Sunbound Acquires Richter Healthcare Consultants After $24 Million Series A

Sunbound Acquires Richter Healthcare Consultants

Sunbound announced the acquisition of Richter Healthcare Consultants as the technology company moves to expand its AI powered revenue operating system for senior living providers. The deal pairs Sunbound software with a consultancy that has worked exclusively with post acute and senior living operators for over 25 years, including revenue cycle management, accounting, Medicaid eligibility and reimbursement services, along with clinical and financial consulting.

Richter Founder and CEO Jennifer Richter will remain with the company in a new role focused on industry partnerships and product strategy. Sunbound CEO Manny Cominsky said daily operations and account contacts will remain uninterrupted across both companies, and clients from each business will gain access to the other complementary software and consulting services as integration continues behind the scenes.

Funding Backing the Deal

The acquisition follows the close of a Series A funding round that secured $24 million for Sunbound and brought lifetime total funding raised to $36 million. The round was led by TTV Capital with participation from Bling Capital, Fika Ventures, Live Oak Bank and the Ziegler Linkage Fund. Sunbound said it will use the new capital infusion to fast track business development growth and product development. Terms of the acquisition were not publicly available as of Thursday announcement.

Cominsky said the company added to its management team and established proof of concept for the operating system before moving to acquire. “That foundation gave us the confidence and structure to know we could integrate the business successfully,” he said. “We had the team and the platform to bring another company in and do it well. That, combined with our new funding, gives us the capital to invest in both the acquisition and continued product development.”

Growth Plans and Client Impact

The companies said the recent growth helps Sunbound build a foundation for future expansion into skilled nursing and senior living. Together, Sunbound and Richter are on pace to process $3 billion in annualized payment volume. Combined, they will offer providers software that oversees the revenue cycle from admission to payment.

As acuity continues to climb and the industry faces affordability challenges, Cominsky said Sunbound is positioned to help operators manage communities and pursue new revenue opportunities and reimbursements while improving operational efficiency in expense control. “Senior living is and will remain core to Sunbound,” he said. “This deal lets us bring Richter accounting, controller and consulting services to more senior living operators, so they get the same full range of support, from admission to payment to the books.”

Sources: Senior Housing News · Techmeme