside has collaborated with me and the Revecore team to grow the company significantly while respecting our culture and values. I have enjoyed continuing to play a significant role and look forward to my ongoing participation in the company for its next chapter."  

Mark Talley, CEO of Revecore during Riverside's investment period, added, "Riverside Partners has been a highly value-added private equity partner for Revecore over the last five years. The Riverside team has provided deep expertise, meaningful operational and strategic support, significant investments in key areas, and valuable introductions to customers. Throughout our business building journey, they have been excellent partners to management demonstrating collaboration, support, and alignment every step of the way."

William Blair & Company acted as financial advisor and Choate Hall & Stewart acted as legal advisor to Riverside Partners in this transaction. Davis Polk acted as legal advisor to GrowthCurve Capital.

About Revecore

Revecore is a leading provider of (i) revenue integrity solutions for underpayments and denial prevention and (ii) complex claims reimbursement solutions for motor vehicle accident, workers' compensation and Veterans Affairs claims. It serves nearly 1,200 hospitals across the country, offering hospitals and health systems over two decades of unrivaled technology and expert insight into the most challenging areas of revenue cycle to ensure they are appropriately reimbursed for the care they provide. In addition to being #1 Ranked in Complex Claims by KLAS, Revecore holds the distinguished HFMA Peer Review Status for underpayment recovery and complex claims solutions. For more information, please visit

About Riverside Partners

Founded in 1989, Riverside Partners is a middle market private equity firm currently investing out of its sixth fund. The firm focuses on growth-oriented companies in the technology and healthcare industries. Riverside Partners is particularly experienced at partnering with founders, owners and management teams and it brings substantial domain expertise and operating experience to its portfolio companies. Today, Riverside Partners manages about $1.1 billion of equity capital and seeks to make investments in companies with EBITDA between $3 and $15 million. For more information, please visit

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