Carlyle Acquires Knack RCM, EqualizeRCM

WOODBRIDGE, New Jersey—Global investment firm Carlyle announced it has acquired a majority stake in Knack RCM (Knack) and EqualizeRCM (Equalize), two United States healthcare revenue cycle management (RCM) providers. 

“The U.S. healthcare revenue cycle market is growing rapidly, driven by margin compression, workforce shortages and the shift to value-based care,” said Kapil Modi, partner at Carlyle India Advisors. “Carlyle has significant experience in scaling RCM platforms to achieve market leadership and we believe Knack and Equalize stand out as leaders with their AI-native, specialty‑focused and outcomes‑driven approach, which aligns well with the growing needs and demand in healthcare RCM.”

Equity for the investment will come from investment funds affiliated with Carlyle Asia Partners VI (CAP VI) and Carlyle Asia Partners Growth II (CAPG II). The terms of the transaction are not disclosed. Rajiv Sharma, founder of Knack RCM, and Nagi Rao, founder of EqualizeRCM, will remain invested in the platform through a reinvestment of a portion of their proceeds.

“Carlyle has been a trusted partner to Knack, bringing not only capital but also valuable expertise in healthcare and RCM,” Sharma said. “The addition of Equalize is a progression of this partnership and strengthens the value we provide to our clients.”

Knack and Equalize are complementary healthcare RCM providers serving durable medical equipment (DME) providers and other specialty provider segments. Knack contributes scaled, global delivery across the U.S., India and the Philippines, anchored by an end-to-end revenue engine powered by its orchestration platform, Workmate. EqualizeRCM complements this with its established delivery scale in the U.S. and India, alongside a proprietary payer enrollment platform and advanced AI-driven tools.

Carlyle said it intends to build on this platform strategy by pursuing additional opportunities in the RCM industry.