Seacoast Capital Announces Exit from Hayes

Author: Seacoast Capital | Press
Seacoast Capital Announces Exit from Hayes

Seacoast Capital Announces Exit from Hayes

October 16, 2018 – Boston, Massachusetts Seacoast Capital (“Seacoast”) today announced its exit from its investment in Hayes (“Hayes”), the leading provider of compliance and revenue integrity technology solutions for the nation’s premier healthcare organizations, through a major growth investment by a private investment fund. Seacoast originally invested subordinated debt with warrants in Hayes in December 2015 as part of a management buyout (MBO) of the Company’s Chairman/founder led by its CEO.

Since the Seacoast investment, the Company had invested significantly in its flagship compliance and revenue integrity software platform, MDaudit, ultimately developing it into the premier risk-based compliance software for healthcare compliance and revenue integrity professionals. Peter Butler, CEO of Hayes comments, “We have seen tremendous support for MDaudit among compliance and revenue cycle leaders who seek a modern, scalable platform that can help them maintain billing compliance and secure their revenue stream. With our recent launch of MDaudit Enterprise and the move to a cloud-based solution, we see significant opportunity to accelerate the continued growth and success of our company.”

Jamie Donelan, a Principal with Seacoast, added “We couldn’t be happier for Pete and the rest of the Hayes team, who all worked tirelessly over the past several years to create a truly differentiated product platform in MDaudit. Its rapidly-growing, marquee client roster is an enviable testament to this hard work, and Hayes now has a unique opportunity to scale their market leadership within the healthcare compliance software segment into adjacent verticals within healthcare.”


Bowstring Advisors represented Hayes in the transaction. Terms of the deal were not disclosed.


About Seacoast Capital

Founded in 1994, with offices in Boston, MA and San Francisco, CA, Seacoast Capital invests non-control growth capital in partnership with management in lower middle market private companies. Seacoast is industry agnostic and typically invests $5 million to $25 million of capital in companies with $10 million or more in revenue and $2 million or more of EBITDA. Capital is used to support growth, refinancings, acquisitions, family ownership and wealth transfers, shareholder liquidity events, and partnership or management buyouts. Geographically, Seacoast invests anywhere in the United States. Since its inception, Seacoast has managed over $600 million of capital, which the firm has invested in 74 non-controlling transactions. Now managing its fourth fund, Seacoast Capital Partners IV, L.P., the firm continues to actively seek new investment opportunities. Learn more by visiting


About Hayes & MDaudit

Hayes is a leading healthcare technology provider that partners with the nation’s premier healthcare organizations to improve revenue, mitigate risk, and reduce operating costs to succeed in an evolving healthcare landscape. MDaudit Enterprise, the company’s flagship compliance and revenue integrity SaaS platform, enables organizations to reduce compliance risk, improve efficiency, and retain more of their revenue stream by providing workflow automation, risk monitoring, and built-in analytics and benchmarking capabilities – all in a single, integrated cloud-based platform. To learn more visit

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