Clearlake-Backed symplr Acquires IntelliSoft
Strategic acquisition further strengthens symplr's position as a leading healthcare governance, risk & compliance software platform
SANTA MONICA, Calif. and HOUSTON, April 16, 2019 /PRNewswire/ -- 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 IntelliSoft Group ("IntelliSoft"). The acquisition further strengthens symplr's platform, adding IntelliSoft's complementary provider credentialing software and NCQA certified Credentials Verification Organization ("CVO") service offering.
Growth through acquisition, coupled with innovation, is an integral part of symplr's business strategy to deliver the industry's leading healthcare GRC SaaS platform. The acquisition of IntelliSoft represents symplr's seventh successful acquisition in the past six years, and its second under sponsorship from Clearlake and SkyKnight, which was announced in October 2018.
"symplr's acquisition of IntelliSoft represents an exciting growth opportunity for both of our businesses," said Rick Pleczko, CEO, and Tres Thompson, COO & CFO, of symplr. "The combination of our technologies and services offers even greater regulatory compliance and increased operational efficiency to healthcare providers and payers. Together, we look forward to delivering the most innovative solutions as we serve the unique and evolving needs of our customers."
"IntelliSoft and symplr have forged parallel paths in the healthcare compliance world," said Mike Melville, CEO of IntelliSoft. "We're excited to join forces to become part of the symplr growth story and expand the solution offerings available to our customers."
IntelliSoft's solutions are widely adopted by healthcare organizations required to follow current standards set forth by various organizations and accrediting bodies, including the Centers for Medicare & Medicaid Services ("CMS"), Council for Affordable Quality Healthcare ("CAQH"), The Joint Commission, the National Committee for Quality Assurance ("NCQA"), the Utilization Review Accreditation Committee ("URAC") and the Accreditation Association for Ambulatory Health Care, Inc. ("AAAHC"). Customers realize improved compliance and workflow due to the platform's scale and accuracy in automated credentialing and primary source verification.
"We are excited to support the symplr management team as they continue to execute on their buy-and-build strategy and drive meaningful value for providers and payers," said Prashant Mehrotra and Paul Huber of Clearlake.
"IntelliSoft's solutions are highly complementary to symplr's existing platform, and we look forward to further investing in these capabilities to provide a best-in-class platform to the combined customer base," said Jordan Milich and Claude Burton of SkyKnight.
About symplr
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 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.
About SkyKnight Capital
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 ([email protected]).
About IntelliSoft
Based in Nashua, NH, IntelliSoft Group, LLC is a leading provider of medical credentialing, provider enrollment, and contract management software in combination with CVO services. The company's products, IntelliCred, IntelliApp, IntelliSolution and IntelliContract are used by hundreds of healthcare systems, hospitals, managed care organizations, credentials verification organizations, individual practice associations, and sub-acute healthcare organizations. IntelliSoft Group's CVO Division, IntelliCVO, offers one of the most innovative credentials verification services available for customers that require a temporary or full-time outsourcing option. Learn more by visiting the IntelliSoft Group website at http://www.intellisoftgroup.com/.
Clearlake Media Contact
Owen Blicksilver Public Relations, Inc.
Kristin Celauro
732-433-5200
[email protected]
Jennifer Hurson
845-507-0571
[email protected]
SOURCE Clearlake Capital Group, L.P.
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