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Lyric Acquires ClaimShark to Expand Value and Power Next-Gen AI Applications

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1 year ago

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Lyric, a leader in healthcare payment accuracy and integrity solutions, today announced its acquisition of ClaimShark, an innovative payment integrity technology platform focused on enhancing integration, transparency, and precision for health plans. The acquisition marks significant progress towards Lyric’s mission to simplify the business of care – delivering smarter, faster, and more accurate transactions across the healthcare ecosystem. Transaction inaccuracies cost the US healthcare system over half a trillion dollars annually, significantly impacting health plans, their network providers, and the members they serve. With this acquisition, Lyric can now offer offer innovative tools and strategies to simplify and optimize payment integrity operations before and after payments are made, enabling health plans to maximize value and improve relationships with their network providers and members.

PHILADELPHIA, April 22, 2025 /PRNewswire-PRWeb/ — Lyric, a leader in healthcare payment accuracy and integrity solutions, today announced its acquisition of ClaimShark, an innovative payment integrity technology platform focused on enhancing integration, transparency, and precision for health plans. ClaimShark’s solutions will be integrated into the Lyric 42 Platform, Lyric’s AI-driven offering that provides health plans with comprehensive payment accuracy solutions. The acquisition marks significant progress towards Lyric’s mission to simplify the business of care – delivering smarter, faster, and more accurate transactions across the healthcare ecosystem.

This exciting step accelerates our evolution in areas where we have unique expertise, data and insights. ClaimShark’s capabilities align with our purpose of reducing complexity in the healthcare continuum, creating a simpler, more efficient system centered on patients. —Raj Ronanki, Lyric CEO

Streamlining and Simplifying Healthcare Transactions to Eliminate Waste

Transaction inaccuracies cost the US healthcare system over half a trillion dollars annually, significantly impacting health plans, their network providers, and the members they serve. To address these inefficiencies, ClaimShark offers innovative tools and strategies to simplify and optimize payment integrity operations before and after payments are made, enabling health plans to maximize value and improve relationships with their network providers and members.

Key solutions include:

Virtuoso: Virtuoso is a differentiated payment integrity command center providing resource planning, automated workflow, and controls for payment integrity operations. Virtuoso centralizes management and orchestration of claims, data, vendors, rules, and workflows. Virtuoso also enables the use of advanced generative AI & agents to address issues impacting medical trends, providing automated solutions while ensuring human oversight in clinical decision-making.Replay: Replay empowers health plan audit teams to swiftly review claims, surface inaccuracies, and take corrective action. Purpose-built for payment integrity operations, Replay brings automation, structure, and intelligence to previously manual workflows, dramatically increasing speed, precision, and ROI for customers.

Powerful Combined Platform

Combining ClaimShark with Lyric42 results in a platform with unique, AI-driven capabilities, including:

A plug-and-play AI/Cloud foundation, available now, that connects payers to a deep library of pre-pay editing, data analytics, and overpayment detection tools – some developed in-house, others by trusted partners.Studio 42, a dynamic new interface guided by the belief that “AI is the new UI.” Launching in the coming months, it will offer real-time trend insights, automated content creation, and intuitive, agentic workflows for maximum user impact.

Leadership Perspectives

“This acquisition is a transformational step for Lyric and represents progress toward our long-term goal of scaling the business in areas where we have unique expertise, data and insights,” said Rajeev Ronanki, CEO of Lyric. “ClaimShark’s Virtuoso and Replay capabilities are an ideal match for Lyric’s platform and align strongly with our purpose of reducing complexity across the healthcare continuum by creating a simpler, more efficient system centered around patients.”

Ravi Umarji, Lyric’s Chief Financial and Strategy Officer, added: “Lyric’s acquisition of ClaimShark accelerates our evolution beyond pre-pay editing, and represents important progress towards our mission to drive transparency and efficiency in the healthcare system. We believe this acquisition positions us well for future organic and inorganic growth opportunities, and we look forward to leveraging our combined expertise and relationships to offer innovative solutions at scale.”

Suresh Kothapalli, ClaimShark CEO and co-founder, shared: “By joining Lyric, we’re amplifying the value we can deliver across the board – from health plans to providers to members. Together, we’re building a more intelligent and integrated healthcare payments system that expands accuracy and reduces complexity.”

Ram Davaloor, ClaimShark co-founder and Lyric’s new GM & President, Platforms, concluded: “Joining Lyric allows us to tackle some of healthcare’s biggest challenges head-on. Together, we’re developing a real-time intelligence platform that empowers health plans to predict trends, act early, and deliver greater value with precision.”

