Symplr, a health-tech company owned by Santa Monica-based Clearlake Capital Group, announced Feb. 20 it acquired API Healthcare for undisclosed terms.
Symplr, a health care governance, risk and compliance software platform based in Houston, Texas, purchased API Healthcare, a health care human capital management software company based in Hartford, Wisc., from Varitas Capital.
Clearlake Capital Group, which has managed more than $8 billion in institutional capital since it was founded in 2006, acquired Symplr in December for undisclosed terms.
Symplr’s software-as-service platform offers provider management, credential management and payer enrollment to more than 1,500 clients who represent more than 4,000 health care facilities in North America.
API Healthcare provides health care management software services by automating workforce management to boost outcomes in attendance, staffing, payroll and more to 375 hospitals and health systems.
“As Symplr continues to uniquely address the increasing demand for software solutions to drive efficiency in the healthcare industry, we believe this acquisition will significantly expand Symplr's market opportunity and accelerate its growth trajectory,” said Prashant Mehrotra and Paul Huber of Clearlake, in a joint statement.
Clearlake’s core target sectors for investment include the industrial, energy and software industries. The firm ranked No. 8 on the Business Journal’s 2018 list of the largest private equity firms in Los Angeles and manages $7 billion in assets. In March, Clearlake raised $3.6 billion for its Fund V round.
Health business reporter Dana Bartholomew can be reached at firstname.lastname@example.org. Follow him on Twitter @_DanaBart.
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