Provation Medical Inc., a health care software company backed by Santa Monica-based private equity firm Clearlake Capital Group, has acquired medical reporting software company MD-Reports.
Provation sells medical documentation
software to support clinical record keeping,
decision-making and care-planning. MD-
Reports has an adjacent business in medical image capture and reporting.
Terms of the transaction were not disclosed.
“The combination expands Provation’s core software offering and accelerates Provation’s ability to serve small and mid-sized providers,” Clearlake Vice President Paul Huber and Partner Prashant Mehrotra said in a statement. “With the acquisition of MD-Reports complete and integration underway, we look forward to continuing to support the Provation team.”
Provation’s products include documentation software focused on gastroenterology. The company says it serves 42 of the top 50 gastroenterology hospitals and more than 2,600 facilities across the country. MD-Reports says it provides software to more than 530 physician offices, hospitals and surgery centers.
In a joint statement, Clearlake and Provation said the MD-Reports acquisition would enhance Provation’s clinical documentation platform and add practice management capabilities to its product portfolio.
“With the addition of MD-Reports, Provation has expanded on our vision to increase productivity for all health care providers by bringing the latest software solutions to a new segment of the market,” said Provation Chief Executive Daniel Hamburger in a statement.
He added that acquisitions like MD-Reports are a key part of his company’s strategy to build out its clinical software portfolio.
Clearlake acquired Minneapolis-based Provation in early 2018 from Dutch information services company Wolters Kluwer.
That acquisition was made using Clearlake’s largest investment vehicle, Clearlake Capital Partners V. Four days after announcing the Provation purchase, the firm reported it had closed its most recent flagship fund at $3.6 billion.
The firm’s fifth flagship vehicle was
oversubscribed, indicating strong investor confidence.
Founded in 2006, Clearlake is one of the largest local private equity firms. Last year, it closed a $1.4 billion fund targeted at middle-market companies across a range of sectors.
The firm says it has more than $16 billion of assets under management and has led or co-led over 200 investments.
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