5th Century Partners, a private investment firm focused on driving economic and social impact, has acquired Perspecta, a provider of physician directories and data management services in workers’ compensation, government and commercial healthcare.
Based in Philadelphia, Pa., Perspecta operates in the workers compensation and group health space and offers technology-based services that look to help property and casualty insurance companies, health plans, managed care providers and third-party adminstrators manage their physician data and networks. With this investment, 5th Century Partners looks to drive growth in healthcare transparency and provider network management solutions. Current president and CEO, Howard Koenig, and co-founder and COO, April Stiles, will continue to lead the day-to-day business operations, while maintaining equity ownership in the business.
“The support of 5th Century Partners will not only accelerate our growth but allows us to deliver our solutions to more customers, providers and consumers, further empowering people to make informed care decisions and creating greater impact across the healthcare continuum,” says Stiles, co-founder and COO at Perspecta.
DLA Piper served as legal counsel to 5th Century Partners,and CIBC Innovation Banking provided debt financing to support the transaction. Canaccord Genuity was the sell-side advisor to the transaction.