Mergers & Acquisitions

Crowe Healthcare Consulting Receives Majority Investment From TPG

5949 Crowe Healthcare NT
United States

M&A Engagement Overview

Industry Group: Healthcare & Life Sciences
Areas of Focus: Healthcare IT; RCM Software

Harris Williams advised Crowe Healthcare Consulting, a division of Crowe, on their majority investment from TPG. Crowe and TPG signed a definitive agreement for TPG to acquire a majority stake in Crowe Healthcare Consulting, establishing them as an independent entity.

Headquartered in Indianapolis, Indiana, and founded in 2005 as the healthcare division of Crowe, Crowe Healthcare Consulting is a leading provider of financial software and services to health systems.

We were thrilled to represent Crowe and enjoyed working with the Crowe management team on this transaction. Tech-enabled services addressing complex finance, reimbursement, revenue cycle, and risk and compliance issues for leading hospital and health systems have become increasingly important to contain costs and drive increased revenue across the healthcare ecosystem. This is a highly sought-after thematic sector for healthcare information technology investors since the COVID-19 pandemic, as health systems have increasingly focused on containing costs and optimizing revenue.


The company has expanded significantly – beginning with its proprietary solution for net revenue reporting, Revenue Cycle Analytics – to now offering a broad suite of software and services which help healthcare CFOs solve challenges across financial reporting, revenue cycle, and risk and compliance. Known for their best-in-class products and services, Crowe Healthcare Consulting has built strong customer advocacy with a long list of preeminent healthcare clients across the U.S. The company currently serves more than 1,800 hospitals and 200,000 practice-based physicians across all 50 states.


Crowe Healthcare Consulting's suite of software and services is the only solution in the market to accurately manage the complexities of hospital and health system net revenue accounting. This embedded software gives the company access to proprietary data, allowing them to provide other valuable technology-enabled solutions that address critical and nuanced challenges in health system finance.

The transaction enables Crowe Healthcare Consulting to operate with greater flexibility and focus, positioning the company to accelerate growth and expand the platform to better serve healthcare provider organizations across the country. TPG Growth, the firm's middle market and growth equity platform, became the majority shareholder of the standalone business. Crowe retains a minority ownership stake in the business, supporting the new entity going forward.

I couldn't be more delighted with Harris Williams. They exceeded all expectations that I had from the start. They knew the healthcare industry and quickly understood our business. They also worked extremely hard to minimize disruption to our business and communicated clearly and regularly with us every step of the way. They have been a truly outstanding partner and delivered us an exceptional outcome.

Contact the Harris Williams Healthcare & Life Sciences Group to learn more about this transaction.

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