Bank Watch

Frontier Capital acquires majority stake in Fort Mill’s AccessOne

Charlotte private equity firm Frontier Capital said Thursday it has acquired a majority stake in Fort Mill-based health care information-technology company AccessOne.

Terms of Frontier’s investment were not disclosed.

Founded in 1999 and headquartered in uptown Charlotte, Frontier invests in software and technology-focused business services companies.

Frontier said the AccessOne investment is designed to accelerate the growth of that company, which was founded in 2002 and helps patients manage out-of-pocket health care costs.

AccessOne founder Russell Salton will retain significant ownership, continue in his role as board chairman and assist AccessOne with setting strategy for the company, Frontier said.

“As financial responsibility for health care costs continues to shift to individuals, AccessOne is well positioned to assist hospitals and patients with effectively managing out-of-pocket healthcare expenses,” Andrew Lindner, co-founder and managing partner for Frontier, said in a statement.

Frontier has 21 employees. AccessOne’s staff totals about 40.

Frontier was formed by a trio of investment bankers who worked together at NationsBank, a predecessor to Charlotte-based Bank of America.

Deon Roberts: 704-358-5248, @DeonERoberts