Cash Management Solutions

The Company

CMS Operations, LLC, doing business as Cash Management Solutions (CMS or the Company), is a rapidly growing business process outsourcer (BPO) focused on providing revenue cycle management solutions to legal and accounting firms in the United States. CMS provides an end-to-end solution, covering the entire revenue cycle, from assisting a client in the account intake phase, monitoring contract compliance, and managing the billing, WIP, and receivables collection all on an outsourced basis.

The Situation

The shareholders of CMS retained KPMG Corporate Finance as its exclusive advisor in the sale. The shareholders’ objectives were to partner the Company with a buyer that was committed to the business model and employees while placing an appropriate value on the business.

The Transaction

KPMG Corporate Finance conducted a competitive, controlled-auction process that generated a number of interested counterparties that could meet the objectives of the shareholders, which resulted in the sale of CMS to River Associates Investments, LLC, a Tennessee-based private equity firm. KPMG Corporate Finance supported the Company and shareholders through the entire process, including preparing marketing materials, contacting and arranging meetings with potential counterparties, coordinating due diligence, and assisting in the successful negotiations on all terms of the transaction. CMS represents River Associates’ platform investment in the Revenue Cycle Management sector.