PE Deals

PE-backed healthcare software firms PracticeTek and Integrated Practice Solutions merge

Lightyear Capital will maintain its majority ownership in PracticeTek and current investor Greater Sum Ventures will continue to hold its investment.

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  • Existing IPS investor Waud Capital Partners is reinvesting in the go-forward business with a minority stake
  • George Ahn, CEO of IPS, has been named the new CEO of PracticeTek and Eric Leaver, the former CEO of PracticeTek, is transitioning to an advisor role
  • William Blair served as financial advisor to PracticeTek while Aeris Partners served as financial advisor to IPS and Waud Capital

PracticeTek, a Knoxville, Tennessee-based retail healthcare software provider, has merged with Integrated Practice Solutions, a California-based practice management and electronic health record software platform. No financial terms were disclosed.

The combined company will retain the PracticeTek brand.

Lightyear Capital will maintain its majority ownership in PracticeTek and current investor Greater Sum Ventures will continue to hold its investment. Existing IPS investor Waud Capital Partners is reinvesting in the go-forward business with a minority stake.

George Ahn, CEO of IPS, has been named the new CEO of PracticeTek and Eric Leaver, the former CEO of PracticeTek, is transitioning to an advisor role.

“Our initial investment in PracticeTek was predicated on the demand from retail healthcare providers to create a positive patient experience and improve their administrative efficiency, including billing and payments,” said Michal Petrzela, managing director of Lightyear in a statement. “With this merger, we are excited to deliver the company’s combined retail healthcare solutions to its existing clients and work with the management team to grow in our core retail healthcare segments.”

William Blair served as financial advisor to PracticeTek while Aeris Partners served as financial advisor to IPS and Waud Capital.

Based in New York, Lightyear Capital invests in the nexus of financial services and technology, healthcare, and business services. As of December 31, 2022, the firm had assets under management of $4.1 billion.

Based in Chicago, Waud Capital Partners targets healthcare and software & technology. Waud has $4.6 billion of assets under management as of December 31, 2022.