SANTA MONICA, CA and HOUSTON, TX – April 2, 2019 – symplr, a leading healthcare governance, risk and compliance (“GRC”) software-as-a-service (“SaaS”) platform, backed by Clearlake Capital Group, L.P. (together with its affiliates, “Clearlake”) and SkyKnight Capital (together with its affiliates, “SkyKnight”), today announced that it has completed the acquisition of API Healthcare (“API”) from Veritas Capital (“Veritas”). Financial terms were not disclosed.
The combination of symplr and API will deliver the healthcare industry’s only fully integrated GRC and human capital management (“HCM”) SaaS platform of scale, offering an end-to-end solution encompassing provider data management, credentialing and workforce management, and addressing the full spectrum of labor regulatory requirements while also improving patient outcomes and quality of service.
“We are excited to join with API to set a new vision and standard for healthcare GRC,” said Rick Pleczko, CEO, and Tres Thompson, COO & CFO, of symplr. “Bringing API’s workforce management capabilities together with symplr’s provider data management and credentialing platform allows us to deliver the industry’s only end-to-end solution for healthcare organizations. With the investment and support from Clearlake and SkyKnight, we are well-positioned to execute our growth strategy and help providers and payers meet regulatory compliance requirements and increase operational efficiency.”
“symplr is helping to shape the future of healthcare GRC, integrating complementary technology platforms that empower providers and payers to deliver better patient outcomes,” said Prashant Mehrotra and Paul Huber of Clearlake. “Our investment, which brings together two leaders in the healthcare software market, reflects our conviction in transforming this highly inefficient and fragmented industry. Rick and Tres have done an exceptional job leading symplr, and we look forward to leveraging the Clearlake O.P.S.® framework to support them in this next phase of accelerating growth.”
“In pursuit of our buy and build strategy in healthcare GRC, the partnership created by symplr, Clearlake and SkyKnight has been exceptional as we continue to build a best-in-class SaaS platform,” said Jordan Milich and Claude Burton of SkyKnight. “The addition of API’s HCM capabilities enhances symplr’s leadership in leveraging technology to drive efficiencies and improve care. The company’s vision of growth both organically and through its strategic M&A program is consistent with our philosophy of entrepreneurial ownership, and we are delighted to be symplr’s long-term partner.”
Harris Williams and Robert W. Baird served as financial advisors to Clearlake and SkyKnight. William Blair & Company served as financial advisor to Veritas. Financing for the transaction was led by Antares Capital, Bain Capital Credit, Golub Capital, New Mountain Finance Corporation, Adams Street Partners and AB Private Credit.