Hg has made an investment in HHAeXchange, joining Cressey & Co as an investor in the provider of homecare management software as a service. William Blair advised HHAX and Cressey, while Lincoln International advised Hg.
New York, New York, USA & London, United Kingdom. 14 September 2021: HHAeXchange (“HHAX” or the “Company”), the leading provider of homecare management solutions for payers, providers, and state Medicaid agencies, announced today that it has secured a new investment from Hg, a leading global investor in software and services.
Cressey & Company LP (“Cressey”), a leading healthcare-focused private investment firm which first partnered with HHAX in 2018, will continue to be a significant investor in HHAX. Both investors will share joint governance of the business.
Greg Strobel, CEO of HHAeXchange, said: “We are proud to welcome Hg to the team for this next chapter of HHAeXchange’s continued success. With Hg’s track record of growing technology businesses and Cressey’s specialist background in the healthcare space, HHAeXchange is incredibly well-positioned to enhance our solution suite and expand our reach to meet the growing demand for home and community-based services.”
Founded in 2008, HHAX offers a comprehensive software as a service (SaaS) platform to its customers that improves patient outcomes, drives operational efficiency and increases compliance across the homecare ecosystem. Its solutions are delivered through subscription-based enterprise and mobile tools and facilitate over 125 million annual visits for 650,000 caregivers across more than 44 states. Today, HHAX has global offices across North America, Europe, and Asia.
Nick Crowne, Principal at Hg, said: “HHAX provides a best-in-class SaaS platform to the homecare industry, with a vital mission to enable high-quality care in home and community-based settings. We’re excited to partner with a stellar team at both HHAX and Cressey to advance the Company’s mission and support its continued growth.”
David Issott, Partner at Hg, said: “Hg has a strong focus on healthcare technology, with HHAX being our sixth current healthcare technology business across Europe and North America and our second investment in the sector in just the last few weeks, meaning Hg will have invested well over $1.5bn in the sector globally. We look forward to bringing this experience to the table and are delighted to partner with Greg, as well as the entire HHAX and Cressey teams.”
“We are thrilled to welcome Hg as our and HHAX’s new partner, as the Company continues executing on its strategic plan and strengthening its leadership position in the homecare sector,” added Dave Rogero, Partner at Cressey.
The terms of the transaction have not been disclosed. William Blair & Company advised HHAX and Cressey on the transaction. Lincoln International LLC were advisers to Hg.
Founded in 2008, HHAeXchange is the leading technology platform for homecare and self-direction program management. Developed specifically for Medicaid home and community-based services, the HHAeXchange platform connects state agencies, managed care payers, providers, and caregivers through its intuitive web-based platform, enabling unparalleled communication, transparency, efficiency, and compliance. For more information, visit hhaexchange.com.
About Cressey & Company LP
Based in Chicago, IL and Nashville, TN, Cressey & Company LP is a private investment firm focused on building leading healthcare services and information technology businesses. With a history spanning nearly 40 years, the Cressey & Company team is one of the most experienced and successful in the healthcare private equity field. For more information, visit cresseyco.com.
Hg is a leading investor in software and services, focused on backing businesses that change how we all do business. Deep technology expertise, complemented by vertical application specialization and dedicated operational support, provides a compelling proposition to management teams looking to scale their businesses. Hg has funds under management of over $37 billion, with an investment team of over 140 professionals, plus a portfolio team of more than 35 operators, providing practical support to help our businesses to realise their growth ambitions. Based in London, Munich and New York, Hg has a portfolio of over 35 software and technology businesses, worth around $70 billion aggregate enterprise value, with over 55,000 employees globally, growing at over 20% per year. Visit www.hgcapital.com for more information.