HEP Announces Five Realizations and New Investment

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Jul 19, 2021, 14:37 ET

NEW YORK, July 19, 2021 /PRNewswire/ -- Health Enterprise Partners ("HEP"), a healthcare private equity firm, is pleased to announce five realizations of existing portfolio companies, and a new investment in Kno2, the tenth platform investment out of HEP III. Following a tradition of backing founder-financed businesses, HEP's investment came as part of the first source of institutional capital raised by each of these six companies. "Less than two years ago, HEP invested in Twistle bringing to us much more than capital. They understand healthcare, have extensive relationships in the industry, and invest the time to grow their portfolio companies. Partnering with them was amongst the best decisions I made, and frankly, I would advise entrepreneurs to take a discount on valuation to get their investment,' said Kulmeet Singh, Founder and CEO of Twistle.

Health Catalyst Announces Agreement to Acquire Twistle

One June 24, Health Catalyst, Inc. (Health Catalyst) (NASDAQ: HCAT), a leading provider of data and analytics technology and services to healthcare organizations, announced that it has entered into a definitive agreement to acquire Twistle, Inc. ("Twistle"), an Albuquerque, New Mexico-based healthcare patient engagement SaaS technology company that automates patient-centered, HIPAA-compliant communication between care teams and patients to transform the patient experience, drive better care outcomes, and reduce healthcare costs.

"Twistle is a leading healthcare technology company committed to developing software that healthcare organizations and Life Science companies need to keep patients engaged in their healthcare," said Dan Burton, CEO of Health Catalyst. "Their efforts to improve patient outcomes and reduce the cost of care are deeply aligned with our mission to be the catalyst for massive, measurable, data-informed improvements. We're excited to welcome the Twistle team to Health Catalyst and look forward to working together to enable healthcare organizations to achieve the promise of population health."

Health Enterprise Partners Completes Recapitalization of AllyAlign Health

On June 11, HEP announced that it completed a significant recapitalization of its portfolio company AllyAlign Health ("AAH") by an investment syndicate led by New Enterprise Associates, Inc.

AllyAlign Health is a Medicare Advantage insurance company focused on improving the health and wellbeing of residents of senior housing communities. AAH is working to establish a healthcare ecosystem in senior housing that creates better outcomes and experience for senior housing residents, senior housing communities, physicians, and other caregivers. HEP partnered with Will Saunders, CEO of AllyAlign Health, at the company's founding in 2014.

"HEP has been a tremendous partner to AllyAlign Health and our team," commented Will Saunders, founder and CEO of AllyAlign Health. "Their insight, guidance, and connections have been vital in every step of our journey. We look forward to significantly scaling our unique model across the skilled nursing and senior housing ecosystem as we emerge from the pandemic."

Privia Health Announces Closing of Initial Public Offering

On May 3, Privia Health Group, Inc. (Privia Health) (NASDAQ: PRVA), a technology-driven, national physician enablement company that collaborates with medical groups, health plans and health systems, announced the closing of its initial public offering of 22,425,000 shares of its common stock at a public offering price of $23.00 per share. The offering consisted of 5,725,000 shares of common stock offered by Privia Health and 16,700,000 shares of common stock sold by Privia Health's majority stockholder.

The number of shares offered and sold by Privia Health included the full exercise of the underwriters' option to purchase up to an additional 2,925,000 shares of common stock from Privia Health. The gross proceeds of the offering, before deducting underwriting discounts and commissions and other expenses payable by Privia Health, were approximately $131.7 million. Privia Health will not receive any proceeds from the sale of the shares by its majority stockholder.

Privia Health shares began trading on the Nasdaq Global Select Market on April 29, 2021, under the ticker symbol "PRVA".

Bank of America Acquires AxiaMed

On April 2, Bank of America announced that it acquired Axia Technologies, Inc. ("AxiaMed"), an industry-leading health care payment and technology company focused on facilitating secure patient payments.

"We are adding a talented team that brings great domain expertise and technology, and we're excited to have them join Bank of America," said Mark Monaco, head of enterprise payments at Bank of America. "We have a shared vision of providing clients with the best technology to meet their payment needs. Working together, we can leverage our joint expertise and capabilities to deliver a comprehensive range of payment and settlement solutions to our healthcare clients and their patients."

SOC Telemed Acquires Access Physicians

On March 30, SOC Telemed, Inc. (Nasdaq: TLMD), the leading national provider of acute care telemedicine solutions, announced that it has completed its acquisition of Access Physicians, an experienced multi-specialty acute telemedicine provider, via a cash and stock purchase transaction valued at approximately $194 million, with additional potential consideration based on performance. By bringing two market leaders together, this combination furthers SOC Telemed's position as the largest pure-play provider of acute care telemedicine in the nation, supported by Telemed IQ, a scaled, purpose-built, and secure telemedicine platform. With an ability to serve as the single solution provider of acute care telemedicine, the combined company now delivers acute telemedicine to almost 1,000 facilities, including over 700 hospitals, across 47 states.

In a growing acute care telemedicine market, this merger increases SOC Telemed's national footprint, expands clinical service lines, and grows provider breadth and depth. The two companies share a mission of improving patient care through the combination of clinicians, technology, and workflows. Together, SOC Telemed and Access Physicians are well positioned to tackle the growing demand for acute telemedicine leveraging their 27 years of combined experience.

HEP Co-Leads Investment in Kno2

On July 14, Kno2^®, the company that enables interoperability at scale announced that it has raised $15 million in a Series A funding round to advance its purpose to connect all participants across the care continuum, human or technology, for the secure, effortless and maximized exchange of patient information. The funding round was co-led by Health Enterprise Partners (HEP) and Providence Ventures.

The new funding will enable Kno2 to accelerate continued expansion of connectivity and workflows across the platform while growing the breadth and depth of the partner base integrated with the company's APIs. It will also enable Kno2 to expand its reach to underserved markets such as small to medium physician offices, post-acute and behavioral health providers, community services, and more ─ connecting these critical participants to the rest of the healthcare ecosystem.

About Health Enterprise Partners
Health Enterprise Partners provides expansion capital to innovative healthcare services and healthcare information technology companies. Central to HEP's strategy is its unique and extensive hospital system and health plan network, 36 members of which are investors in HEP's funds. HEP seeks to invest in companies that improve the quality of the patient experience, expand access, and reduce the cost of healthcare.

This press release is for informational purposes only and is not intended as investment advice or an offer or solicitation with respect to the purchase of any investment. Investing with any investment firm is suitable only for qualified investors that fully understand the risks of such an investment. HEP is an investment adviser registered with the United States Securities and Exchange Commission. Registration does not imply a certain level of skill or training. Investments with HEP are only offered in accordance with applicable securities laws.

SOURCE Health Enterprise Partners