BharCap Partners has concluded the acquisition of ARMStrong Receivable Management, an insurance and commercial B2B receivable management company.
The companies did not disclose the financial terms of the deal.
ARMStrong focuses on providing receivable management services such as audit and recovery of insurance premiums, subrogation solutions, and detection and recovery of third-party deductibles, for insurance enterprises.
With a clientele of more than 3,000 customers, the company serves 22 out of the 25 major property and casualty insurers in the US.
Furthermore, the company offers receivable management solutions for corporate customers in various sectors including technology, transportation and business services.
ARMStrong CEO Mike Baldwin said: “ARMStrong has grown to become the leading insurance services and B2B receivable management firm in North America, delivering superior outcomes for our insurance and commercial clients.
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“We are excited about the opportunity to partner with BharCap to continue to grow our platform.”
ARMStrong currently has significant committed funding available for strategic takeovers due to the latest investment from BharCap.
BharCap co-founder and managing partner Bharath Srikrishnan said: “Mike Baldwin and his team have built a highly differentiated service provider for insurance companies and corporate clients.
“We hope to leverage our knowledge and relationships within the insurance industry to help the team continue to grow the business.”
A Greenwich-based private investment company, BharCap Partners makes investments in enterprises in the financial services sector such as insurance distribution and insurance services, asset and wealth management, and specialty finance, among others.