--- title: "Capstreet Sells Surgical Notes and Ontellus" description: "On November 15, 2024, Capstreet completed a sale of Surgical Notes, a Capstreet IV portfolio company, to Surgical Information Systems (SIS), owned by Nordic..." url: https://capstreet.multisites.ai/news/capstreet-sells-surgical-notes-and-ontellus publisher: Capstreet phone: +1-713-332-2700 contact: https://capstreet.multisites.ai/contact --- # Capstreet Sells Surgical Notes and Ontellus HealthcarePublished October 10, 20253 min read ![Capstreet team members at Houston Reads Day](https://capstreet.multisites.ai/_astro/houston-reads-day.DxNd9bIr_Z23gxjt.webp) On November 15, 2024, Capstreet completed a sale of Surgical Notes, a Capstreet IV portfolio company, to Surgical Information Systems (SIS), owned by Nordic Capital. Headquartered in Dallas, Texas, Surgical Notes is a healthcare solutions company that provides a comprehensive and integrated suite of products and services designed to streamline the reimbursement process, reduce administrative costs, and better manage information for US ambulatory surgical centers. Capstreet made its initial investment in the company in 2019. Capstreet was attracted to Surgical Notes due to the company’s clear value proposition, entrenched customer relationships with high switching costs, a growing ASC end market experiencing accelerated outsourcing, and the fragmented landscape well suited for an M&A strategy. Capstreet worked with the management team to transform the business by developing proprietary technology capabilities, building a core management team around an incumbent CEO, implementing a scalable global service delivery model, and improving go-to-market strategy and execution. In addition to these organic initiatives, the company made three add-on acquisitions, building a comprehensive suite of tech-enabled solutions with an attractive value proposition to the ASC market: enterprise revenue cycle management (“RCM”), medical coding, transcription and document management. We believe the growth and success of Surgical Notes is due to their eager adoption of the Capvalue Framework, a balanced approach to organic growth and M&A, and a closely aligned partnership between Capstreet and the management team. On August 5, 2025, Capstreet completed a sale of Ontellus, a Capstreet IV and V portfolio company, to Datavant. Founded in 1975 as Keais Records Retrieval and rebranded in 2017, Ontellus is a national privately-held, technology-enabled record retrieval provider that empowers insurance carriers, self-insured corporations and law firms to reduce costs, make better-informed decisions and accelerate claims resolution. Capstreet made its initial investment in the company in 2015 as a Capstreet IV investment. Capstreet V made its investment in the company when Capstreet IV completed a majority equity recapitalization of the business in 2019. The business transformed into a nationwide healthcare records exchange software platform by adding automation, enhancing its digital service delivery, building an executive team with deep healthcare information management expertise, executing various pricing initiatives based on specific product capabilities, and closing seven add-ons, including a transformative ChartSwap acquisition. We believe this tremendous growth was due to their adherence to the Capvalue Framework and Capstreet’s ability to continue building the Ontellus platform across both Capstreet IV and V. **About Capstreet** Founded in 1990, Capstreet invests in lower middle market software, tech-enabled services, and industrial business services companies. With more than 50 platform investments and more than 200 add-on acquisitions since inception, Capstreet’s investment strategy is focused on utilizing its Capvalue Framework® to help accelerate growth and profitability, and create long-term sustainable businesses. The majority of Capstreet’s investments have been with founder- or entrepreneur-owned businesses. For more information, visit the Capstreet website, [https://capstreet.com](https://capstreet.com/). ## Terms on this page - [Lower Middle Market](https://capstreet.multisites.ai/glossary/lower-middle-market) - [Recapitalization](https://capstreet.multisites.ai/glossary/recapitalization) ## Keep reading - [Automotive technology private equity for dealer-focused companiesCapstreet invests in automotive technology businesses that help dealerships. The firm targets solutions for sales, marketing, finance and insurance, and service lane operations. It describes several recent investments in the sector and looks for owners with $3 to $15 million of EBITDA who want a majority capital partner.](https://capstreet.multisites.ai/industries/automotive) - [Business Succession and Exit Options: How to Choose the Right Next Step for Your CompanyOwners have five main exit paths: transfer to family, sell to management, sell to employees through an ESOP, sell to a strategic buyer, or partner with private equity. Each trades price, speed, control and legacy differently. Start planning at least three to five years before you want to step back.](https://capstreet.multisites.ai/business-succession-and-exit-options) - [Buy and Build Strategy: How a Platform Company Grows Through Add-On AcquisitionsA buy and build strategy starts with one well-run platform company and adds smaller businesses to it over time. The goal is a larger, more capable company than any single piece could be. It fits fragmented industries best. Owners of smaller firms can sell to a platform and often stay on.](https://capstreet.multisites.ai/buy-and-build-strategy) - [Construction technology private equity for software ownersCapstreet believes technology can drive large changes in construction efficiency and project delivery. It targets software businesses that support project and financial management for general contractors and sub-contractors. The firm sees the industry as early on its technology adoption curve and looks for owners with $3 to $15 million of EBITDA.](https://capstreet.multisites.ai/industries/construction) - [Capstreet deal criteria: the companies we look forCapstreet looks for entrepreneur-owned business services companies with $3 to $15 million of EBITDA. We make primarily majority investments, and entrepreneurs reinvest alongside Capstreet. We want a tenured team, solid financials, a defensive business model, untapped growth potential and a niche advantage. We invest across 12 industries.](https://capstreet.multisites.ai/deal-criteria) - [The due diligence checklist for owners selling to private equityDue diligence is the buyer's check of your business after you sign a letter of intent. Private equity firms review five areas: financial (quality of earnings), operations, tax, HR and benefits, and legal. Owners who gather clean records before the process starts shorten it and face fewer surprises.](https://capstreet.multisites.ai/guides/due-diligence-checklist-for-owners) ## Ready to get started? Let’s talk. Tell us about your company and what you want next. Conversations are private, and there is no obligation. [Start a conversation](https://capstreet.multisites.ai/contact) [(713) 332-2700](tel:+1-713-332-2700)[connect@capstreet.com](mailto:connect@capstreet.com) ![Capstreet team members at a Houston elementary school for Houston Reads Day](https://capstreet.multisites.ai/_astro/houston-reads-day.DxNd9bIr_tggWP.webp)