LLR Partners Acquires CareATC to Gain Proprietary Health Management Analytics Platform

VCBeat (WeChat ID: vcbeat) has learned that LLR Partners, a middle-market private equity firm headquartered in Philadelphia, recently announced the completion of its acquisition of CareATC. The specific transaction amount was not disclosed. In this acquisition, Canaccord Genuity served as the exclusive financial advisor to CareATC, and PrayWalker acted as legal counsel to CareATC. Morgan Lewis & Bockius served as legal counsel to LLR Partners.

CareATC, founded in Tulsa, Oklahoma, in 2000, is a technology-driven employee population health management company. CareATC operates a predominantly employer-funded clinic network that serves corporations, labor unions, and state and local governments across the United States, providing employees with primary care, preventive health screenings, disease management, referral management, and health services.

LLR Partners, founded in 1999, focuses on investing in medical technology, healthcare, and services companies, committed to creating long-term value by developing its portfolio companies.

CareATC’s proprietary health management analytics platform also provides employers with services to assess employee productivity, quality, and financial performance, offering deep insights into the overall health status of their workforce. Employees can schedule appointments, access medical records, and utilize the company’s extensive health education repository through the CareATC platform and mobile app to better understand their physical condition.

Furthermore, CareATC has integrated HIPAA-compliant cloud-based systems into its data center and equipped it with an integrated SaaS platform that consolidates all data into a single enterprise data warehouse, thereby safeguarding employee data. Currently, CareATC serves more than 150 clients across 35 U.S. states and provides care to over 250,000 patients.

Since 2014, CareATC has been backed by Omega Capital and the Oklahoma Life Sciences Fund.

Omega Capital is a growth-oriented private equity firm headquartered in Tulsa, Oklahoma. The company focuses its operations on Oklahoma and surrounding states, acquiring or investing in profitable lower-middle-market companies. Established in 2000, the Oklahoma Life Sciences Fund primarily invests in promising healthcare and life sciences companies.

“The Oklahoma Life Sciences Fund has successfully invested in healthcare and life sciences companies in Oklahoma for nearly two decades,” said Dr. William Peva, Managing Partner of the Oklahoma Life Sciences Fund. “We previously supported CareATC CEO Philip Kurtz and his management team at another company. We believe that the combination of market opportunities and an outstanding team presents a significant investment opportunity.”

“CareATC enables employers to provide employees with accessible, comprehensive primary care, lifestyle coaching, and other ancillary healthcare services at minimal cost, thereby delivering strong return on investment while improving clinical outcomes,” said Philip Kurtz, CEO of CareATC. “This acquisition marks the starting point for our next phase of growth, and we are deeply grateful for the early support from our investors in Oklahoma.”

(Compiled by Li Chengping)