Success Stories

RETAINED ADVISORY

Leveraging both its advanced technology and its over 200 India-based employees, FORE Support Services provided proprietary, SaaS solutions that automated the provider prior authorization process.

Engagement

FORE, which began marketing its AuthPal solution in 2014, first retained ST Advisors in early 2015 for a strategic diagnostic session, which included a financial review, along with a holistic discussion of competitors, financing options, and potential acquirers. Seeing the value ST could bring to an ongoing relationship, FORE and ST subsequently formalized a retainer relationship with ST providing ongoing strategic advice and perspective, as well as assisting in areas such as refining the Company’s value proposition, evaluating potential capital and liquidity options, and facilitating potential distribution partnerships.

Over the course of our 15-month engagement, we worked closely with FORE’s co-founders, helping them evaluate potential strategic investors, assessing emerging competitive threats, facilitating high-level introductions to potential strategic partners, joining FORE’s CEO at an industry trade show, finding the company a marketing consultant to further refine FORE’s message and value proposition, and, of course, providing ongoing advice and strategic coaching – all part of the Outsider Perspective with Insider Knowledge® that we seek to deliver to each of our clients.

In January 2016, we introduced FORE to Availity, the nation’s largest real-time health information network with over $200 million in revenues. Shortly thereafter, given the importance of electronic prior authorizations to its development agenda, Availity expressed its interest in acquiring, rather than partnering with, FORE. Over the next several months, we worked with both parties to reach a mutually acceptable acquisition structure.

As the transaction progressed from interest to an executed letter of intent through diligence and ultimately to a closed transaction, ST Advisors’ long history with Availity’s senior leadership team greatly facilitated the transaction’s success. The trust ST had engendered from both the FORE and Availity teams allowed us to work through several sticking point issues and was a strong contributor to the transaction’s overall success.

Results

In August 2016, Availity closed its acquisition of FORE Support Services, and FORE’s co-founders remain employees of Availity.

"Our getting in touch with ST Advisors was almost fortuitous; we have always been happy that we found them when we did. Engaging with Ben and Michelle was certainly one of our best decisions. Their advice throughout the engagement was invaluable, and we learned much through our association with them."

– Rehan Shaikh

Co-founder of FORE Support Services

"ST Advisors’ contributions proved invaluable during Availity’s purchase of a complex company overseas. Before, during, and after the transaction, my Board of Directors and I were confident that the information we received was honest and fair, and that Ben and Michelle’s guidance was in our mutual best interests."

– Russ Thomas

CEO of Availity

Outsider Perspective with Insider Knowledge®