TruCode is Acquired by CPSI
Brentwood Capital Advisors Serves as Exclusive Financial Advisor to TruCode
Brentwood Capital Advisors (“BCA”) is pleased to announce that it served as the exclusive financial advisor to TruCode LLC (“TruCode” or the “Company”) in its sale to Computer Programs and Systems, Inc. (“CPSI”).
Founded in 2005, TruCode was formed to provide an innovative medical coding solution to the healthcare marketplace. Today, TruCode is a leading provider of software solutions that enable health providers, consultants, and payors to code more accurately and efficiently and help improve revenue cycle performance.
Boyd Douglas, President and Chief Executive Officer of CPSI, stated, “Today’s acquisition of TruCode is a perfect example of the disciplined approach to M&A we have signaled as part of our multi-pronged capital allocation strategy. TruCode’s solutions are a great product fit and complement our existing suite of TruBridge services and solutions, which help eliminate the friction of inefficiency from the hospital revenue cycle.”
“CPSI has been a strategic partner of TruCode for the last five years, and together we have achieved great success to the benefit of our mutual customers. Now, with this evolution of our partnership, we’re excited about the new value our combined organizations will deliver to our customers, the marketplace and our teams.” said Mike Mulligan, Co-founder and Managing Partner of TruCode. “As our advisor throughout this M&A process, BCA played a critical role in conducting a highly competitive process and closing the optimal transaction with the right partner for our customers, employees, and shareholders.”
“TruCode’s Encoder suite is a compelling addition and will help further expand CPSI’s HIM suite within TruBridge’s existing broad range of products and services,” added Porter Meadors, a Director in BCA’s Healthcare Technology Investment Banking practice. “We enjoyed working with Co-founders Mike Mulligan and Tom Golden and know they will continue to be successful as a vital part of the CPSI team.”
CPSI’s legal advisor in this transaction was Maynard, Cooper & Gale, P.C. and Mazars USA served as due diligence provider for CPSI.
About Brentwood Capital Advisors
Headquartered in Franklin, Tennessee, Brentwood Capital Advisors is one of the nation’s leading independent investment banks, specializing in providing financial advice on mergers, acquisitions, corporate divestitures, and capital raising to growth-oriented, middle-market healthcare, technology, and tech-enabled services companies. For more information, visit www.brentwoodcapital.com.