Cadex Acquires IRG

  • NOVEMBER 12, 2024

CADEX ACQUIRES INSURANCE RECOVERY GROUP (IRG)

NEW YORK – Cadex Solutions Corporation (“Cadex”), in partnership with Trivest Partners LP (“Trivest”), is pleased to announce it has acquired Insurance Recovery Group (“IRG”) and its subsidiary, Insurance Subrogation Group (“ISG”), collectively referred to as IRG. The acquisition of IRG expands upon Cadex’s foundational insurance subrogation capabilities, which were established with the acquisition of TranSubro in 2021.

Founded in 1994 and headquartered in Marlborough, MA, IRG’s professional team has extensive experience providing expert insurance subrogation and second injury fund recovery services. IRG’s clients include numerous insurance companies and self-insured businesses. IRG handles all lines of subrogation, including auto, property, workers’ compensation, inland marine, and fiduciary recovery. IRG is one of the foremost experts and nationwide leaders in second injury fund recovery.

Since 2019, IRG has been led by insurance industry veteran Hans Hagen and a tenured staff of insurance experts who have built a client-first culture.

“I am thrilled that IRG is now part of the Cadex family. My team and I are eager to reap the benefits of Cadex’s well-established leadership and look forward to growing as part of the Cadex organization,” said Hans Hagen, IRG President. “The extensive experience of our claims professionals and attorneys is unmatched in the industry. We are ready to add value to Cadex’s order-to-cash suite of solutions.”

Cadex’s CEO, John Fisher, added, “I am excited about the addition of IRG as it is an organization with a stellar reputation for providing expert services across the insurance subrogation industry. This addition propels Cadex’s goals of being in a ‘Category of One.’ Unlike traditional Order-to-Cash organizations, we don’t limit our purview to AR management; we’re focused on ALL revenue recovery, regardless of where it may be.”

Forest Wester, Managing Partner at Trivest, stated, “Hans has built an impressive organization and a talented team of insurance recovery professionals and legal associates who will add incredible value to and expand upon Cadex’s insurance recovery services. We look forward to working with Hans and the IRG team for years to come.”

About Cadex

Cadex Solutions Corporation (“Cadex”) is building the premier provider of commercial order-to-cash management solutions. By combining the power of people with cutting-edge technology, Cadex reduces the complexity of the life cycle between order placement and payment processing for clients worldwide. Cadex leverages its proprietary technology and 200+ years of combined experience to deliver efficient and effective custom solutions.

Cadex has over 900 employees serving 1,900+ customers in more than 30 languages across various business sectors and international locations, including the US, Colombia, Brazil, Romania, Italy, India, Singapore, and South Africa. Visit www.cadex-solutions.com to learn more.

About IRG

Founded in 1994 and headquartered in Marlborough, MA, Insurance Recovery Group (IRG) is a national insurance subrogation leader. IRG’s team of lawyers and subrogation specialists work closely with insurance industry experts to handle claims of all types, including specialized recovery services to the workers’ compensation industry through their Second Injury Fund (SIF) experience. IRG provides clients with industry-leading services to maximize recoveries, reduce total costs, and improve their bottom line. Visit www.isgfocus.com/irg to learn more.

About Trivest

Trivest Partners LP, with offices in Miami, Charlotte, Chicago, Denver, Los Angeles, New York, and Toronto, is a private investment firm focusing exclusively on supporting and growing founder-led and family-owned businesses in the United States and Canada in control and non-control transactions. Visit www.trivest.com to learn more.

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Mark Mitchell
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  • Chief People Officer

Shannon Martinson

Shannon joined Cadex Solutions in October 2023 as Chief People Officer. She is responsible for transforming Human Resources into a strategic, global department to support the company’s continued growth. Shannon brings over 20 years of progressive HR experience to Cadex through working in both private and public sectors, which includes executive coaching, building highly effective teams, assisting with global M&A activities, and ensuring adherence to legal and compliance standards.

Shannon began her career with ING Investments, where she quickly advanced to leading an HR team. At ING, she created a staffing needs model, coordinated office closures and moves, and provided global M&A support. Shannon served Endurance International Group as a global HR leader, where she held a pivotal role in the company’s growth from 750 employees to over 1,200 employees in less than a year. When Endurance International Group was acquired, Shannon supported leadership with communication and transitional activities.

Shannon attended Arizona State University, where she earned a BA in Business Communication and a BA in French, after completing her studies in Lille, France. She resides in Scottsdale, Arizona, with her husband and their two dogs. They enjoy scuba diving, hiking, watching football, and spending time with friends and family.

  • Chief Revenue Officer

Neil Rae

Neil has more than 25 years of experience within the business process outsourcing industry with a focus on customer experience, contact center, and digital transformation solutions. He joined Cadex in March 2024 and is responsible for directing the company’s growth organization, which includes sales, marketing, and client experience. He oversees the functional leadership of each department to develop and execute Cadex’s go-to-market strategies and its plans for continued growth.

