Definitive Healthcare, a healthcare-focused data and analytics provider, has secured an undisclosed amount of funding. The investor was 22C Capital. Definitive Healthcare is also backed by Advent International and Spectrum Equity.
NEW YORK–(BUSINESS WIRE)–22C Capital (“22C”) announced today that it has made an investment in Definitive Healthcare (“the Company”), a leading data and analytics provider across the healthcare ecosystem. 22C was invited by Founder and CEO Jason Krantz, Advent International (“Advent) and Spectrum Equity (“Spectrum”), to join in the Company’s most recent recapitalization that was announced in June 2019. Financial terms were not disclosed.
22C is a private investment firm with an established track record of working with other private equity firms and founder-led companies to help them scale in key functional areas such as data, technology, and commercialization.
“We are very pleased to partner with Advent and Spectrum to help Jason and his management team realize the exciting vision he has set out for the Company,” said Randall Winn, Managing Partner of 22C. “Definitive Healthcare is currently in a phase of hypergrowth and 22C is well positioned to help with key operational initiatives that rely on scaling data collection, technology, product innovation, and commercial efforts, all areas where 22C has deep expertise.”
Advent Principal Lauren Young added, “We are thrilled to partner with 22C who brings a unique value creation approach given their strong operational and investing backgrounds in enterprise data businesses. Definitive Healthcare will greatly benefit from their deep expertise and collaborative approach with management teams and private equity funds as it continues to scale and experience incredible growth.”
“It is apparent that 22C brings a differentiated skill set that is highly complementary to our existing investor group and management team,” said Jason Krantz. “In advance of their investment, 22C rolled up their sleeves and helped us in key areas related to technology and product development as well as made multiple strategic introductions.”
Founded in 2011 by Jason Krantz, Definitive Healthcare is the leading data-as-a-service provider to the U.S. healthcare industry, helping its clients size market opportunities, support strategic decision-making and drive sales and marketing. Among Definitive Healthcare’s 2,200+ clients are some of the world’s largest pharmaceutical and medical device companies, top healthcare technology companies, cutting-edge healthcare start-ups and the most forward-thinking healthcare providers. The Company operates throughout the U.S. and is based in Framingham, MA.
“Jason has built a very unique platform in the healthcare space”, added Eric Edell, Managing Partner at 22C Capital. “The Company’s integrated and proprietary data model is the foundation for a commercial platform that provides highly actionable and must-have insights and analytics for all players in the healthcare ecosystem.”
Jeff Haywood, Managing Director at Spectrum, added, “Since partnering with Jason and the Company in 2015, we’ve seen firsthand the Company’s tremendous growth, commitment to customer success and market leadership. We look forward to working with the teams at Advent and 22C in this next growth phase for the Company.”
ABOUT DEFINITIVE HEALTHCARE
Definitive Healthcare is the leading provider of data and intelligence on hospitals, physicians and other healthcare providers. Its product suite provides the most comprehensive and highest quality data available anywhere on 8,800 hospitals and IDNs; 148,000 physician groups; 1.7 million physicians, nurses, and allied health professionals; 11,200 ambulatory surgery centers; 14,600 imaging centers; 91,600 long-term care facilities; 40,000 clinics; 1,400 ACOs and HIEs; more than 4 billion commercial medical and Rx claims; 115,000 clinical trials; and 900 Canadian hospitals. The company’s data provides its 2,200+ clients with the analytics and insight needed to effectively segment and research the healthcare provider market.
For more information, or to trial the service, visit http://www.definitivehc.com/.
ABOUT 22C CAPITAL
22C Capital is a private investment firm committed to delivering capital and critical resources to companies operating at the intersection of technology enablement and data analytics adoption. The firm has a dedicated focus on the business services, healthcare, and financial services sectors. 22C partners with world-class management teams to build companies that are leaders in their respective markets. The firm’s operational and technology resources, including its affiliated data science organization, deliver practical, real-world support to help convert businesses’ challenges into opportunities and unlock their full potential.
For more information, visit: http://www.22ccapital.com/
ABOUT ADVENT INTERNATIONAL
Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in over 345 private equity transactions in 41 countries, and as of June 30, 2019, had $54.3 billion in assets under management. With 15 offices in 12 countries, Advent has established a globally integrated team of over 195 investment professionals across North America, Europe, Latin America and Asia. The firm focuses on investments in five core sectors, including business and financial services; healthcare; industrial; retail, consumer and leisure; and technology. After 35 years dedicated to international investing, Advent remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies.
For more information, visit
ABOUT SPECTRUM EQUITY
Spectrum Equity is a leading growth equity firm providing capital and strategic support to innovative companies in the information economy. For over 25 years, the firm has partnered with proven entrepreneurs and management teams to build long-term value in market-leading software, information services and internet companies. Representative investments include Ancestry, Bats Global Markets, GoodRx, Grubhub, Lynda.com, Net Health, RainKing, SurveyMonkey and Verafin. For more information, including a complete list of portfolio investments, visit www.spectrumequity.com.