About Lyric

Lyric is a platform-based healthcare technology company, committed to simplifying the business of care by preventing inaccurate payments and reducing overall waste in the healthcare ecosystem, enabling more efficient use of resources to reduce cost of care that benefits payers, providers, and patients. Lyric, formerly ClaimsXten, is a market leader with 35 years of pre-pay editing expertise, dedicated teams, and top technology. Lyric is proud to be 2025 Best in KLAS for Pre-payment Accuracy and Integrity and is HI-TRUST and SOC2 certified. Discover more at Lyric.ai.

Lyric’s payment accuracy solutions help to reduce inaccurate claims payments that bog down the healthcare ecosystem, causing abrasion and slowing down timely payments to providers for care that has already been provided. By doing so, Lyric can help to reduce the growing waste in the healthcare system, enabling more efficient use of resources to reduce cost of care and benefit payers, providers, and patients.

About ClaimShark

ClaimShark is a trusted name in payment integrity solutions, born out of the expertise and innovation of iSpace, ClaimShark’s parent company. Recognizing the growing need for a specialized platform to address the unique challenges in payment integrity led to the creation of ClaimShark’s solutions—cutting-edge payment integrity and audit tools designed to help health plans maximize their payment accuracy value, optimize vendor selection, and automate backend payment integrity operations, making payment integrity operations more efficient and scalable.

Media Contact

Amy Churchill, Lyric, 1 7248414450, amy.churchill@lyric.ai, Lyric

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SOURCE Lyric

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XLCS Partners advises Concurrent Utility Services on sale to UniTek Global Services

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54 minutes ago

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July 23, 2026

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NASHVILLE, Tenn., July 23, 2026 /PRNewswire/ — XLCS Partners, Inc., a leading middle market investment bank, is pleased to announce that it served as exclusive M&A advisor to Concurrent Utility Services LLC on its acquisition by UniTek Global Services, Inc., a portfolio company of New Mountain Finance Corporation (Nasdaq: NMFC) and its affiliates, and BTG Pactual Strategic Capital.

Headquartered in Miami, Florida, Concurrent is a licensed general and electrical contractor providing infrastructure development and maintenance services to electric utilities, telecom providers, and land developers throughout the Southeast United States. The company’s capabilities span overhead and underground utility construction, professional telecom services, emergency service restoration, in-building networks, environmental services, and data center development. Backed by a safety-first culture and an experienced workforce, Concurrent has built a strong regional platform and a reputation for quality across the markets it serves.

UniTek is a leading digital infrastructure services provider supporting the expansion of fiber and data center connectivity across the U.S. and Canada. With over 600 employees and 60 locations, UniTek delivers a full suite of infrastructure services. The acquisition of Concurrent accelerates UniTek’s Power Services Division, which launched in July 2025 to broaden the company’s maintenance, repair, upgrade, and new infrastructure development services for the power sector. Concurrent’s established Southeast footprint and power capabilities directly complement UniTek’s existing broadband and data center infrastructure platform, positioning the combined company to capitalize on growing demand for resilient, modernized power infrastructure. Concurrent will continue to operate under its established brand, maintaining uninterrupted service for its customers.

“Selling Concurrent was one of the biggest decisions of my career, and Anthony, Jay, and the XLCS team guided us through every step with professionalism and genuine care for our people,” said Steve Sarno, CEO of Concurrent. “They stayed fully engaged throughout, gave us honest and thoughtful advice, kept our best interests front and center, and delivered an outcome that exceeded our expectations. I would recommend them without hesitation to any owner considering a transaction.”

XLCS acted as the exclusive M&A advisor to Concurrent, and the transaction was led by Anthony Contaldo, Partner, and Jay Cremer, Vice President. The transaction was completed on July 1, 2026.

About XLCS Partners, Inc.

XLCS Partners is a leading global investment banking firm providing M&A advisory services. Visit www.xlcspartners.com for more information.

Media Contact: 
Kendra Span 
kspan@xlcspartners.com
615-379-7783

View original content to download multimedia:https://www.prnewswire.com/news-releases/xlcs-partners-advises-concurrent-utility-services-on-sale-to-unitek-global-services-302833542.html

SOURCE XLCS Partners, Inc.

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XLCS Partners advises Concurrent Utility Services on sale to UniTek Global Services

Published

54 minutes ago

on

July 23, 2026

By

NASHVILLE, Tenn., July 23, 2026 /PRNewswire/ — XLCS Partners, Inc., a leading middle market investment bank, is pleased to announce that it served as exclusive M&A advisor to Concurrent Utility Services LLC on its acquisition by UniTek Global Services, Inc., a portfolio company of New Mountain Finance Corporation (Nasdaq: NMFC) and its affiliates, and BTG Pactual Strategic Capital.

