Hyderabad: ECLAT Health Solutions has completed a Management Buyout (MBO) from Gulf Capital, marking the conclusion of a five-year partnership that saw the healthcare technology and revenue cycle management company achieve significant business expansion and return to full ownership under its founders and management team.
The transaction brings an end to what the company described as a highly successful collaboration with Gulf Capital, one of the largest and most active private equity firms investing from the GCC to Asia.
With the completion of the Management Buyout, ECLAT Health Solutions will now move forward under the complete ownership of its founders and leadership team as it enters its next phase of growth.
During its partnership with Gulf Capital, ECLAT Health Solutions focused on accelerating growth and building a differentiated healthcare services platform through scale, technology integration and expanded service capabilities. The company broadened its revenue cycle management (RCM) offerings while adding payer-centric risk adjustment and technology solutions to diversify its business portfolio.
The expansion strategy helped ECLAT Health Solutions increase its workforce from 450 employees to more than 4,000 professionals across the United States, India and the Philippines.
Over the same five-year period, the company recorded a tenfold increase in both revenue and EBITDA, representing a 75% EBITDA compound annual growth rate.
“When we partnered with Gulf Capital in 2020, we had a clear vision for what ECLAT could become—and together we executed against that vision with focus, discipline and ambition,” said Karthik Polsani, Founder and Group CEO, ECLAT Health Solutions.
“Gulf Capital was a true strategic partner throughout the journey, supporting us in strengthening our leadership team, expanding our capabilities and scaling the business to new levels of performance.
This partnership helped transform ECLAT into a stronger, more resilient organization with a clear platform for long-term growth. As the founders and management team resume full ownership, we do so with pride in what we have built together and with great excitement for the next chapter of ECLAT’s evolution.”
A key contributor to the growth of ECLAT Health Solutions has been evaire, the company’s proprietary AI and analytics platform. Powered by agentic AI and supported by payer expertise, the platform enables end-to-end chart retrieval and review, risk adjustment coding, Confidence Scoring, payer analytics and related capabilities.
The company said its payer expansion initiatives and technology offerings, combined with its core revenue cycle management services and clinical coding teams, position ECLAT Health Solutions for continued innovation and expansion in the evolving healthcare sector.
“Over the past several years, we have significantly professionalized and scaled the organization—building robust operational processes, investing in talent and enhancing our service offering to better serve our clients,” said Sneha Polsani, Founder and COO, ECLAT Health Solutions.
“Working alongside Gulf Capital accelerated this journey and positioned ECLAT for sustainable, long-term growth. As we move forward, we are exceptionally well positioned to continue executing on our strategy, deepen our provider and payor partnerships, pursue selective strategic opportunities and deliver consistent value to our partners and stakeholders.”
Commenting on the company’s future direction, Gabe Stein, CEO of ECLAT Health Solutions, said the organization is well positioned to capitalize on its operational strengths.
“Our next chapter is about building on this momentum,” said Gabe Stein. “ECLAT has the scale, client trust, technology platform and operating depth to continue growing organically while also pursuing strategic opportunities that expand our capabilities and strengthen the value we deliver to healthcare organizations.”
According to the company, the Management Buyout also represents one of the most successful realizations in Gulf Capital’s history, underscoring the private equity firm’s strategy of building market-leading platforms through active ownership and operational value creation.
Mohammad Madani, Managing Director at Gulf Capital, highlighted the collaborative nature of the investment.
“This investment exemplifies Gulf Capital’s approach to partnering with exceptional founders and management teams and supporting them in building differentiated, high-quality platforms,” he said.
“Together with ECLAT’s leadership team, we scaled ECLAT into a diversified and technology-enabled RCM and risk adjustment business serving clients across the U.S., making it one of the standout successes of our Fund III portfolio.
This investment highlights Gulf Capital’s proven Control Growth Buyout model, where we acquire majority stakes in leading businesses and accelerate their growth and profitability before executing successful exits. We are proud of what has been accomplished in this investment and are confident in ECLAT’s continued momentum under its founders’ and management team’s leadership.”
Fouad Daher, Executive Director at Gulf Capital, also reflected on the partnership and the company’s evolution.
“ECLAT’s evolution reflects a partnership built on conviction, constant momentum and a shared determination to build something exceptional through relentless execution,” he said.
“Together with Karthik, Gabe, Sneha and the broader leadership team, we expanded the platform meaningfully across services, geographies, technology and talent, creating a business of real scale, resilience and strategic depth.
The quality and resilience of the platform today reflect the depth of what was built together, and with the foundations now firmly in place, we believe the most exciting chapter for ECLAT is still to come.”
With full ownership restored to its founders and management team, ECLAT Health Solutions aims to build upon the momentum achieved during its partnership with Gulf Capital while continuing to expand its healthcare technology, revenue cycle management and risk adjustment capabilities across global markets.
