ECLAT Health Solutions Completes Management Buyout from Gulf Capital, Opening Next Chapter of Growth

ECLAT Health Solutions has completed a management buyout (MBO) from Gulf Capital, returning full ownership of the revenue cycle management (RCM), risk adjustment and healthcare technology company to its founders and management team. The move closes a five-year partnership that saw ECLAT 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—equating to 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.

Context and deal details

Under Gulf Capital’s majority ownership, ECLAT expanded beyond core RCM services into payer-centric risk adjustment and healthcare technology, anchored by its proprietary AI and analytics platform, evaire. The company describes evaire as being "powered by agentic AI and deep payer expertise" and capable of end-to-end chart retrieval and review, risk adjustment coding, Confidence Scoring, payer analytics and other functionality aimed at improving coding accuracy and payer interactions.

• Workforce expansion: from 450 to more than 4,000 employees across the U.S., India and the Philippines.
• Financial performance: 10x growth in revenue and EBITDA during the five-year partnership; 75% EBITDA CAGR.
• Service diversification: broadened RCM services plus payer-focused risk adjustment and technology offerings.

Leadership highlighted operational professionalization during the Gulf Capital partnership. "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," Polsani added. Sneha Polsani, founder and COO, said the partnership "accelerated this journey and positioned ECLAT for sustainable, long-term growth," and signalled an intent to deepen provider and payer partnerships while pursuing "selective strategic opportunities."

Gabe Stein, CEO of ECLAT Health Solutions, framed the MBO as a launch point for continued expansion. "Our next chapter is about building on this momentum," he said. "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."

Gulf Capital perspective and wider significance

Gulf Capital characterized the transaction as one of the most successful realizations in its history. Mohammad Madani, Managing Director at Gulf Capital, framed the investment as a standout in the firm’s Fund III portfolio and pointed to Gulf Capital’s Control Growth Buyout model as the mechanism for scaling ECLAT into a "diversified and technology-enabled RCM and risk adjustment business." Gulf Capital notes it has closed 44 investments since 2006 and deployed over $3 billion in alternative investments across seven funds and vehicles.

Fouad Daher, Executive Director at Gulf Capital, emphasised the depth of the partnership with ECLAT’s leadership team: "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."

With full ownership back in the hands of its founders and management, ECLAT is positioned to continue leveraging its evaire platform, clinical coding expertise and enlarged service footprint as it seeks organic growth and targeted strategic opportunities in the U.S. healthcare market.