WellSky Corp said Oct. 8 that it agreed to buy ClearCare Inc. Financial terms weren’t announced. Battery Ventures, which owned a majority, is exiting ClearCare. ClearCare’s software is used by agencies that provide patients daily care inside their homes, including basic services such as preparing meals; bathing and dressing; and assisting with mobility, among other tasks.
SAN FRANCISCO–(BUSINESS WIRE)–ClearCare, Inc. a leading software provider for the growing home-care market, announced it has entered into an agreement to be acquired by WellSky Corporation, a health- and community-care technology company. Battery Ventures, a global investment firm, is ClearCare’s majority owner and is a selling shareholder in the transaction.
Battery invested in ClearCare in 2016. Chelsea Stoner, a Battery general partner, and Duncan Gills, a Battery vice president, joined the company’s board of directors at that time. Stoner also has served on the board of directors of WebPT*, another Battery portfolio company in the healthcare-IT sector, which recently received a significant investment from Warburg Pincus, and Brightree*, a company that sells software to home-healthcare agencies and was acquired by Resmed in 2016 for $800 million.
ClearCare’s software is used by agencies that provide patients daily care inside their homes, including basic services such as preparing meals; bathing and dressing; and assisting with mobility, among other tasks. The company’s software-as-a-service platform helps customers optimize billing, staff management, care delivery and referral management. Today the technology powers eight of the 10 largest home care agencies and is used by 600,000 caregivers across 4,000 agencies in the U.S. and Canada.
“ClearCare remains at the forefront of some of the biggest trends in healthcare today, including more people receiving care in their homes, as opposed to hospitals and other facilities,” said Battery’s Chelsea Stoner. “CEO Geoff Nudd, COO Dave Cristman and everyone at ClearCare have proven that lean and talented teams can build category-defining software companies.”
“Battery has been an invaluable partner to ClearCare as we navigated three significant years for our organization and market and more than doubled in size. Battery helped us build what we consider a world-class team and enhance our operating excellence to achieve the next level of growth, product innovation, and customer engagement,” said ClearCare CEO Nudd. “We’re grateful for all of their support, and we’re excited for the next stage of our journey with WellSky to continue our shared mission in support of in-home providers and the betterment of health and quality of life for people as they age.”
The completion of the transaction, which is expected before the end of 2019, is subject to other customary closing conditions, including regulatory approvals.
Battery Ventures provides investment advisory services solely to privately offered funds. Battery Ventures neither solicits nor makes its services available to the public or other advisory clients. For more information about Battery Ventures’ potential financing capabilities for prospective portfolio companies, please refer to our website. *ClearCare, WebPT and Brightree are all current or former Battery portfolio companies; for a complete list of all portfolio companies, please click here.
ClearCare is the industry leading personal-care technology platform and serves over 4,000 personal care agencies representing 600,000 caregivers and 500,000 seniors. We believe our rapid growth in customers is driven by our innovative SaaS and mobile platform that helps manage all personal care agency business functions, including scheduling, billing, payroll, senior-to-caregiver matching, CRM, HR, reporting, and point-of-care management. ClearCare makes the business of personal care administration intuitive, efficient, and paper-free. Learn more about ClearCare at ClearCareOnline.com.
About Battery Ventures
Battery strives to invest in cutting-edge, category-defining businesses in markets including software and services, Web infrastructure, consumer Internet, mobile and industrial technologies. Founded in 1983, the firm backs companies at stages ranging from seed to private equity and invests globally from offices in Boston, the San Francisco Bay Area, London, New York and Israel. Follow the firm on Twitter @BatteryVentures, visit our website at www.battery.com and find a full list of Battery’s portfolio companies here.