Citizens M&A Advisory served as the exclusive financial advisor to OSG, an Aquiline Capital Partners portfolio company, on its divestiture of Applied Revenue Analytics ("AppRev"), a provider of revenue cycle optimization and revenue integrity solutions. AppRev was acquired by Centauri Health Solutions, a healthcare technology and services provider and portfolio company of Abry Partners.

AppRev provides cloud-based software which identifies and manages improvements in provider pricing, charge accuracy, denial management, and other revenue cycle management (RCM) services. It serves a broad base of acute care hospitals in the United States. AppRev was founded in 2004 and is based in Temple, Texas.

Mark Satisky, Executive Vice President, Strategy & Acquisitions at OSG, said: "The guidance and attention to detail we received from the Citizens team was a key factor in driving a successful outcome for AppRev.  Justin and the team were engaged and responsive throughout the process. Their experience in RCM services and technology, and knowledge of the buyer universe, created an efficient process which culminated in the right partner for AppRev and a great result for OSG."

Justin Bentley, director at Citizens, said: "OSG has helped build AppRev to deliver tremendous value to hospital systems, enabling them to optimize pricing, improve coding and charging practices, and effectively manage denials. AppRev's superior technology and outstanding leadership team, combined with their new partnership with Centauri and Abry, will deliver outstanding growth for years to come. We were proud to leverage our deep knowledge of the RCM space to deliver a positive outcome for OSG." 

Citizens M&A Advisory specializes in middle-market mergers and acquisitions as well as later-stage financing transactions.