Susquehanna Growth Equity has made a “significant” minority investment in ProviderTrust. No financial terms were disclosed. ProviderTrust is a provider of healthcare compliance screening, monitoring and verification tools.
NASHVILLE, Tenn.–(BUSINESS WIRE)–ProviderTrust, Inc (“ProviderTrust” or the “Company”), the leading provider of healthcare compliance screening, monitoring, and verification tools to acute and post-acute providers, payers, and their vendors, today announced that it has received a significant minority investment from Susquehanna Growth Equity, LLC (“SGE”), an entrepreneur-centric growth equity firm exclusively focused on internet, software, and information services companies. Financial terms of the investment were not disclosed. SGE’s investment marks ProviderTrust’s first significant outside capital funding since 2012 and furthers the Company’s mission to create a safer and smarter healthcare for patients, providers, and payers.
Based in Nashville, ProviderTrust is co-led by Chris Redhage, Michael Rosen and Andrew Luers. ProviderTrust works with acute and post-acute providers, payers, and their vendors across all 50 states. The Company’s growing roster of clients include some of the leading healthcare organizations in the country, such as Amerihealth Caritas, Community Health Systems (CHS), DentaQuest, HCR ManorCare, Kindred Healthcare, Tenet Health and Vanderbilt University.
ProviderTrust’s products include Passport (automated ongoing monitoring of individuals), VendorProof (best-in-class onboarding, workflow tools and automated ongoing monitoring for vendors), Dash (workflow and instant verification for provider networks) and ExclusionCheck (simple, self-service exclusion searches).
“We are thrilled to welcome Scott Feldman, Shalin Mehta, and the rest of the Susquehanna Growth Equity team to leverage their strategic and financial resources,” said Chris Redhage, Co-Founder and Partner of ProviderTrust. “This investment provides substantial opportunities to scale our business by strengthening our technology, database and processes, growing our customer base, and expanding into new compliance focused product categories. We look forward to the next stage of our evolution as we continue to grow ProviderTrust and deliver robust customer experiences to the nation’s top healthcare organizations.”
“ProviderTrust continues to define the on-going healthcare compliance monitoring space it created. We are thrilled to be partnering with their leadership team to continue building on ProviderTrust’s exceptional momentum and customer-first ethos,” added Scott Feldman, Managing Director at Susquehanna Growth Equity.
In conjunction with the transaction, SGE’s Scott Feldman will join ProviderTrust’s Board of Directors, along with Kimberly Rath, Co-founder of TalentPlus and Bo Bartholomew, CEO of Evidence Care.
ProviderTrust is the fastest-growing SaaS company in Tennessee and the 90th fastest-growing SaaS company in the nation, per Inc. 5000. The company is the market leader in the data science of exclusion monitoring, license verification, and sanction screening, with the ultimate goal of helping the nation’s leading healthcare organizations improve the levels of patient safety and quality that they strive to provide. To learn more, please visit https://www.providertrust.com/
ABOUT SUSQUEHANNA GROWTH EQUITY:
Susquehanna Growth Equity, LLC (SGE) is an entrepreneur-centric growth equity fund with flexible capital and time horizons. SGE is exclusively focused on growth stage internet, software, and information services companies. The firm has invested over $2B dollars in 60+ market-leading technology companies such as Credit Karma, HighRadius, iCIMS, and Payoneer over the last 14 years, and has portfolio companies across the US, Canada, EU, and Israel. SGE is backed by a unique and patient source of capital, which enables the firm to give entrepreneurs and management teams freedom and flexibility to maximize growth. To learn more, please visit www.sgep.com.