PR - FirstSource Closes $330 million Acquisition of MedAssist

RoundTable Healthcare Partners, an operating-oriented private equity firm focused exclusively on the healthcare industry, announced that it has completed the sale of MedAssist Holding, Inc. ("MedAssist"), to an affiliate of Firstsource Solutions Limited ("Firstsource") for $330 million in cash. Mumbai-based Firstsource is among India's leading business process outsourcing companies providing business process management services to global leaders in Banking & Financial Services, Telecom & Media and Healthcare.

MedAssist is a leading provider of outsourced revenue cycle management services to the healthcare industry, including eligibility services, receivable management services, and collections services. RoundTable acquired a majority interest in MedAssist in May 2003. Following its original investment, RoundTable led and supported MedAssist's strategic acquisitions of Argent Healthcare Financial Services, Inc. in 2004, as well as Twin Medical Transaction Services, Inc. and Capstone Solutions LLC in April 2006.

Joseph F. Damico, a Founding Partner of RoundTable and the Chairman of the Board of MedAssist said, "The MedAssist team, led by founder and CEO, Michael Shea, COO, Tom Watters, and CFO, Frank Stellato, has established MedAssist as a national industry leader in the healthcare revenue cycle management industry. They have grown the company's revenue and profitability significantly, expanded the company's geographic footprint and service offerings, and increased the company's customer base. They will be an excellent strategic partner with Firstsource as they work together to serve their customers and pursue their growth initiatives."

Michael A. Shea commented, "Our new partnership with Firstsource will be positive for our customers and our employees. The entire MedAssist management team is excited to be part of a larger company with both global reach and resources and a commitment to help us grow our business. Over the past four years, RoundTable has been an exceptional partner. They have fully delivered on the value-added operational benefits which they promised when we first decided to partner with them. Their transactional expertise was key to making several successful and complementary acquisitions as well as consummating our new partnership with Firstsource."

"MedAssist is another example of the strength of RoundTable's partnership model," said Lester B. Knight, Managing Partner of RoundTable. "Working in concert with MedAssist's owner/founder and management team, RoundTable focused on adding value to the business through the combination of our operational orientation, transaction expertise, healthcare relationships and access to senior management talent. The resulting sale of MedAssist captures tremendous value for all our stakeholders. For our investors, the transaction represents a return of nearly five times RoundTable's invested equity capital."