Wellington Financial Provides $10 Million Credit Facility in Support of the Merger of TUC® and CareWorx
TORONTO and OTTAWA, Feb. 8, 2016 /PRNewswire/ - Wellington Financial LP, a privately-held specialty finance firm, today announced a $10 million credit facility for TUC Managed IT Solutions (to be renamed CareWorx Inc.). The funds will help TUC, a market-leader in managed IT and cloud services, acquire CareWorx Inc., a North American-leader in technology solutions serving senior care facilities.
TUC provides IT service organizations including small and medium-sized enterprises, technology vendors and service providers with a comprehensive suite of managed IT and cloud services for end-users, supported 24x7 through our North American-based service desk. The merger represents the next level of managed services providing the complete technology stack for senior care – devices, applications, service and support.
CareWorx is a provider of advanced technology hardware, cloud products and related services to senior care facilities leveraging a strategic partnership with PointClickCare® – the market-leader in Electronic Health Records (EHR) software for senior care. CareWorx provides customers with focused expertise, wireless networking and out-of-the-box point-of-care and mobile technology designed specifically for use in senior care.
The combined company will eventually adopt the CareWorx brand and will establish Managed Services and Senior Care divisions that will continue to support all existing TUC and CareWorx customers. The Senior Care division will aim to vastly improve technology and IT support options for senior care facilities. The Managed Services division will continue to offer managed IT and cloud services with a specific focus on expansion in the midmarket and healthcare through a channel-first strategy.
"TUC and CareWorx have been working very closely since November 2014 – strategically, taking our partnership to the next level just made sense," said Mark Scott, CEO of TUC and the newly-merged company. "Together we saw new opportunities emerging in this market set to explode over the next decade. The financing provided by Wellington Financial will help us realize on these opportunities and build a stronger company for the benefit of each of our customers."
"Our products and services affect how more than 500,000 senior care workers impact the lives of over half a million residents daily," said Mark Tomzak, former CEO of CareWorx and now President of the merged company, focusing on the Senior Care division. "Our goal is to help senior care facilities strategically plan what technology best meets their needs, help them get the most out of it, and ensure they have the support they need when they need it – allowing them to focus on what matters most – resident care."
Mark Usher, Partner at Wellington Financial added, "We are very pleased to be partnering with these two market-leading technology providers as they join forces to leverage the strength of each business". "We believe that once combined, the team will quickly reach new heights", said Usher.
About Wellington Financial LP
Wellington Financial LP is a privately-held specialty finance firm providing term, venture and amortizing loans up to $40 million. Wellington Financial LP is currently managing a $900 million investment program with offices in Menlo Park, Santa Monica and Toronto. Wellington Financial LP is managed by a partnership controlled by fund management and Clairvest Group Inc. (CVG:TSX), who jointly have contributed a large financial stake to the Fund. LPs include several of Canada's largest institutional investors, crown corporations, financial institutions and pension funds. Please visit the fund website at www.wellingtonfund.com.
About TUC®
TUC is a leading provider of managed IT and cloud services to small- and medium-sized enterprises. Our TUC Service Center provides IT service organizations with a complete platform to deliver 24x7 Service Desk, IT Service Management, IT Automation, Security and Self-Service to end-users. TUC is ranked as a Top-100 global MSP - supporting customers and channel partners across North America. Start making your Technology UnComplicated today by visiting www.tucmanaged.com.
About CareWorx
CareWorx is the industry's largest provider of Point of Care, eMAR, mobile computing and wireless networking hardware solutions for use with EHR software applications in the North American Senior Care market. With over 14 years of dedicated experience in Senior Care, CareWorx has designed its technology solutions to be rugged enough to withstand the environment of a Senior Care facility while being extremely efficient and energy conscious. More than 4,000 facilities currently operate over 50,000 CareWorx touchscreens for their daily electronic health record (EHR) documentation. www.careworx.com
SOURCE Wellington Financial LP
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