General Atlantic and The Vistria Group have made an investment in CareMetx, a technology-enabled hub services company focused on improving patient access to specialty medications. No financial terms were disclosed. With the transaction, General Atlantic will become the majority owner of CareMetx while The Vistria Group, an existing majority shareholder in CareMetx since 2017, will maintain a significant position in the company.
Bethesda, MD, New York, NY and Chicago, IL – January 14, 2021 – CareMetx (or the “Company”), a leading technology-enabled hub services company improving patient access to specialty medications, General Atlantic, a global growth equity firm, and The Vistria Group, a Chicago-based private investment firm, today announced a strategic partnership to further accelerate the Company’s growth. With the transaction, General Atlantic will become the majority owner of CareMetx. The Vistria Group, existing majority shareholder in CareMetx since 2017, will maintain a significant position in the Company by reinvesting through Vistria Fund III, LP. Additionally, Marty Nesbitt, Co-CEO of The Vistria Group, will serve as the Chairman of the Company.
Co-founded in 2011 by Bob Dresing and Mark Hansan, hub services pioneers, CareMetx is leading the transformation of the industry from traditional call center services to a “Digital Hub” which integrates the Company’s proprietary technology platform with award-winning patient and provider support. CareMetx works on behalf of pharmaceutical and biotechnology companies to help patients and providers navigate reimbursement complexities and will continue to launch new products intended to lower the cost burden for patients on high-cost therapies.
Mark Hansan, President and CEO of CareMetx, said, “With patients continuing to face obstacles, we are excited to have the combined capabilities of General Atlantic and Vistria behind our efforts to scale our platform, invest in our team and bring new capabilities to our clients.”
“CareMetx is a disruptor in pharma commercialization services, differentiated by its focus on leveraging technology and grounded in its commitment to helping patients,” commented Justin Sunshine, Managing Director at General Atlantic. “CareMetx plays a critical role to ensure specialty therapeutics effectively reach the patients who need them, and we look forward to working with Mark and the CareMetx team to further accelerate the Company’s growth.”
“Over the last three years of our partnership, CareMetx has demonstrated its commitment to rethinking and reinventing traditional approaches to hub services,” continued Jon Maschmeyer, Partner at The Vistria Group. “We are proud to continue supporting CareMetx’s growth and welcome the new partnership with General Atlantic.”
“We are honored Vistria has decided to reinvest in CareMetx,” Hansan added. “They have been an outstanding partner that backed two important acquisitions and accelerated our development of new products and services. Now with General Atlantic as a partner, we are confident their years of investment across the healthcare ecosystem will help scale our delivery of real-time transaction processing and services to physician practices struggling to overcome barriers for patients.”
Terms of the deal were not disclosed. The Company was advised by Baird and North Point Advisors.
CareMetx, LLC is a leading technology-enabled hub services platform facilitating patient access to specialty medications. Serving pharmaceutical, biotechnology and device manufacturers, CareMetx leverages digital eServices integrated in a cohesive platform to promote efficiency in the healthcare ecosystem and remove barriers for patients and providers. CareMetx is committed to delivering compassionate advocacy to patients, decision-making data and confidence-building insight to manufacturer clients. Headquartered in Bethesda, Maryland and with over 600 employees, CareMetx serves more than 80 brands. Learn more at www.caremetx.com.
About General Atlantic
General Atlantic is a leading global growth equity firm providing capital and strategic support for growth companies. Established in 1980, General Atlantic combines a collaborative global approach, sector specific expertise, a long-term investment horizon and a deep understanding of growth drivers to partner with great entrepreneurs and management teams to build market-leading businesses worldwide. General Atlantic has more than 175 investment professionals based in New York, Amsterdam, Beijing, Greenwich, Hong Kong, Jakarta, London, Mexico City, Mumbai, Munich, Palo Alto, São Paulo, Shanghai and Singapore. For more information on General Atlantic, please visit the website: www.generalatlantic.com.
About The Vistria Group
The Vistria Group is a Chicago-based private investment firm focused on investing in middle market companies in the healthcare, education, and financial services sectors. Vistria’s team is comprised of highly experienced operating partners and private equity executives with proven track records of working with management teams in building innovative, market-leading companies. For more information, please visit www.vistria.com.