424 Capital, Eagle Private Capital and Plexus Capital have acquired a majority stake in Practis. No financial terms were disclosed. The sellers were founder Elizabeth Pettrone and CEO John Pettrone Jr, both of whom will remain investors in Practis. Based in Charlotte, North Carolina, Practis is a provider of digital marketing solutions to the healthcare industry.
WAKEFIELD, Mass., Dec. 31, 2019 /PRNewswire/ — 424 Capital, a lower-middle market growth capital partner, today announced that it has completed an investment in Practis, a digital marketing and SaaS software solutions company catering to independent healthcare providers.
Together with Eagle Private Capital and Plexus Capital, 424 Capital purchased a majority share from Founder Elizabeth Pettrone and CEO John Pettrone Jr., who will both remain investors and active managers in Practis.
Founded in 1998, Practis provides secure and comprehensive internet marketing solutions that enable medical groups, hospitals, and healthcare companies to exceed their patient engagement and acquisition goals. With over 700 customers today, the company has developed a strong foundation by offering several proprietary software tools which enable it to serve a large client base at low costs.
“Practis’ compliance-centric software and services help private practices market themselves, attract new patients, and run their offices more effectively in the everchanging healthcare regulatory environment,” said Amit Nagdev, Principal at 424 Capital. “Practis presents an opportunity to acquire unique intellectual capital covering an array of healthcare specialties. With a stable, recurring, and growing customer base across the small physician segment today, we will work with management to continue to accelerate into new markets and expand its services offering amongst current clients.”
“424 Capital has extensive experience and strong industry knowledge in both healthcare and marketing agency services,” said CEO John Pettrone Jr. “The natural fit is why we are excited to partner with 424 Capital while continuing to provide the highest level of services to our existing customer base. Through this partnership, we expect to enhance our sales and marketing initiatives and continue to expand our footprint in the healthcare digital marketing industry.”
For over 21 years, Practis has been a leader in providing comprehensive digital marketing solutions to the healthcare industry. Our combination of technology, award winning designs, and dedicated support enables providers and brands to easily reach and acquire more patients in a compliant manner. Existing as a marketing extension for healthcare businesses across the country, Practis makes it easier for clients to spend less time on their marketing and more time on the patient. For more information, please visit practisinc.com.
About 424 Capital
424 Capital is a growth capital partner that makes control equity investments in lower middle market companies within B2B Tech-Enabled Services. 424 Capital works in partnership with founders and management teams to accelerate and scale for long-term growth. Focusing primarily on investments in North America, we invest in companies that are profitable, growing, and that align with our values of honesty, integrity and impact. For more information about 424 Capital, please visit 424capital.com.