New buy and build investment in leading healthcare governance, risk and compliance SaaS platform
SANTA MONICA, CA and HOUSTON, TX – December 7, 2018 – Clearlake Capital Group, L.P. (together with its affiliates, “Clearlake”), today announced that it has completed its acquisition of symplr (or the “Company”), a leading healthcare governance, risk and compliance (“GRC”) software-as-a-service (“SaaS”) platform, from Pamlico Capital and The CapStreet Group. The Company will continue to be led by Rick Pleczko, CEO, and Tres Thompson, CFO, who will join the Board of Directors.
symplr’s mission-critical SaaS platform offers provider management, credential management and payer enrollment services to over 1,500 customers representing more than 4,000 healthcare facilities in North America. symplr’s broad platform provides an end-to-end software solution for healthcare organizations to manage the compliance and credentialing requirements of their provider, staff and contractor communities.
“We are very excited to partner with Clearlake to support the next phase of growth at symplr,” said Pleczko and Thompson. “Clearlake’s extensive healthcare software investment experience will prove invaluable to symplr in this exciting new chapter. With Clearlake’s operational support and financial backing, we are in a better position to build on our record as the go-to healthcare GRC software provider addressing the many challenges facing providers and payers today.”
“We are impressed by symplr’s strong market position, and are excited to partner with Rick, Tres and the team and invest in symplr as a buy-and-build platform,” said Behdad Eghbali, Co-Founder and Managing Partner, and Prashant Mehrotra, Partner, of Clearlake. “As an industry leader led by an exceptional management team and complemented by Clearlake’s O.P.S.® approach and commitment to accelerating the Company’s product roadmap, we believe symplr is poised for continued growth both organically and through acquisition.”
Alongside Clearlake’s sponsorship, SkyKnight Capital co-invested in the transaction and will be partnering with Clearlake and the symplr management team to advance the Company’s next stage of growth.
TripleTree and Harris Williams served as financial advisors to Clearlake. Financing for the transaction was led by Antares Capital, Bain Capital Credit and Golub Capital.
Clearlake Capital Group, L.P. is a leading private investment firm founded in 2006. With a sector-focused approach, the firm seeks to partner with world-class management teams by providing patient, long-term capital to dynamic businesses that can benefit from Clearlake’s operational improvement approach, O.P.S.® The firm’s core target sectors are software and technology-enabled services, industrials and energy; and consumer. Clearlake has managed over $8 billion of institutional capital since inception and its senior investment principals have led or co-led over 100 investments. More information is available at www.clearlake.com.
Founded in 2006, symplr is an industry leader in governance, risk and compliance SaaS solutions that help healthcare organizations mitigate risk and ensure compliance. symplr has a single mission: to make healthcare compliance and credentialing simpler for all constituents of the healthcare community. More information is available at www.symplr.com .
Founded in 2015, SkyKnight Capital brings together an experienced investment team and a flexible, long duration approach to private equity investing. SkyKnight focuses on partnering with high quality businesses in acyclical growth sectors alongside exceptional management teams. SkyKnight manages capital on behalf of institutional family offices and leading endowments. The firm seeks investments in the Healthcare, TMT, Transportation & Logistics, and Business Services industries. SkyKnight platform investments to date have consisted of equity commitments ranging from $10 million to over $200 million. For additional information, please contact Mara Hunt.
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