Most recently, Neil was with VXI Global Solutions, LLC, a global leader in technology-enabled customer experience, where he was responsible for strategic consulting engagements and customer experience roadmap development for some of the world’s most respected brands. He served VXI in successive roles as chief client officer, chief revenue officer, and chief digital officer. Prior to joining the VXI, Neil held several executive positions at Hinduja Global Services and at Transcom Worldwide, where he oversaw and implemented a turnaround strategy for a $150M region of the publicly-traded company.

A proud Torontonian, Neil has a strong passion for humanity, specifically in the areas of impact sourcing, DEI&B, and in supporting non-profit organizations. When he’s not growing the bottom line of global companies, Neil enjoys golfing and traveling because (in his own words) he’s too old for playing hockey. Neil earned a Bachelor of Arts degree from the University of Guelph in Ontario, Canada.

  • Chief Financial Officer

Robert M. States

A CPA with more than 35 years of financial services experience, Bob oversees multiple areas of Cadex’s finance and accounting functions, in addition to corporate planning resources. He works with the company’s executive team and the leadership of its family of brands to assess and improve financial and operational performance throughout the organization.

Bob joined Cadex in June 2023 upon the company’s acquisition of ABC-Amega, Inc., where he has been serving as Chief Financial Officer since 2011. Bob is a former CFO for Liazon Corporation, a Buffalo-based provider of online health insurance services, and Chief Operating Officer for COPC Inc., a leading authority on customer contact center and vendor management operations. He was issued a patent in 2012 (US 8,219,420).

Bob was named to Business First’s 2019 list of C-Level Executives, which recognizes Western New York’s most effective business leaders. He began his career in finance as an accountant for industry leader KPMG. He holds an MBA in Finance and Accounting from St. Bonaventure University; and serves on the Board of Directors for SABAH (Spirited Athletes Bold at Heart) as Treasurer.

Residing in East Amherst, NY with his wife Stephanie, Bob is an avid runner, having completed three marathons and six half marathons. For several years, he and his wife have volunteered and served on the board for Brother’s Keeper Outreach, a Western New York food pantry and clothing ministry, where Bob also held the role of Chairperson from 2020 – 2023.

  • Chief Operating Officer

Riley Pentecost

Riley joined Cadex’s leadership team in April 2021. With more than 30 years of accounts receivable management experience, Riley oversees global operations for Cadex’s family of brands.  

Most recently, Riley served as the Global Vice President of Operations for Alorica, which was previously part of the West Corporation (known as West Asset Management). Riley’s work history in accounts receivable management and cost containment includes exposure to several niche industries, including telecommunications, healthcare, and insurance. His ARM tenure spans both first- and third-party receivable management services across many industries worldwide. He is well-versed in leveraging proprietary technology tools and data to improve clients’ business processes and cash flow through both on- and off-shore solutions.

Riley began his career as a collections representative and progressed through roles in training, collections management, portfolio and operational strategy, and management operations. When he’s not working to improve DSO for commercial businesses around the world, you can find Riley proudly waving his “Terrible Towel” while cheering on his beloved Pittsburgh Steelers. Riley resides in Omaha, NE with his family. As Disney aficionados, you may frequently spot them in “The House of the Mouse.” 

  • Chief Information Officer

Seth Carter

As CIO for Cadex, Seth provides the vision for the company’s digital transformation strategy while managing the technology products and service-delivery architecture. His passion for the last 15 years has been applying machine learning and behavioral sciences-based prediction models to software products in financial settings.

Before joining Cadex, Seth was the co-founder and Chief Scientist of Altisource Labs, where he designed, built, and managed recovery optimization modeling engines, workflow platforms, and contact strategy for a global network of accounts receivable and mortgage servicing associates. Before transitioning into the corporate sector, Seth spent ten years as a professor and researcher of consumer behavior, statistics, and negotiation techniques. He authored multiple research articles and developed a patent integrating behavioral sciences techniques and statistical modeling into collections strategy.

Seth earned a PhD and MS in Social Psychology from the University of North Carolina at Chapel Hill and a Bachelor of Science in Psychology from High Point University. He resides in Winston-Salem, NC with his wife, Jessie, and their children. His passions outside of work include playing electric guitar to lead worship at church, building things in his workshop, and cooking for his family. When he turns his back in the kitchen, the family’s counter-cruising golden retrievers may serve as his uninvited taste-testers.


  • Chief Executive Officer

John Fisher

John serves and was appointed as Chief Executive Officer of Cadex (formerly known as BII Services Corporation) in February 2021. He is responsible for overseeing the company’s long-term vision, strategy, and corporate growth objectives. John brings more than 25 years of experience in operations strategy, financial and business development, and leadership to this role.

Prior to Cadex, John served as President of Altisource Portfolio Solutions’ financial services division, which was focused on accounts receivable management, customer relationship management, and BPO services. John’s previous work experience includes time as Senior Vice President for 1st Party Services for West Asset Management, Managing Director for Triton Management Services, a private equity consulting practice, Director, Business Development for Broadpoint, a media and e-commerce company, and finance roles at Procter & Gamble.

John earned an MBA from Cornell University and a Bachelor of Arts in Economics from St. John Fisher College. He currently resides in Long Island, NY with his wife, Jeannie. When he’s not making privately-owned companies stronger, John enjoys the occasional round of golf, ski biking, and traveling with his wife.

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