Charlesbank Capital Partners LLC has signed a definitive agreement to make a significant strategic investment in Symplr, a global provider of enterprise healthcare operations including governance, risk management, and compliance SaaS services. Charlesbank, a private investment firm, will join Clearlake Capital Group LP as an institutional investor in symplr. Terms of the transaction were not disclosed.
Symplr offers an end-to-end healthcare operations and GRC software and services platform. The company provides an integrated system of record across provider management, workforce & talent management, contract & spend management, access management, and compliance, quality & safety to the full U.S. healthcare ecosystem. Since Clearlake’s initial acquisition of Symplr alongside SkyKnight Capital LP in 2018, the company has completed seven acquisitions.
“We believe Charlesbank’s investment in Symplr reflects confidence in our growth plans and ongoing expansion as the most diversified platform of scale in healthcare operations and GRC,” said Symplr CEO BJ Schaknowski. “Our ability to uniquely deliver value to our customers by addressing the full spectrum of healthcare labor and supply chain regulatory requirements, while supporting improved quality of care and patient outcomes, positions us very well for future success. We’re excited to continue our partnership with Clearlake, and welcome Charlesbank’s support in helping us accelerate our organic and buy-and-build strategy.”
“Clearlake, CEO BJ Schaknowski, and the broader management team have done an impressive job building one of the leading enterprise healthcare operations and GRC platforms, and we look forward to partnering with them as the Company continues its journey,” said Ryan Carroll, Charlesbank managing director.
Managing director Hiren Mankodi, added, “We have long been attracted to the healthcare IT space and believe Symplr, with its strong position and compelling product offerings, presents an ideal opportunity to tap into the exciting growth trends of this sector.
Behdad Eghbali, co-founder and managing Partner, and Sean Courtney of Clearlake, commented, “Since our initial investment, Symplr has enhanced its position as a cloud industry leader within healthcare GRC through accelerated product innovation, expanded solution breadth, and strategic acquisitions. We look forward to continuing to deploy our O.P.S. framework to further accelerate the Company’s growth. We are excited to work hand-in-hand with the Charlesbank team as partners in symplr as the Company continues to execute on its strategic roadmap.”
Carroll and Mankodi, along with Pedro Vaz, also a managing director at Charlesbank, will join the Board of Symplr upon closing of the transaction.
William Blair acted as financial advisor to Clearlake and SkyKnight, Evercore and Goldman Sachs acted as financial advisors to Symplr, with Harris Williams, Leerink, RBC and TripleTree acting as financial advisors to Charlesbank as part of the transaction. Sidley Austin LLP provided legal counsel for Symplr, with Ropes & Gray LLP representing Charlesbank.