Symplr, which is backed by Clearlake Capital Group LP and SkyKnight Capital, has agreed to acquire ComplyTrack, a provider of risk and compliance software solutions. The seller is Wolters Kluwer Legal & Regulatory division. No financial terms were disclosed. Sidley Austin LLP is representing Symplr on the deal.
Symplr, a leading global healthcare governance, risk management, and compliance (“GRC”) software-as-a-service (“SaaS”) platform, backed by Clearlake Capital Group, L.P. (together with its affiliates, “Clearlake”) and SkyKnight Capital (together with its affiliates, “SkyKnight”), signed a definitive agreement to acquire ComplyTrack® from the Wolters Kluwer Legal & Regulatory division earlier today. The acquisition will further strengthen symplr as a global GRC leader by adding ComplyTrack’s risk and compliance software solutions, encompassing issue and action management, incident management, contract and document management, and audit management SaaS solutions.
The combination of symplr and ComplyTrack would expand the healthcare industry’s leading end-to-end GRC platform of scale by bolstering symplr’s existing provider quality and patient safety software solutions. symplr’s SaaS platform will now offer an end-to-end solution encompassing provider data management, workforce management, vendor and visitor management, and quality, compliance & safety, addressing the full spectrum of healthcare labor regulatory requirements while also improving patient outcomes and quality of service.
Growth through acquisition, coupled with innovation, is an integral part of symplr’s business strategy to deliver the industry’s leading healthcare GRC SaaS platform. The planned acquisition of ComplyTrack represents symplr’s ninth successful acquisition in the past six years, and its fourth under sponsorship from Clearlake and SkyKnight since November 2018.
“The team and I are looking forward to bringing the ComplyTrack solution portfolio into our growing healthcare GRC platform,” said Rick Pleczko, CEO of symplr. “Combining ComplyTrack’s modular solutions with our provider quality and patient safety solutions creates a compelling and unique offering for our customers around the world. With the investment and support from Clearlake and SkyKnight, we are well-positioned to continue executing our growth strategy and strengthening our ability to help providers and payers meet regulatory compliance requirements and increase operational efficiency.”
“ComplyTrack shares symplr’s commitment to helping healthcare organizations address the full spectrum of healthcare labor regulatory requirements while also improving patient outcomes and quality of service,” said Prashant Mehrotra, Partner, and Paul Huber, Principal, of Clearlake. “Joining forces will strengthen symplr’s GRC SaaS platform, which will in turn drive greater value for providers and payers in addition to delivering better patient outcomes. We are excited to support the symplr management team as they further drive consolidation in the industry and accelerate organic growth.”
“This acquisition further highlights our ongoing investment in the symplr platform and represents an exciting milestone as symplr complements its presence in the patient safety market with proven, scalable solutions that help address customers’ most pressing GRC concerns,” said Claude Burton, Partner, and Jordan Milich, Principal, of SkyKnight.