Goldman Sachs Merchant Banking exits Credible Behavioral Health


Martis Capital has completed a minority recap of Credible Behavioral Health Inc. Financial terms weren’t announced. With the deal, Goldman Sachs Merchant Banking Division has exited its investment in Credible. Based in Rockville, Maryland, Credible provides software for behavioral healthcare providers.

PRESS RELEASE

September 5, 2019

ROCKVILLE, MARYLAND – Credible Behavioral Health, Inc. (“Credible,” the “Company”), a leading provider of electronic health record (“EHR”) and practice management Software-as-a-Service (“SaaS”) solutions to the U.S. behavioral healthcare market, has closed a minority recapitalization with Martis Capital (“Martis”). Via the transaction, the Goldman Sachs Merchant Banking Division exits its investment in Credible.

“We are excited to partner with a proven healthcare investment firm with deep IT experience, Martis Capital, while continuing our growth,” said Matthew M. Dorman, co-founder of Credible Behavioral Health, who continues as the Company’s CEO. “As a leading SaaS software provider, Credible’s EHR is HIPAA compliant, Meaningful Use Stage 3 certified, and processes over $4,000,000,000 in Medicaid, Medicare, and insurance claims annually.”

“We are thrilled to partner with Credible,” said Shahab Vagefi, Founding Partner at Martis Capital. “Now more than ever, behavioral healthcare is essential. Credible’s mission-critical software enables their Partner agencies to serve their clients across clinic, community, residential, and mobile care. We greatly value Credible’s commitment to improving the quality of care and lives in behavioral health, and look forward to working with Matt and the broader Credible team to help the Company continue its rapid growth.”

“As the Company’s first institutional investor, we are pleased to realize our investment in Credible,” said Jason Kreuziger, Vice President in the Goldman Sachs Merchant Banking Division. “Relying on more than 20 years of Partner feedback, innovations, and improvements, Credible has built a single, integrated platform and a differentiated feature set, including fully integrated clinical, scheduling, primary care, ePrescribing, inpatient, mobile, and billing modules. We congratulate Credible and Martis, and look forward to seeing the Company’s continued future success.”

About Credible Behavioral Health, Inc.

Credible Behavioral Health provides secure, proven, easy-to-use software for behavioral healthcare providers. Based in Rockville, Maryland, Credible has over 460 Partner Agencies in 36 states. Learn more at www.credibleinc.com.

About Martis Capital

Martis Capital is a healthcare-focused private equity firm based in Palo Alto, CA and Washington, DC. Martis has raised more than $1.25 billion of capital since 2011. Learn more at www.martiscapital.com.