GTCR has agreed to acquire Cloudbreak Health LLC, a provider of tech-enabled, healthcare-focused language interpretation services, in a corporate carve-out transaction from UpHealth Inc. (NYSE: UPH) for $180 million.
Headquartered in Columbus, Ohio, Cloudbreak is a video-focused language interpretation service provider that helps patients with limited English proficiency communicate with caregivers in healthcare settings. The company’s core offering is Martti (My Accessible Real-Time Trusted Interpreter), a HIPAA-compliant video remote interpretation (VRI) service that connects patients with interpreters in over 250 languages across its network of more than 1,000 interpreters.
“We see tremendous opportunity to leverage our firm’s long history in the health and technology sectors to advance Cloudbreak, investing in its technology and continuing to enhance its product offering to meet evolving clinician and patient needs,” says Mark Anderson, managing director and head of technology, media & telecommunications at GTCR.
Monroe and Barings are providing debt financing support for the transaction. Kirkland & Ellis LLP provided legal counsel.