Ontario Systems LLC, one of Indiana's oldest software firms, has been acquired by Arlington Capital Partners, a Washington, D.C.-based private equity firm, the companies announced Wednesday.
Terms of the deal were not disclosed. The Muncie-based company has more than 315 employees, including about 270 in Delaware County.
Ontario produces what's called revenue cycle management software and accounts-receivable software, which the company said is used by nine of the 10 largest collections agencies and three of the six top U.S. health systems. It boasts approximately 55,000 licensed users across 500 locations.
The company was founded in 1980 by President and CEO Ron Fauquher and Chairman Wil Davis.
"We are tremendously excited to be partnering with Arlington Capital as we enter the next phase of our growth," Fauquher said in prepared remarks. "With the relationships, strategic focus and significant capital that Arlington brings, we look forward to continuing to exceed our customers' expectations by further enhancing our market-leading software and solutions."
In an email, Ontario spokesman Casey Stanley said the company expects to maintain its workforce and, for now, continue business as usual.
"Ron is still the president and CEO and there are no plans at this time for any changes in the management team, product direction or market strategies of the company," he said.
Arlington has about $1.5 billion in assets under management and runs more than 20 companies, according to its website.
In prepared remarks, Arlington Partner Mike Altman said, "Ontario Systems' software serves as the primary workflow engine for its customers' mission-critical [revenue cycle management] and [accounts receivable management] activities. We look forward to partnering with the Ontario Systems team to support the company's strategic growth trajectory."