September 9, 2020 (Boston, MA) – Covington Associates, a leading middle market investment bank announced its role as financial advisor to 6 Degrees Health, a provider of technology-enabled healthcare cost containment solutions for self-insured employers, in its significant investment from FTV Capital, a sector-focused growth equity investor in innovative companies in enterprise technology and services, financial services, and payments and transaction processing. This investment will enable 6 Degrees Health to expand its platform, which enables employers to realize significant cost savings while also generating best-in-class employee experience.

6 Degrees Health’s reference-based pricing solutions encourage health plans to pay providers a fair rate, without unduly restricting employee benefits. 6 Degrees Health’s proprietary MediVI technology platform collects, analyzes and benchmarks claims and billing data across plans, providers and geographies to provide medical reimbursement analytics for audits, contracting and claim negotiation.

“Our goal at 6 Degrees Health is to bring equity and fairness back into the healthcare reimbursement equation,” said Scott Ray, CEO of 6 Degrees Health. “Through our differentiated, per-employee-per month pricing model and our MediVI technology platform, we look to eliminate restrictive networks, decrease healthcare costs and allow members to seek care from any provider they choose without the risk of decreased benefits. FTV Capital’s investment and strong expertise in enterprise technology will allow us to continue focusing on bringing greater transparency to our customers and the healthcare sector more broadly.”

“As a result of a strong leadership team and passion to provide transparency, 6 Degrees Health continues to ‘pull back the curtain’ on healthcare pricing,” said Alex Mason, partner at FTV Capital. “FTV Capital is excited to partner with a driven, dedicated team to help further enhance its technologies and create more transparency for the market.”

“Rising healthcare spend is a significant cost burden and managing high-cost claims is the top priority for self-insured employers,” said Chris Winship, partner at FTV Capital. “6 Degrees Health provides self-insured employers with a technology-enabled cost-containment solution that delivers significant savings on healthcare claims. We are excited to support the company’s incredible traction as they inject analytics into a challenged industry that is swimming in broken technologies, manual processes and other inefficiencies.”

As part of the transaction, FTV Capital’s Chris Winship, Alex Mason and Abhay Puskoor will join the 6 Degrees Health board of directors.

6 Degrees Health was advised by Covington Associates.

About Covington Associates

Covington Associates is a leading middle market investment banking firm offering advisory services in the areas of M&A, capital raising, strategic advisory, fairness opinions, and valuations to middle-market companies across the Healthcare, Business Services, Consumer & Industrial, and Technology verticals.  Covington’s mission has remained unchanged since its founding in 1991 – provide clients with the highest caliber of senior-level attention and to remain an advice driven and results focused organization.  Since its inception, Covington Associates has completed more than 300 transactions globally for both private and publicly traded companies totaling over $17 billion. Further information about Covington Associates can be found at http://www.covingtonassociates.com/overview.

About 6 Degrees Health

6 Degrees Health is built to bring equity and fairness back into the healthcare reimbursement equation. Industry-leading MediVI technology supports our cost containment solutions with objective, transparent and defensible data. 6 Degrees Health’s solutions include everything from provider market analyses, reasonable value claim reports, ad hoc claim negotiations, evergreening provider contracts and referenced-based pricing. Our veteran cost containment team partners with health plans and their channel partners to deliver unparalleled cost containment results. For more information, please visit www.6degreeshealth.com.

About FTV Capital

FTV Capital is a growth equity investment firm that has raised nearly $4 billion to invest in high-growth companies offering a range of innovative solutions in three sectors: enterprise technology and services, financial services, and payments and transaction processing. FTV’s experienced team leverages its domain expertise and proven track record in each of these sectors to help motivated management teams accelerate growth. FTV also provides companies with access to its Global Partner Network®, a group of the world’s leading enterprises and executives who have helped FTV portfolio companies for two decades. Founded in 1998, FTV Capital has invested in more than 115 portfolio companies, including Docupace, Egress, Enfusion, InvestCloud, ReliaQuest, Riskalyze, Sunlight Financial, VPay, and successfully exited companies including Empyrean Benefits (acquired by Securian Financial), Globant (NYSE IPO), Health Credit Services (acquired by Ally Financial), MedSynergies (acquired by Optum), and WorldFirst (acquired by Ant Financial). FTV has offices in San Francisco and New York. For more information, please visit www.ftvcapital.com.