StrataCare Inc., an Irvine, Calif.-based provider of national bill review software, workflow and outsource solutions to the workers’ compensation payer market, has sold an undisclosed equity stake to an investor group that includes SV Life Sciences Advisers, Beecken Petty O’Keefe & Co. and Paul Glover. No financial terms were disclosed.
StrataCare, Inc. today announced that an investment group, led by Paul Glover, acquired an ownership stake in StrataCare. The addition of this financial and strategic partnership will position StrataCare for continued success and long-term investment in StrataCare’s bill review software and services. This influx of new capital will ensure permanency of StrataCare as it continues to develop leading technology and workflow solutions for workers’ compensation. This investment is backed by private equity firms SV Life Sciences Advisers LLP and Beecken Petty O’Keefe & Company.
“This is an exciting next step for our clients, partners, and employees,” said Scott Green, CEO and co-founder of StrataCare. “By working together with Paul Glover as newly appointed StrataCare Chairman, backed by strong private equity investors, StrataCare is better positioned to extend its leadership position in workers’ compensation bill review automation and workflow technology solutions. We will continue to help our clients minimize their workers’ compensation claims costs and to streamline their operations.”
Paul Glover, commented, “StrataCare is a logical partnership and investment decision and will be a cornerstone of our focus in the workers’ compensation and cost containment space. I see StrataCare’s next generation software and workflow technologies as the best-of-breed solution for the industry. StrataCare is well positioned in this time of change to add value to their current and future customers. I look forward to joining forces with StrataCare and helping Scott and his team to further grow the company.”
Founded in 1998, StrataCare provides comprehensive Internet-based national bill review software, workflow and outsource solutions to the workers’ compensation payer community. StrataCare’s innovative solutions saved over two billion dollars in workers’ compensation costs in 2008 for some of the industry’s top insurance companies, third party administrators, managed care companies, and self-insured employers. StrataCare’s service division, CareSolutions®, offers electronic and mail-in bill review services nationwide. For more information, visit www.stratacare.com or call 800-277-6512.