PHOENIX, Ariz. – BillingTree® the leading provider of omni-channel, integrated payments solutions to the healthcare, ARM and financial services industries, has announced a majority recapitalization of the Company by Parthenon Capital Partners ("Parthenon") in partnership with BillingTree's senior management team. Founded in 1998 with offices in Boston and San Francisco, Parthenon is a growth-oriented private equity firm that partners with and invests in leading management teams and their companies.

"We are excited about this new chapter for BillingTree and are poised to significantly accelerate the growth of the Company," said Edgars "Edz" Sturans, President and CEO of BillingTree. "We look forward to working closely with Parthenon to leverage their expertise in the payments arena to further strengthen our existing customer relationships, expand our existing proprietary product offerings and grow our service footprint into adjacent industry verticals."

Headquartered in Phoenix, Arizona, BillingTree was established in 2003 to meet the market's growing need for a vertically-focused provider of integrated payments solutions. Serving the healthcare, ARM and financial services sectors, the Company has experienced significant growth over the past few years, growing payment volumes at a compounded rate of nearly 40% per annum since 2013. In 2015, the Company announced the launch of Payrazr, a proprietary, web-based solution suite comprised of a payment gateway, consumer portal and virtual terminal, among other features. Following the growth investment from Parthenon, BillingTree will continue to focus on industry-specific strategies via integration with leading software partners in the Company's core verticals, a customer-first service culture, and a variety of value-added offerings, such as the Company's compliance suite.

"We are excited about the opportunity to partner with BillingTree," said Zach Sadek, a Partner in Parthenon's Boston office. "We have long believed that integrated payment solutions and industry-focused software and service capabilities provide tremendous value."

Brian Golson, Parthenon's co-CEO added, "We are thrilled to partner with Edz and the outstanding BillingTree executive team to further the Company's impressive history of growth and sector leadership. The Company delivers significant value to its clients through a customer-centric culture, market-leading technology and unique value-added services. We look forward to working together to build on the Company's strong momentum."

Marlin & Associates acted as exclusive strategic and financial advisor to BillingTree and Snell & Wilmer, LLP, acted as legal counsel to BillingTree in connection with the transaction. Kirkland & Ellis, LLP, acted as legal advisor to Parthenon Capital Partners in connection with the transaction.

About BillingTree 

BillingTree® is the leading, technology focused payment solutions company providing innovative Accounts Receivables products and services that enable organizations to increase efficiency and decrease costs of processing payments while adhering to compliance regulations. For over a decade, BillingTree has committed itself to understanding the marketplace and growing payments with technology, helping merchants accept multiple payment channels while offering comprehensive value their clients have come to rely on. BillingTree has a reputation for dependable solutions and extraordinary customer service, processing billions of dollars of payments annually through a suite of solutions and services that integrate with your company’s needs. Visit or call 877.4.BILLTREE for payment technology that works.

About Parthenon Capital Partners

Parthenon Capital Partners is a leading mid-market private equity firm based in Boston and San Francisco. Parthenon utilizes niche industry expertise and a deep execution team to invest in growth companies in service industries. Parthenon seeks to be an active and aligned partner to management, either through recapitalization transactions or by backing new executives. Parthenon has particular expertise in financial and insurance services, healthcare technology and services, and business services, but seeks any service, technology or delivery business with a strong value proposition and proprietary know-how. Parthenon's investment team has deep experience in corporate strategy, human capital, capital markets, and operations, thereby enabling the firm to pursue complex, multi-faceted value creation opportunities. 

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