TractManager Agrees to be Acquired by symplrAcquisition Expands symplr’s Leading End-to-End Healthcare Governance, Risk, and Compliance Software Platform and Accelerates Product Innovation and Growth.
Dallas, Texas – October 26, 2020 —(BUSINESS WIRE)— symplr, a leading global healthcare governance, risk management, and compliance (“GRC”) software-as-a-service (“SaaS”) platform, backed by Clearlake Capital Group, L.P. (together with its affiliates, “Clearlake”) and SkyKnight Capital (together with its affiliates, “SkyKnight”), has signed a definitive agreement to acquire TractManager (or the “Company”) from Arsenal Capital Partners (“Arsenal”). Financial terms were not disclosed.
“We have long recognized the synergies between our companies and how we could significantly impact the market. Together, we will deliver exceptional application platforms, and professional services to extend and optimize those platforms. At a time when healthcare systems are searching for innovative solutions to drive financial, operational, clinical, and patient safety outcomes, we are now uniquely positioned to meet those needs,” stated Trace Devanny, Chief Executive Officer of TractManager. “Arsenal began building the foundation of TractManager in 2012 with MediTract, the leader in contract lifecycle management. We went on to expand the product portfolio with best-in-class acquisitions of strategic sourcing, value analysis, credentialing, and evidence-based research and analysis companies supporting hospitals and health systems, physician practices, and insurers. Utilizing billions of benchmarking data points, we have significant leverage to ensure clients achieve their cost-savings goals. We are excited to bring our expertise, passion, and experience to symplr in service of a significant, expanded client base,” added Devanny. “It’s a great fit and a great future ahead for the TractManager family.”
The acquisition enables symplr to deliver the healthcare industry’s most complete end-to-end GRC software and services platform. Symplr’s SaaS platform will now serve as the single source of truth for provider data management, workforce management, vendor and visitor management, contract lifecycle management, spend management, compliance, quality, and patient safety. The symplr platform addresses the full spectrum of healthcare labor and supply chain regulatory requirements while supporting the delivery of improved quality of care and patient outcomes.
Together with TractManager, symplr will enable healthcare organizations to manage provider and supply chain data, including credentials, authorizations, privileges, quality metrics, staffing, time & attendance, contracts, and spend across employees and third parties. Additionally, customers will benefit from the expanded scale, platform innovation, corporate resources, and service capabilities the combined company will deliver.
Growth through strategic acquisition, coupled with innovation, is an integral part of symplr’s business strategy to deliver the industry’s leading healthcare GRC SaaS platform. The acquisition of TractManager represents symplr’s tenth successful acquisition in the past six years, and its fifth under sponsorship from Clearlake and SkyKnight since 2018.
“We are thrilled to welcome TractManager to the symplr family,” said Rick Pleczko, CEO of symplr. “TractManager’s cloud solutions bring powerful new capabilities to our customers’ connected GRC enterprise, enabling additional insights to drive improved quality of care and financial performance. Our expanding, end-to-end SaaS platform is a one-of-a-kind single source of truth for GRC-related data for providers, payers, and health systems.”
Harris Williams served as financial advisor and Morgan Lewis LLP as legal advisor to TractManager.
Founded in 2006, symplr is a global leader in enterprise Governance, Risk Management, and Compliance (GRC) SaaS solutions. symplr focuses on a single mission: to make healthcare GRC simpler and more efficient for the global healthcare community. The symplr platform offers solutions that span provider data management, provider credentialing services, compliance, patient safety, workforce management, and vendor management. Our customers count on us every day to help protect and streamline their businesses with reliable and innovative GRC solutions. More information is available at www.symplr.com.
TractManager’s healthcare-specific application suite serves three out of five U.S. hospitals. Serving the healthcare industry with integrity for more than 30 years, TractManager is the first mover in strategic sourcing, enterprise contract lifecycle management, provider management and evidence-based data. The company’s more than 450 highly skilled and experienced professionals help clients to improve cash flows by reducing their capital and nonlabor costs and to conform their contract, policy, and procedure management to meet regulatory requirements. For more information, visit tractmanager.com.
About Arsenal Capital Partners
Arsenal is a leading private equity firm that specializes in investments in middle‐market healthcare and specialty industrials companies. Since its inception in 2000, Arsenal has raised institutional equity investment funds of $5.3 billion, completed more than 200 platform and add-on investments and achieved more than 30 realizations. Arsenal invests in industry sectors in which the firm has significant prior knowledge and experience. The firm works with management teams to build strategically important companies with leading market positions, high growth, and high value‐add. For more information, please visit www.arsenalcapital.com.
About Clearlake Capital
Clearlake Capital Group, L.P. is a leading investment firm founded in 2006 operating integrated businesses across private equity, credit and other related strategies. With a sector-focused approach, the firm seeks to partner with world-class management teams by providing patient, long-term capital to dynamic businesses that can benefit from Clearlake’s operational improvement approach, O.P.S.® The firm’s core target sectors are technology, industrials and consumer. Clearlake currently has approximately $25 billion of assets under management and its senior investment principals have led or co-led over 200 investments. The firm has offices in Santa Monica and Dallas. More information is available at www.clearlake.com and on Twitter @ClearlakeCap.
About SkyKnight Capital
Founded in 2015, SkyKnight Capital manages over $1 billion in private equity capital on behalf of leading institutional family offices, foundations, and endowments. SkyKnight makes long-term investments into high-quality businesses in acyclical growth sectors alongside exceptional management teams. SkyKnight aims to build category-leading businesses with a clear growth orientation in healthcare, insurance, and business services. More information is available at www.skyknightcapital.com
Media Contacts for Arsenal [and TractManager]
Brian Schaffer / Kristen Duarte
firstname.lastname@example.org / email@example.com
Media Contact for Clearlake and symplr
Lambert & Co.
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