LLR Partners said March 19 that it invested in CareATC Inc via a recap. Financial terms weren’t announced. CareATC, of Tulsa, Oklahoma, provides an employer-sponsored healthcare marketplace. Canaccord Genuity LLC provided financial advice to CareATC. PrayWalker served as legal counsel to CareATC. Morgan Lewis & Bockius LLP served as legal counsel to LLR Partners.
LLR Partners Invests in CareATC, Leader in Employee Population Health Management
Philadelphia, PA and Tulsa, OK – March 19, 2019 – LLR Partners today announced it has completed a growth recapitalization of CareATC, Inc., a technology-driven employee population health management company. The partnership with LLR Partners will support the continued growth of CareATC’s employer-sponsored clinic network and further investment in the Company’s market leading, proprietary population health technology platform.
“Employers are contending with skyrocketing costs of providing healthcare to their employees. At the same time, they’re seeing a decline in the quality and effectiveness of the traditional primary care model,” said Sasank Aleti, Principal at LLR Partners. “Through robust, easy-to-use technology and high-quality clinical care, CareATC is making primary care more engaging, convenient and personalized, while helping employers achieve superior health outcomes and significantly lower healthcare costs. We’re excited to partner with the strong team at CareATC and invest in the Company’s continued growth.”
Corporations, labor unions and state and local governments across the U.S. rely on CareATC’s shared-site and onsite clinics to provide primary care, preventative health screenings, disease management, referral management and wellness for their employees, helping to improve health outcomes and lower the cost of care. The Company’s purpose-built, proprietary technology platform also delivers analytics to improve clinical decision-making, drive more engaging patient experiences, and give employers better insights into the overall health and wellness of their employee populations.
“CareATC enables employers to deliver accessible and comprehensive primary care, lifestyle coaching and other ancillary healthcare services at little to no cost to their employees with a focus on addressing risk and preventing disease, resulting in a strong return on investment based on improved clinical outcomes,” said Philip Kurtz, CEO of CareATC. “LLR’s experience with employer-based healthcare and technology will help us empower more businesses with the clinical and technology resources they need to inspire healthier, happier employees while reducing healthcare spend.”
Canaccord Genuity LLC acted as exclusive financial advisor to CareATC. PrayWalker served as legal counsel to CareATC. Morgan Lewis & Bockius LLP served as legal counsel to LLR Partners.
About CareATC, Inc.
CareATC, Inc. is a leading innovator in the employer-sponsored healthcare marketplace. By leveraging groundbreaking technology, CareATC offers customized population health management solutions for employers that reduce healthcare costs by promoting health, preventing disease and providing a shorter path to care. CareATC manages more than 150 clients in 35 states and cares for more than 250,000 patients. Accredited by the Accreditation Association for Ambulatory Health Care Inc., CareATC is based in Tulsa, Oklahoma. To learn more about CareATC, Inc., visit www.careatc.com.
About LLR Partners
LLR Partners is a middle market private equity firm committed to creating long-term value by growing its portfolio companies. LLR invests in several industries, with a focus on technology, healthcare and services businesses. Founded in 1999 and with more than $3.5 billion raised across five funds, LLR is a flexible provider of capital for growth, recapitalizations and buyouts. For more information about LLR and insights on scaling growth companies, visit www.llrpartners.com.