Appriss, backed by Clearlake Capital Group and Insight Partners, is buying PatientPing in a move that significantly bulks up the data and analytics company’s healthcare offerings, according to people familiar with the transaction.
The acquisition, which has not yet closed, values the patient care collaboration technology company at approximately $500 million, the people said.
Founded in 2013 by CEO Jay Desai, PatientPing provides software that allows healthcare providers to collaborate with one another on their shared patients. Its platform includes real-time notifications when patients receive care, critical patient context at the point of care, engaging providers during clinical encounters, covid-19 solutions, among other things.
The company ultimately strives to reduce wasteful spending across the healthcare ecosystem – whether that’s by lowering ED (emergency department) utilization or preventing unnecessary procedures and tests. It works with hospitals and health systems, accountable-care and provider organizations, post-acute providers, health plans and behavioral health providers.
Other businesses that play in the same arena include Collective Medical, which in December was acquired for $650 million by PointClickCare, an acute and post-acute care software business. Hellman & Friedman in January made a strategic minority investment in PointClickCare for a reported $4 billion, providing a partial exit for JMI Equity.
For Appriss, the deal will diversify its offerings on the healthcare front.
The company has historically focused on leveraging unique data and analytics to tackle issues related to crime, fraud and addiction, with real-time risk assessment and mitigation offerings across three segments: public safety and risk, healthcare and retail.
Today, Appriss Health is focused on testing solutions and decision-support tools to help government and healthcare organizations better manage substance use disorder and mental health. In collaboration with state governments, the company has built the nation’s most comprehensive, standards-driven data integration platform to combat the nation’s opioid epidemic.
Insight first backed the Louisville company in 2014, and in April 2019, Clearlake joined as an investor. In connection with the investment, Clearlake became an equal partner in Appriss alongside management and Insight Partners, an announcement stated at that time.
Clearlake and Transformation Capital declined to comment. Insight, PatientPing, Appriss and Andreessen didn’t return requests for comment.