symplr Closes Acquisition Of ComplyTrack
Strategic acquisition further strengthens industry-leading healthcare governance, risk, and compliance software platform
SANTA MONICA, Calif. and HOUSTON, Sept. 22, 2020 /PRNewswire/ -- symplr, a leading global 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"), has completed its acquisition of ComplyTrack® from Wolters Kluwer. The acquisition further strengthens symplr as a global healthcare GRC leader by adding ComplyTrack's risk and compliance software platform, encompassing issue and action management, incident management, contract and document management, and audit management SaaS solutions. Terms of the transaction were not disclosed.
The combination of symplr and ComplyTrack expands the healthcare industry's leading end-to-end GRC platform of scale by bolstering symplr's existing provider quality and patient safety software solutions. symplr's SaaS platform will now offer an end-to-end solution encompassing provider data management, workforce management, vendor and visitor management, and quality, compliance & safety, addressing the full spectrum of healthcare labor regulatory requirements while also improving patient outcomes and quality of service.
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 ComplyTrack represents symplr's ninth successful acquisition in the past six years, and its fourth under sponsorship from Clearlake and SkyKnight since November 2018.
"ComplyTrack's compliance and risk management solutions have a long track record of excellence," said Rick Pleczko, CEO of symplr. "They fit nicely with the rest of our portfolio and provide our customers with another solution to help manage their GRC-related challenges. With the investment and support from Clearlake and SkyKnight, we are well-positioned to continue executing our growth strategy and help providers and payers meet regulatory compliance requirements and achieve their desired outcomes."
"symplr continues to drive meaningful value for providers and payers, and we remain committed to supporting its strategic initiatives to drive innovation and market leadership," said Paul Huber and Vikram Abraham of Clearlake. "The addition of ComplyTrack's SaaS solutions enhances symplr's quality and patient safety offerings, delivering even greater value to healthcare organizations. We look forward to supporting the symplr management team as they drive consolidation in the industry and accelerate organic growth."
"We are excited to support symplr in its acquisition of ComplyTrack," said Claude Burton and Jordan Milich of SkyKnight. "The acquisition is highly complementary for symplr and an exciting step toward delivering an even more comprehensive end-to-end healthcare GRC SaaS platform."
Healthcare Growth Partners served as financial advisor and Sidley Austin LLP served as legal advisor to symplr.
About symplr
Founded in 2006, symplr is a global leader in enterprise Governance, Risk Management, and Compliance (GRC) SaaS solutions. symplr focuses on a single mission: to make healthcare GRC simpler and more efficient for the global healthcare community. The symplr platform offers solutions that span provider data management, provider credentialing services, patient safety, workforce management, and vendor management. Our customers count on us every day to help protect and streamline their businesses with reliable and innovative GRC solutions. 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 technology, industrials and consumer. Clearlake currently has approximately $25 billion of assets under management and its senior investment principals have led or co-led over 200 investments. More information is available at www.clearlake.com.
About SkyKnight Capital
Founded in 2015, SkyKnight Capital manages over $1 billion in private equity capital on behalf of leading institutional family offices, foundations, and endowments. SkyKnight makes long-term investments into high quality businesses in acyclical growth sectors alongside exceptional management teams. SkyKnight aims to build category-leading businesses with a clear growth orientation in healthcare, insurance, and business services. More information is available at www.skyknightcapital.com.
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