GTCR has acquired Illinois-based Experity, a provider of SaaS software solutions and technology-enabled services for the urgent care industry. No financial term were disclosed. Moving forward, Experity’s previous majority investor Warburg Pincus will retain a minority ownership stake in Experity. Jefferies served as financial advisor to GTCR while William Blair served as lead financial advisor to Experity.
Chicago, IL – March 1, 2022—GTCR, a leading private equity firm, announced today that it has acquired a majority equity stake in Experity (or the “Company”) in partnership with founder and CEO Dr. David Stern, who has made a substantial reinvestment in the Company. Warburg Pincus, previously the majority investor in Experity, has also retained a minority ownership stake in the Company.
Based outside Chicago, IL, Experity is the clear market leader in SaaS software solutions and technology-enabled services for the urgent care industry. The Company provides electronic medical record, practice management and patient engagement software, revenue cycle management solutions and outsourced teleradiology services to over 5,700 urgent care clinics in the U.S. Experity’s differentiated software offering is purpose-built for urgent care workflows and includes specialized functionality that enables its customers to care for more patients and drive clinic efficiency.
“I’ve known GTCR for many years and believe we have found a fantastic partner for our next chapter of growth. We look forward to continuing to support our customers and investing in our products to deliver the solutions needed to power urgent care,” said Dr. Stern. “GTCR brings significant resources and experience in building market-leading businesses, as well as a commitment to support Experity’s growth initiatives.”
With this investment, GTCR plans to support the Experity management team as they continue to execute on organic growth initiatives, new technology deployments and add-on acquisitions of complementary software businesses. The firm has deep expertise in the healthcare technology space and will leverage its knowledge and resources to help continue to drive long-term growth alongside the talented team at Experity.
“Dr. Stern and the Experity management team have built an exceptional business that provides an unmatched value proposition to urgent care clinics across the country,” said Sean Cunningham, Managing Director at GTCR. “We look forward to partnering with the Experity team as they continue to expand their platform to deliver a differentiated solution focused on the unique needs of their customer base.”
Dean Mihas, Co-CEO and Managing Director at GTCR, added: “This investment represents the culmination of years of relationship-building and activity in the urgent care and healthcare technology sectors. In that time, we came to know the Experity business well and believe the team there has done a phenomenal job in building this market-leading solution. We are thrilled to partner with Dr. Stern and the Company, and look forward to this next chapter with the entire Experity team and our partners at Warburg Pincus.”
“We are excited to have the combined capability of two world-class investors to provide industry-leading innovation and investment to help Experity amplify its position as the industry leader they are today,” said Vishnu Menon, Managing Director, Warburg Pincus. “With the support of GTCR, we believe Experity is well-positioned to continue advancing the future of on-demand and urgent care services,” added Andrew Park, Managing Director, Warburg Pincus. “By purchasing Experity, urgent care’s operating system, GTCR is investing in the company’s continued growth, which in turn, is an investment in the future of urgent care,” added Michael Ding, Principal, Warburg Pincus.
Jefferies served as financial advisor and Latham & Watkins provided legal counsel to GTCR. William Blair served as lead financial advisor and Kirkland & Ellis served as legal advisor for Experity. The terms of the transaction were not disclosed.
Founded in 1980, GTCR is a leading private equity firm focused on investing in growth companies in the Financial Services & Technology, Healthcare, Technology, Media & Telecommunications, and Growth Business Services industries. The Chicago-based firm pioneered The Leaders Strategy™ – finding and partnering with management leaders in core domains to identify, acquire and build market-leading companies through transformational acquisitions and organic growth. Since its inception, GTCR has invested more than $20 billion in over 250 companies. For more information, please visit www.gtcr.com. Follow us on LinkedIn.
Experity was formed through the combination of Practice Velocity and DocuTAP and provides technology solutions to more than 5,700 urgent care practices across the United States, offering industry-leading EMR and Practice Management SaaS solutions, patient engagement technology, e-registration, over-read services, employer portal for occupational medicine, referral management, revenue cycle management services, and a robust analytics suite. For more information, please visit www.experityhealth.co