Carlyle : Acquires Knack RCM and EqualizeRCM to Create an AI-Native, Global Multi-Specialty Healthcare RCM Platform

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[{"type":"text","content":"WOODBRIDGE, N.J., AUSTIN, Texas, and MUMBAI, India - May 4, 2026 - Global investment firm Carlyle (NASDAQ: CG) today announced it has acquired a majority stake in Knack RCM (\"Knack\") and EqualizeRCM (\"Equalize\"), two leading U.S. healthcare revenue cycle management (\"RCM\") providers, to create an AI-native, global, multi-specialty RCM platform. Equity for the investment will come from investment funds affiliated with Carlyle Asia Partners VI (CAP VI) and Carlyle Asia Partners Growth II (CAPG II). The terms of the transaction are not disclosed. Rajiv Sharma, Founder of Knack RCM, and Nagi Rao, Founder of EqualizeRCM, will remain invested in the platform through a reinvestment of a portion of their proceeds.\n Knack and Equalize are complementary healthcare RCM providers serving physician groups, durable medical equipment (\"DME\") providers, rural hospitals, and other specialty provider segments. Together, they bring deep, specialty-specific expertise across DME, anaesthesia, eyecare, behavioural health, rural hospitals, urgent care, and multi-specialty physician groups.\n The combined platform is expected to enhance operational scale and diversification, broaden the delivery footprint, strengthen leadership depth and help accelerate AI capabilities to enhance outcomes for clients. Knack contributes scaled, global delivery across the U.S., India, and the Philippines, anchored by an intelligent, end-to-end revenue engine powered by its orchestration platform, Workmate. EqualizeRCM complements this with its established delivery scale in the U.S. and India, alongside a proprietary payer enrollment platform and advanced AI-driven tools-such as Bill Smart for denial prediction and avoidance- that are purpose-built for hospitals, urgent care, and targeted specialty segments. Equalize's AI-native platform, built on large language models and agentic AI, has demonstrated proven commercial traction, including the displacement of established, large-scale vendor contracts at leading DME manufacturers.\n Kapil Modi, Partner at Carlyle India Advisors, said: \"The U.S. healthcare revenue cycle market is growing rapidly, driven by margin compression, workforce shortages, and the shift to value-based care. Carlyle has significant experience in scaling RCM platforms to achieve market leadership and we believe Knack and Equalize stand out as ...

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