Tegria, an innovative company launched by Providence in October 2020 to provide next-generation technologies and services to the healthcare sector, has announced the acquisition of Cumberland, a leading healthcare consulting and services firm for payers and providers. As a result of this transaction, Tegria increases its consulting capabilities for payer organizations while strengthening and diversifying its comprehensive consulting and managed service offerings for provider organizations. Cascadia Capital has served as the ongoing buy-side advisor to Tegria and Providence over the last several years.
“The healthcare industry is simultaneously managing two enormous challenges – the COVID-19 crisis and the need to invest in a post-pandemic future,” said Anders Brown, managing director of Tegria’s consulting and technology services group, where Cumberland will reside. “Cumberland brings new energy and capacity to Tegria’s commitment to help the industry meet those challenges. Together, we can help customers transform by delivering patient-centered care, through improved access to better and more useful data, and through the deployment of forward-looking technologies.”
With Cumberland, Tegria further expands its capabilities and reach to payers, particularly in core claims and benefit administration systems, as well as care management systems. Cumberland brings complementary strengths to Tegria’s robust managed services offering, and additional breadth and depth to Tegria’s technology consulting expertise, primarily in the strategy, optimization and integration of leading enterprise systems. Also, Cumberland has increasing momentum in the retail healthcare market, which is expanding rapidly and is set to grow significantly over the next decade.
Cumberland will operate as an independent business unit, with its leadership team and employees remaining in place, as part of Tegria’s consulting and technology services group. It will continue to support its current customer portfolio while also partnering with teams across Tegria to collaborate on new combined offerings and mutual clients.
Since its founding in 2004, Cumberland has earned accolades by delivering advisory consulting, technology services, and managed services for healthcare organizations in the provider and payer markets. The company is based in Franklin, Tennessee, and has more than 250 employees committed to their customers’ success in advancing healthcare.
“It has been an honor to work with the Tegria team to help execute the vision of building a premier services and technology company in the healthcare space,” noted Kevin Cable, Cascadia Capital Managing Director. “We see a very bright future for Tegria with more acquisitions to come and strong organic growth.”
“Cascadia has been a strategic collaborator and valued extension of the Tegria team,” said Brown. “Through the multiple transactions we have done together, they have provided invaluable advice and counsel. They have been key to our growth and industry leadership. We appreciate Cascadia’s direct approach, candid advice and commitment to our long-term relationship.”
The acquisition of Cumberland is the fifth acquisition that Cascadia has supported for Tegria and Providence, having previously provided buy-side advisory services in Tegria’s acquisitions of Acclara Solutions, MediRevv, Bluetree and Navin, Haffty & Associates.
For more information about this transaction, please contact the Cascadia Capital healthcare team: