Global investment firm Carlyle announced it has acquired a majority stake in two US healthcare revenue cycle management (RCM) providers, Knack RCM (Knack) and EqualizeRCM (Equalize), to create an AI-native, global, multi-specialty RCM platform.
Equity for the investment will come from funds affiliated with Carlyle Asia Partners VI (CAP VI) and Carlyle Asia Partners Growth II (CAPG II). The terms of the transaction were not disclosed.
Rajiv Sharma, Founder of Knack RCM, and Nagi Rao, Founder of EqualizeRCM, will remain invested in the platform through the reinvestment of a portion of their proceeds.
Knack and Equalize are complementary healthcare RCM providers serving physician groups, durable medical equipment (DME) providers, rural hospitals, and other speciality provider segments. Together, they bring deep, speciality-specific expertise across DME, anaesthesia, eyecare, behavioural health, rural hospitals, urgent care, and multi-speciality physician groups.
Knack contributes scaled, global delivery across the US, India, and the Philippines, anchored by an intelligent, end-to-end revenue engine powered by its orchestration platform, Workmate.
EqualizeRCM complements this with its established delivery scale in the US and India, alongside a proprietary payer enrollment platform and advanced AI-driven tools—such as Bill Smart for denial prediction and avoidance—that are purpose-built for hospitals, urgent care, and targeted speciality segments.
“The U.S. healthcare revenue cycle market is growing rapidly, driven by margin compression, workforce shortages, and the shift to value-based care. 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,” said Kapil Modi, Partner at Carlyle India Advisors.
Carlyle has invested in healthcare technology platforms, including Indegene, Visionary RCM, and CorroHealth, and will bring this expertise and execution capability to scale the combined Knack and Equalize platform.
The global investor intends to build on this platform strategy by pursuing additional opportunities in the RCM industry and will continue to seek to add synergistic assets with complementary offerings to the RCM platform.
Carlyle has $477 billion of assets under management as of December 31, 2025.
Headquartered in Woodbridge, New Jersey, Knack RCM has over 8,000 employees across 10 delivery centres in India, the Philippines and the United States.
EqualizeRCM, meanwhile, is a US‑based revenue cycle management company serving physicians, hospitals, ambulatory surgery centres, laboratories and rural providers.
