ECLAT Health Solutions, a leading revenue cycle management (RCM), risk adjustment and healthcare technology partner, today announced the completion of a Management Buyout (MBO) from Gulf Capital, one of the largest and most active private equity firms investing from the GCC to Asia. The transaction marks the close of a highly successful partnership and returns full ownership of ECLAT to its founders and management team.
Over the course of ECLAT’s partnership with Gulf Capital, the organizations worked closely to accelerate growth and build a differentiated healthcare services platform defined by scale, breadth, technology and long-term value. With Gulf Capital, ECLAT expanded its revenue cycle management service offerings and added payer-centric risk adjustment and technology solutions. This diversification, alongside continued expansion and market adoption of its leading RCM services, enabled ECLAT to grow its workforce from 450 to more than 4,000 employees across the United States, India and the Philippines, and achieve a tenfold increase in both revenue and EBITDA—representing a 75% EBITDA compound annual growth rate over five years.
“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.”
Central to ECLAT’s growth is evaire, its proprietary AI and analytics platform. Powered by agentic AI and deep payer expertise, evaire enables end-to-end chart retrieval and review, risk adjustment coding, Confidence Scoring, payer analytics and more. ECLAT’s payer expansion and technology offerings—together with its core RCM services and highly qualified clinical coding teams—position the company for its next phase of growth and innovation in a rapidly shifting healthcare landscape.
“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.”
“Our next chapter is about building on this momentum,” said Gabe Stein, CEO, ECLAT Health Solutions. “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.”
ECLAT’s MBO represents one of the most successful realizations in Gulf Capital’s history and highlights its ability to build market-leading platforms through active ownership and deep operational value creation. The transaction also reflects ECLAT’s proven ability to scale, professionalize operations and create significant value for long-term partners.
“This investment exemplifies Gulf Capital’s approach to partnering with exceptional founders and management teams and supporting them in building differentiated, high-quality platforms,” said Mohammad Madani, Managing Director, Gulf Capital. “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.”
“ECLAT’s evolution reflects a partnership built on conviction, constant momentum and a shared determination to build something exceptional through relentless execution,” said Fouad Daher, Executive Director at Gulf Capital. “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.”
About ECLAT Health Solutions
ECLAT Health Solutions is a leading revenue cycle management, risk adjustment and healthcare technology partner serving providers and payers across the United States. Fueled by its analytics and AI platform, evaire, ECLAT leverages agentic AI and highly qualified clinical coding and payer expertise to analyze clinical documentation, identify coding opportunities and deletes, support compliance, and deliver actionable insights. By pairing expertise and automation across the healthcare continuum, ECLAT drives measurable outcomes and delivers transparent, defensible results that healthcare organizations can trust. Learn more at ECLAThealth.com.
About Polsani Group
Polsani Group is a diversified business group with interests across healthcare, education, food and e-commerce, and renewable energy. Established over three decades ago, the Group has built and supported businesses that combine entrepreneurship, operational discipline, and long-term value creation. Its ventures reflect a focus on scalable enterprise building, talent development, and sectors with meaningful economic and social relevance. Through its association with ECLAT Health Solutions and other ventures, Polsani Group continues to support organizations that create value for customers, employees and communities.
About Gulf Capital
Gulf Capital is an operationally focused private equity firm with over 20 years of investment experience from the GCC to the rest of Asia, one of the fastest growing investment corridors in the world today. Gulf Capital partners with dynamic entrepreneurs and exceptional management teams to provide them with growth capital, strategic advice and operational expertise to build market-leading global businesses. The Firm has a long and proven track record of investing in Growth Markets, having closed 44 investments since 2006. It has deployed over $3 billion in alternative investments across seven funds and investment vehicles since inception. As a thematic investor, Gulf Capital focuses on resilient, forward-looking sectors such as Technology and Fintech, Healthcare, Business Services, Consumer, and Sustainability. Its mission is to build value with world-class governance and ESG best practices, deep focus on operational improvements and sectoral expertise to generate sustainable and superior performance for its key stakeholders.
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