The acquisition will provide health plans serving the Medicare, Medicaid, and Commercial markets with solutions previously unavailable under a single vendor partner
TAMPA, Fla., Jan. 23, 2025 /PRNewswire/ — Hyde Park Capital announced today that its client, CODY Consulting (“CODY”), a leading provider of proprietary software, outsourced services, and consulting solutions for member communications and compliance to 71 health plans, has been acquired by Imagenet, a leading digital mailroom, claims adjudication, contact center, and Print-to-EDI (P2E) solutions partner to health plans and managed care organizations. Imagenet is a portfolio company of BV Investment Partners. Hyde Park Capital served as the exclusive investment banker to CODY for this transaction. Black Swan Legal Counsel served as legal counsel to CODY.
The acquisition will provide health plans serving the Medicare, Medicaid, and Commercial markets with a comprehensive suite of claims- and compliance-oriented solutions previously unavailable under a single vendor partner. CODY adds proprietary software and customized consulting services for enhanced compliance, enrollment, and reconciliation. The combined company will serve more than 150 health plans through a global workforce of over 1,000 employees across 10 locations in the U.S. and a wholly-owned, scaled delivery center in Manila, Philippines.
As health plans face increasing pressure to enhance quality, achieve compliance, and reduce administrative costs, Imagenet provides highly effective solutions that streamline operations while enhancing accuracy, efficiency, and provider and member satisfaction. With the acquisition of CODY, which has served health plans since 2006, Imagenet’s capabilities for supporting enhanced operational efficiencies and administrative savings will only grow.
“The current solutions landscape for health plans is fragmented, with multiple vendors and disjointed solutions. These vendors also do not provide consistently high levels of service delivery which is our hallmark. There is a clear need for vendor-partners who can execute, scale quickly, and deliver a more streamlined, integrated solution,” said Zac Fritz, CEO of Imagenet. “At Imagenet, we view execution as differentiation. With CODY, we will now offer broader solutions in member communications with a track record like ours of expertise, responsiveness, and client-centricity.”
Over the next few months, the combined company will focus on building out additional core solution capabilities and enhancements. It will also explore opportunities to develop new digital and AI-driven solutions, driven by CODY’s deep expertise in software development and data models.
“Health plans are looking for a single source end-to-end solution that can enhance efficiencies, reduce costs, and improve overall performance,” said Deb Mabari, Founder and CEO of CODY. “By leveraging our combined expertise and resources, we can improve existing offerings and fast-track the development of new solutions that will help health plans optimize operational performance and increase ROI.”
Deb also added, “We are incredibly thankful for the guidance and expertise of the Hyde Park Capital team. Their industry knowledge and strategic insights were instrumental in navigating this complex process and securing a successful outcome.”
Sean Wilder, Managing Director at BV Investment Partners commented, “We are excited to support the Imagenet and CODY teams in this transaction and the roadmap forward, aiming to bring a unique set of high-ROI solutions to market for health plans, backed by decades of experience and a track record of unparalleled service delivery.”
Chris Fieschko, Managing Director at Hyde Park Capital, added, “We are proud to have advised CODY on its sale to Imagenet. CODY’s strong market reputation and expertise align seamlessly with Imagenet’s capabilities, setting the stage for significant opportunities and continued growth in this next chapter.”
About CODY
An industry leader in healthcare technology and governance, risk, and compliance solutions for health plans, CODY provides proprietary software and customized consulting services exclusively to more than 70 government-funded, commercial, and ACA health plans across 50 states and Puerto Rico. CODY’s proprietary software, customized consulting, and best-in-class outsourcing, offer a single-source opportunity to maximize performance, ensure regulatory compliance, and optimize outcomes from end-to-end. For additional information, please visit https://codyconsulting.com/.
About Imagenet
Imagenet is a leading healthcare operations partner for health plans and managed care organizations. Imagenet provides a comprehensive suite of solutions, including digital mailroom, claims adjudication, and contact center services. Since 2000, Imagenet has served hundreds of clients, including regional healthcare plans, large government agencies, and managed care organizations. Imagenet’s 10 regional delivery centers, offshore presence, experienced teams, streamlined processes, and proprietary technologies offer cost effective and operationally efficient solutions. For additional information, please visit https://www.imagenetglobal.com/.
About BV Investment Partners
BV Investment Partners is one of the oldest and most experienced sector-focused private equity firms in North America. Since its founding in 1983, the firm has invested approximately $5 billion, actively targeting investments in the tech-enabled business services, software, and IT services industries. For additional information, please visit https://www.bvlp.com/.
About Hyde Park Capital
Hyde Park Capital is an institutionally focused boutique investment banking firm specializing in mergers and acquisitions and focusing on serving the corporate finance needs of successful founder and family-owned companies. Hyde Park’s principals have extensive investment banking experience managing merger and acquisition engagements, including executing sell-side and buy-side sale of company assignments, recapitalizations, financial advisory services, fairness opinions, and raising growth capital and acquisition financing for companies, including equity, mezzanine, and senior debt. Hyde Park Capital has extensive experience across numerous industry sectors, including industrial, technology, consumer, healthcare, business, and financial services. Hyde Park Capital is headquartered in Tampa, Florida, and is a member of FINRA and SIPC. Hyde Park Capital is also a member of the Geneva Capital Group (GCG) International M&A Alliance (see www.gcg.com). For additional information, please visit www.hydeparkcapital.com.
Media Contact:
Christopher Fieschko
Managing Director
[email protected]
813-383-0208
SOURCE Hyde Park Capital
