- Global investment firm Carlyle (NASDAQ: CG) acquired a majority stake in Knack RCM and EqualizeRCM to create an AI-native, global, multi-specialty RCM platform; equity comes from Carlyle Asia Partners VI and Carlyle Asia Partners Growth II.
- Founders Rajiv Sharma (Knack RCM) and Nagi Rao (EqualizeRCM) reinvested a portion of their proceeds and remain invested in the combined platform.
- The combined platform brings deep, specialty-specific expertise across DME, anesthesia, eyecare, behavioral health, rural hospitals, urgent care and multi-specialty physician groups.
- Knack contributes scaled global delivery across the U.S., India and the Philippines, anchored by its end-to-end revenue engine and Workmate orchestration platform; EqualizeRCM adds a proprietary payer-enrollment platform and AI tools such as Bill Smart for denial prediction.
- Announced May 4, 2026 from Woodbridge, N.J., Austin, Texas and Mumbai, India; transaction terms were not disclosed.
Woodbridge, N.J., Austin, Texas, and Mumbai, India — May 4, 2026 — Global investment firm Carlyle (NASDAQ: CG) today announced it has acquired a majority stake in Knack RCM (“Knack”) and EqualizeRCM (“Equalize”), two leading U.S. healthcare revenue cycle management (“RCM”) providers, to create an AI-native, global, multi-specialty RCM platform. 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.
Knack and Equalize are complementary healthcare RCM providers serving physician groups, durable medical equipment (“DME”) providers, rural hospitals, and other specialty provider segments. Together, they bring deep, specialty-specific expertise across DME, anesthesia, eyecare, behavioral health, rural hospitals, urgent care, and multi-specialty physician groups.
The combined platform is expected to enhance operational scale and diversification, broaden the delivery footprint, strengthen leadership depth and help accelerate AI capabilities to enhance outcomes for clients. Knack contributes scaled, global delivery across the U.S., 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 U.S. 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 specialty segments. Equalize’s AI-native platform, built on large language models and agentic AI, has demonstrated proven commercial traction, including the displacement of established, large-scale vendor contracts at leading DME manufacturers.
The U.S. healthcare revenue cycle market is growing rapidly, driven by margin compression, workforce shortages, and the shift to value-based care.Kapil Modi, Partner, Carlyle India Advisors
Carlyle has been a trusted partner to Knack, bringing not only capital but also valuable expertise in healthcare and RCM.Rajiv Sharma, Founder, Knack RCM
Our clients, particularly rural hospitals and behavioural health providers, face immense pressure in sustaining margins and ensuring access to care.Nagi Rao, Founder, EqualizeRCM
Healthcare providers measure success by their ability to meet payroll, preserve services, and support their communities — not by the amount of automation deployed.Gautam Barai, CEO, Knack RCM
One of the core tenets of this investment is to build a scaled, strategically attractive physician and rural hospital RCM platform in a fragmented industry.Amit Jain, Partner and Head of Carlyle India Advisors
About
Carlyle
Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit, and Carlyle AlpInvest. With $477 billion of assets under management as of December 31, 2025, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies, and the communities in which we live and invest. Carlyle employs more than 2,500 people in 27 offices across four continents.
Knack RCM
Knack RCM is an AI-native, specialty-focused revenue cycle management leader that helps healthcare organizations operating in complex clinical, financial and technology environments unlock the full value of reimbursement, safeguard margin and strengthen the delivery of care, so providers can better serve the communities that depend on them. Headquartered in Woodbridge, New Jersey, Knack RCM has over 8,000 employees across 10 delivery centers in India, the Philippines and the United States.
EqualizeRCM
EqualizeRCM is a U.S.-based revenue cycle management company serving physicians, hospitals, ambulatory surgery centers, laboratories and rural providers. The company is known for its work with Critical Access Hospitals, rural PPS Hospitals and Rural Health Clinics, providing specialized support in cost reports, reimbursement strategies and education forums. The Company’s 1st Credentialing division is a leading provider of payor enrollment services across the nation.
Frequently asked questions
What did Carlyle acquire?
Carlyle (NASDAQ: CG) acquired a majority stake in Knack RCM and EqualizeRCM, two leading U.S. healthcare revenue cycle management providers, combining them into an AI-native, global, multi-specialty RCM platform. Equity came from Carlyle Asia Partners VI and Carlyle Asia Partners Growth II, and transaction terms were not disclosed.
Who leads the combined platform?
Gautam Barai is CEO of Knack RCM. The founders of both companies — Rajiv Sharma of Knack RCM and Nagi Rao of EqualizeRCM — remain invested in the platform through a reinvestment of a portion of their proceeds.
What specialties and regions does the combined platform serve?
It brings specialty-specific expertise across DME, anesthesia, eyecare, behavioral health, rural hospitals, urgent care and multi-specialty physician groups, with scaled global delivery across the United States, India and the Philippines.
What technology does the combined platform bring together?
Knack contributes an intelligent, end-to-end revenue engine powered by its Workmate orchestration platform. EqualizeRCM adds a proprietary payer-enrollment platform and AI-driven tools such as Bill Smart for denial prediction and avoidance, built on large language models and agentic AI.