MatrixCare, a portfolio investment of OMERS Private Equity, has agreed to acquire AOD Software, a Coral Springs, Florida-based healthcare software company focused on seniors. The deal’s financial terms were not released. MatrixCare, which is headquartered in Bloomington, Minnesota, is an electronic health record provider for long-term care and senior living facilities. OMERS Private Equity Managing Director Lisa Melchior said the combined companies will create “the leading scale player across multiple care settings.” Earlier this year, MatrixCare’s parent, Logibec Inc, a Canadian healthcare information technology business, was sold to GI Partners.
MatrixCare and AOD Software Join Forces
Leading Long-Term Post-Acute Care EHR Vendors Combine To Create The Largest Technology Provider With The Industry’s Only Full-Spectrum Solution For Person-Centered Care
December 10, 2015, Bloomington, MN – MatrixCare®, provider of the industry leading EHR for long-term care and senior living providers, has entered into a definitive agreement to acquire AOD Software (“AOD”) of Fort Lauderdale, FL. Serving over 800 Continuing Care Retirement Communities (Life Plan Communities) (“CCRCs”) and other long-term care facilities, in addition to 1,400 home health and home care locations, AOD is the premier solution for CCRCs. The closing of this transaction is subject to customary closing conditions (including obtaining regulatory approval).
John Damgaard, MatrixCare President and CEO, commented, “MatrixCare and AOD share many key values. Both organizations are energetic, fast growing, profitable, innovation-driven businesses that are addressing the fundamental challenges facing providers and consumers in the long-term post-acute sector. The businesses are also very complementary, with each having a strong market position in each of its areas of strength, and together having a portfolio of ancillary solutions that apply very well across care settings. MatrixCare provides the top-of-the-line solutions for skilled nursing and senior living facilities while the AOD product is the best in market for CCRCs. By integrating our collective technologies under a common care coordination platform, we will be able to offer the industry’s first true full-spectrum solution for helping the emerging set of conveners and diversified LTPAC operators to deliver superior care and better outcomes. While the LTPAC sector has historically been forced to make due with disparate technologies from sub-scale vendors, the combination of MatrixCare and AOD offers providers a stable long-term partner as we transition to a fee-for-value system”.
Aric Agmon, AOD President and CEO, commented, “AOD has experienced tremendous growth and profitability over the last twenty years by focusing on the needs of our industry, sustaining innovation to meet those needs, and by providing superior customer service. With our combined technology, resources, and industry experience, I am excited to work with John to offer providers an innovative solution that truly covers their entire scope of services and levels of care including Skilled Nursing, Assisted Living, Memory Care, Adult Day Care, Independent Living, Continuing Care Retirement Communities, Rehabilitation, and Home Health. We are fully aligned in dedication to the LTPAC industry and meeting the evolving needs of providers with continued innovation.”
“Given our focus on long term value creation, OMERS Private Equity is very pleased to be supporting MatrixCare in its strategy to build the leading LTPAC technology vendor. We have strong conviction regarding the potential for a leading technology player to succeed in addressing the market’s needs and believe that scale is becoming increasingly important. The combination of Matrixcare and AOD creates the leading scale player across multiple care settings.” said Lisa Melchior, Managing Director, OMERS Private Equity.
MatrixCare solutions have powered the long-term care continuum for over 30 years. Used in more than 8,500 care settings, MatrixCare is the industry leading, cloud-based EHR across the continuum of care. It helps long-term care and senior living communities deliver superior care, resulting in better clinical and financial outcomes. The MatrixCare Architecture for Long-Term Care allows providers to deliver person-centered care while maintaining high occupancy rates, maximizing revenues, reducing readmissions, and integrating with partners and physicians across the continuum of care. Visit www.matrixcare.com for more information. MatrixCare is a portfolio company of OMERS Private Equity.
AOD is the premier solution for CCRCs and the industry’s leading provider of integrated clinical, financial, operational, home health/home care and point-of-sale solutions. As the leading healthcare software company focused on seniors, AOD provides interoperable software solutions that increase efficiencies and drive quality improvement initiatives across the entire spectrum of care, including continuing care retirement communities, assisted living facilities, skilled nursing home facilities, independent living, rehabilitation and home health/home care agencies. Soneto™, AOD’s cloud-based software system for home health and home care, is uniquely designed to handle the needs of Private Duty, Medicare and Medicaid agencies. Visit www.aodsoftware.com for more information.
About OMERS Private Markets (“OPM”) and OMERS Private Equity Inc.
OPM (Borealis and OMERS Private Equity) invests globally in private equity and infrastructure assets on behalf of the OMERS pension plan. Investments are aimed at generating superior, risk-adjusted returns to help deliver strong and sustainable pensions to OMERS members. OPM has offices in Toronto, New York, London and Sydney. OMERS is one of Canada’s largest pension funds with net assets of CAD$72 billion. For more information, please visit www.omerspe.com or www.omersprivatemarkets.com.
MatrixCare is a registered trademark of MatrixCare, Inc.
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