CareWorx Raises $17 Million in Private Equity Financing - Accelerates Position as Top 50 Global Managed Services Provider
OTTAWA, March 20, 2018 /PRNewswire/ - CareWorx, one of the top 50 global managed service providers (MSP) and the market leader in senior care technology solutions, today announced it has closed a $17 million round of funding from California-based Kayne Partners. Kayne Partners is the growth private equity group of Kayne Anderson Capital Advisors, L.P., an alternative investment firm managing over $26 billion in assets.
Founded in 2006, CareWorx provides a complete suite of managed services for mid-market and senior care businesses, including 24x7 service desk, remote monitoring and management, IT Service Management (ITSM) and managed end-user devices. CareWorx plans to use this investment to accelerate growth in the senior care market; expand existing managed services and security offerings; and finance acquisitions within the managed services, senior care and ServiceNow ecosystems.
"The CareWorx team has decades of market leadership in managed services and over 12 years as the Senior Care industry's leading provider of technology solutions," said Leon Chen, Managing Director of Kayne Partners, who joins CareWorx' board of directors as part of the financing. "With CareWorx, we see an organization that truly understands the technology needs of today's businesses and, perhaps more importantly, understands where those businesses need to be tomorrow. As active investors across a number of fast-growing industries, including healthcare IT, we believe Kayne will be able to bring meaningful value to this partnership.".
"This strategic investment by Kayne Partners is exciting for the CareWorx team and good news for our customers across North America and in the UK," said Mark Scott, Founder and CEO of CareWorx Corporation. "Capitalization of our business will speed us towards fulfilling our goals by securing our leadership position in managed services and senior care. The expertise, industry network and guidance of Kayne Partners will greatly strengthen our leadership team as we march forward together."
"As the first institutional investor in CareWorx, EPIC is very excited with the prospects of the company being backed by a tier-1 private equity firm like Kayne," added David Fawcett, Managing Partner at EPIC Capital.
About CareWorx - CareWorx® is a top 50 global managed service provider (MSP) and the market-leader in technology solutions for senior care. The CareWorx Managed Services division provides organizations with a complete platform to deliver 24×7 service desk, IT service management, IT automation, security and self-service to end-users. CareWorx Vision: Personalizing our Customers' End-User Experience!
The CareWorx Senior Care division is the industry's largest provider of managed end-user devices (point-of-care, eMAR), 24x7 support, managed IT services and wireless solutions. More than 4,600 facilities currently operate over 70,000 CareWorx touchscreens for their daily electronic health record (EHR) documentation. CareWorx helps over 600,000 seniors receive better care every day.
For more information, visit www.careworx.com
About Kayne Partners - Kayne Partners is a leading provider of capital and connections to rapidly growing companies in North America. Since its inception more than a decade ago, it has invested over $600 million in platform investments and add-on acquisitions. Kayne Partners seeks to partner with driven entrepreneurs as a non-control minority investor and provide transformative capital to these high growth companies. Kayne Partners is the growth private equity group of Kayne Anderson Capital Advisors, L.P.
For more information, visit www.kaynepartners.com
About Kayne Anderson Capital Advisors, L.P. - Kayne Anderson Capital Advisors, L.P., founded in 1984, is a leading alternative investment management firm focused on niche investing in upstream oil and gas companies, energy and infrastructure, specialized real estate, growth equity and both private credit and diversified liquid credit. Kayne manages nearly $27 billion in assets (as of 1/31/2018) for institutional investors, family offices, high net worth and retail clients and employs over 300 professionals in eight offices across the U.S.
Kayne Anderson is headquartered in Los Angeles with offices in Houston, New York City, Chicago, Denver, Dallas, Atlanta and Boca Raton.
For more information, please visit www.kaynecapital.com
SOURCE CareWorx
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