(October 23, 2018): Clearlake Capital Group, L.P. (together with its affiliates, “Clearlake”) announced today that it has signed a definitive agreement to acquire symplr (or the “Company”), the 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. Financial terms were not disclosed.
symplr is the leading healthcare GRC SaaS platform, offering 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 excited to partner with Clearlake, who has a successful track record of sponsoring, supporting and growing software companies,” said Pleczko. “Clearlake’s partnership will provide greater access to global resources and enable us to invest even further to deliver innovation for our clients and users. We appreciate our partnership with Pamlico Capital and The CapStreet Group and thank them for their support.”
“The symplr team should be proud that all their hard work helped attract this new investment, and we are excited to partner with Clearlake,” said Thompson.
“We are impressed by the momentum at symplr under Rick and Tres’ leadership, and we share their excitement that the Company will serve as an excellent platform for growth, both organically and through acquisition,” said Behdad Eghbali, Co-Founder and Managing Partner, and Prashant Mehrotra, Partner, of Clearlake. “symplr represents one of several healthcare IT investments for Clearlake in 2018, and we continue to view the sector favorably as cloud-based, purpose-built vertical solutions automate provider and payer workflows, driving revenue and lowering spend.”
“Partnering with the symplr management team since 2012 has been a rewarding experience as the company has transformed into a best-in-class Healthcare SaaS platform” said Neil Kallmeyer, a Managing Partner at The CapStreet Group. “Rick, Tres and the entire symplr team have been extremely effective executing the Company’s strategic and tactical objectives.”
TripleTree and Harris Williams served as financial advisors to Clearlake. William Blair & Company served as financial advisor to symplr, Pamlico Capital and The CapStreet Group.
About Clearlake 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.
About The CapStreet Group
The CapStreet Group is a Houston, Texas based private equity firm that invests in owner-managed, lower middle market companies. CapStreet targets companies operating in the value-added distribution, industrial services and manufacturing, and business to business service sectors. Our approach is to partner with excellent management teams to build out corporate infrastructure, accelerate growth and profitability, and create long term sustainable businesses.
For more information, visit The CapStreet Group website, www.capstreet.com.