HCAP Partners Announces Exit of Apprio Debt Investment

HCAP Partners Announces Exit of Apprio Debt Investment

Apprio's two operating businesses- CanAide and Apprio, Inc.-sold to two strategic buyers Med-Metrix and Travers Strategic Holdings, respectively; both transactions closed July 31, 2026.

SAN DIEGO, CA (September 8, 2026) - HCAP Partners, a California-based private equity firm and nationally recognized impact investor, today announced the exit of its debt investment in Apprio through the structured sale of the company's two operating businesses, CanAide and Apprio, Inc. CanAide has been acquired by Med-Metrix, and Apprio, Inc. has been acquired by Travers Strategic Holdings. Both transactions closed on July 31, 2026.

Apprio is a healthcare services provider founded in 1997. HCAP invested in the company in 2023, providing growth capital to support its growth across both operating businesses. Over the course of the investment, HCAP worked closely with management to strengthen the business, sharpen its operational focus, and position each of its businesses for long-term success under new ownership.

CanAide provides eligibility, enrollment, and revenue cycle automation solutions, serving hundreds of thousands of patients annually across its hospital partners. Its acquisition by Med-Metrix, a leading provider of end-to-end, technology-enabled revenue cycle management (RCM) solutions backed by Harvest Partners and A&M Capital Partners, extends Med-Metrix's front-end RCM capabilities at one of the most critical points in the revenue cycle-patient access and financial clearance.

Apprio, Inc., the company's federal technology and support services business, was acquired by Travers Strategic Holdings, a private buyer with a focus on the federal services market. The transaction positions Apprio, Inc. to continue serving its federal customers under new ownership aligned with that focus.

"We are pleased to have supported Apprio through a pivotal chapter and to see its businesses find strong strategic homes," said Hope Mago, Senior Partner, HCAP Partners. "CanAide and Apprio, Inc. are each well-positioned to accelerate under new ownership. We're proud of the way the team executed during a challenging time to stabilize the business and continue to positively impact the communities they serve", added Jessica Kim, Vice President, HCAP Partners.

The HCAP team responsible for the Apprio investment and its exit included Hope Mago, Billie Nutter, and Jessica Kim.

About HCAP Partners

HCAP Partners is a private equity firm specializing in providing mezzanine debt and private equity for underserved, lower-middle market companies throughout the United States. The firm seeks to invest $5 million to $35 million in established businesses generating between $10 million and $100 million in revenues in the healthcare, software, services, and manufacturing industries. Since its founding, HCAP Partners has invested in over 65 companies and, through active engagement with portfolio companies, provides value-added resources to help optimize performance and increase enterprise value. The firm has a strong history as an impact fund, recognized as an ImpactAssets 50 fund every year since 2014, and is a founding member of both the Global Impact Investing Network and Impact Capital Managers. Through its Gainful Jobs Approach™, HCAP Partners works to facilitate a positive impact on underserved businesses, their employees, and their communities. For more information, please visit www.hcap.com.