Headquartered in Miami, Florida, Concurrent is a licensed general and electrical contractor providing infrastructure development and maintenance services to electric utilities, telecom providers, and land developers throughout the Southeast United States. The company’s capabilities span overhead and underground utility construction, professional telecom services, emergency service restoration, in-building networks, environmental services, and data center development. Backed by a safety-first culture and an experienced workforce, Concurrent has built a strong regional platform and a reputation for quality across the markets it serves.

UniTek is a leading digital infrastructure services provider supporting the expansion of fiber and data center connectivity across the U.S. and Canada. With over 600 employees and 60 locations, UniTek delivers a full suite of infrastructure services. The acquisition of Concurrent accelerates UniTek’s Power Services Division, which launched in July 2025 to broaden the company’s maintenance, repair, upgrade, and new infrastructure development services for the power sector. Concurrent’s established Southeast footprint and power capabilities directly complement UniTek’s existing broadband and data center infrastructure platform, positioning the combined company to capitalize on growing demand for resilient, modernized power infrastructure. Concurrent will continue to operate under its established brand, maintaining uninterrupted service for its customers.

“Selling Concurrent was one of the biggest decisions of my career, and Anthony, Jay, and the XLCS team guided us through every step with professionalism and genuine care for our people,” said Steve Sarno, CEO of Concurrent. “They stayed fully engaged throughout, gave us honest and thoughtful advice, kept our best interests front and center, and delivered an outcome that exceeded our expectations. I would recommend them without hesitation to any owner considering a transaction.”

XLCS acted as the exclusive M&A advisor to Concurrent, and the transaction was led by Anthony Contaldo, Partner, and Jay Cremer, Vice President. The transaction was completed on July 1, 2026.

About XLCS Partners, Inc.

XLCS Partners is a leading global investment banking firm providing M&A advisory services. Visit www.xlcspartners.com for more information.

Media Contact: 
Kendra Span 
kspan@xlcspartners.com
615-379-7783

View original content to download multimedia:https://www.prnewswire.com/news-releases/xlcs-partners-advises-concurrent-utility-services-on-sale-to-unitek-global-services-302833542.html

SOURCE XLCS Partners, Inc.

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Fathom Applauds Introduction of the FRONTIER Act, the First Federal Blueprint for Independent AI Verification

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54 minutes ago

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July 23, 2026

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Reps. Lori Trahan (D-MA-03) and Jay Obernolte (R-CA-23) introduce a bill to build a competitive marketplace of independent verifiers for frontier AI models.

WASHINGTON, July 23, 2026 /PRNewswire/ — Fathom welcomes the introduction of the FRONTIER Act, the most complete federal framework yet for independent, third-party verification of frontier AI. The legislation is built to earn public trust as AI technology continues to accelerate. As frontier systems begin to take autonomous action in the world, the gap between what these models can do and our ability to keep them in check is widening. FRONTIER is the starting point to close that gap.

“AI governance keeps running into the same wall. The technology is hard to measure and it moves faster than any law can keep up with,” said Andrew Freedman, Co-Founder and CEO of Fathom. “Trying to write the perfect rules and freezing them in place won’t work. What will work is a competitive market of independent verifiers who are accountable for real-world outcomes and who the government can actually count on. The FRONTIER Act shows we can move fast and still get this right.”

The bill gets the fundamentals correct. It sets one public standard – the adequate mitigation of catastrophic risk – and holds both the AI companies and their independent verifiers accountable to it. FRONTIER does not freeze a single testing method into statute. Instead, it licenses competing verification organizations, allows them to sharpen their methods, and gives the government the power to revoke a license when a verifier’s work does not hold up in the field. That is how you build a system that keeps pace with the science instead of falling behind it.

Fathom thanks Reps. Trahan and Obernolte for their leadership, and for their courage in releasing a discussion draft, inviting scrutiny, and incorporating substantive improvements from across the field. One priority improvement as the bill advances: giving the government a fuller range of tools to act upstream – for pushing companies to close identified gaps in risk mitigation early, rather than only once a catastrophe is imminent. We are committed to working with these sponsors, committees of jurisdiction, and Congressional leadership to continue refining the bill in the weeks and months ahead.

About Fathom
Fathom is an independent nonprofit whose mission is to build a governance architecture that helps society navigate the transition to a world with AI by fostering trust, safety, and innovation. Fathom has developed and championed the independent verification model for AI and works with policymakers across the country to put it into practice. Learn more at http://fathom.org.

View original content to download multimedia:https://www.prnewswire.com/news-releases/fathom-applauds-introduction-of-the-frontier-act-the-first-federal-blueprint-for-independent-ai-verification-302833546.html

SOURCE Fathom AI Inc.

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