Sverica Capital-owned Women’s Health USA hunts for buyer, Crosspoint Capital invests in AI software provider

Women’s Health USA hunts for buyer and Crosspoint aims to expand Everseen.

Happy Tuesday!

Today, we bring you news updates from the tech and healthcare space. To start, we’ve got a scoop about a women’s healthcare business that’s in the second round of its sale process.
Sverica Capital-backed Women’s Health USA (WHUSA) is looking to bring in a new majority investor, three sources told PE Hub. Nearly four years into its investment, the PE firm is seeking to expand the capital base without fully exiting the business, according to a person familiar with the process.

Founded in 1997, WHUSA is a provider of value-based care and practice management services to more than 650 women’s health providers across the US, providing services to OB-GYN, in vitro fertilization and other specialty women’s health practices.

The Avon, Connecticut-based company, marketing pro forma adjusted EBITDA in the mid to high $20 million range, has selected some 10 parties to move forward in the process.

Participants in the process are likely to factor in the integration work and business building that WHUSA still requires. The company also does not currently have a CEO, but does have other executives including two division presidents, one which is general counsel, a CFO and CMO.

Check out Sarah’s story on PE Hub to learn more about the process.

Tech buzz: Crosspoint Capital Partners has invested in Everseen, with a vision of expanding the company’s unique AI technology beyond retail, the firm’s managing partner Greg Clark told PE Hub.

Everseen, based in Cork, Ireland, provides the world’s largest retailers with patented AI-powered computer vision software. According to the PE firm, the company improves retailers’ margins by up to 20 percent by reducing “shrinkage” at checkout.

“The company is very powerful at [reducing] what retailers call ‘shrink’ – which is the groceries you throw away at the end of the day or all the things that get stolen or broken,” said Clark, who will join Everseen’s board of directors.

A key component of the investment thesis: Crosspoint sees an opportunity to apply the company’s software product to areas beyond retail.

The PE firm recently raised one of the largest first-time tech focused PE funds closing on $1.3 billion in April.

Learn about Crosspoint’s strategy in Milana’s story.

That’s it! Have a great week ahead, everybody, and as always, write to me at karishma.v@peimedia.com with any tips, comments or just to say hello!