05/06/2021 | Press release | Distributed by Public on 05/06/2021 13:00
The deal is expected to help the combined company facilitate enhanced care for patients by enabling the use of software and analytics solutions that improve collaboration across a range of care settings. Appriss Health is backed by sponsors including Clearlake Capital Group, L.P. (together with its affiliates, 'Clearlake').
Kunal Gulati, a Principal of Carlyle Global Credit, said, 'We are pleased to have led this transaction for Appriss Health and Clearlake, a long-tenured leader in the software space. We look forward to supporting their shared mission to facilitate better care for patients across the physical and behavioral health continuum.'
James Pade, Partner of Clearlake, said, 'We are delighted to partner with Carlyle on this significant transaction, which represents a major step in Appriss Health's continued growth. Carlyle's deep understanding of software and data analytics businesses, and specifically the healthcare technology vertical, enabled the team to creatively structure a solution that supports Appriss Health's strategic growth.'
Carlyle's $59 billion Global Credit platform acted as sole administrative agent, joint lead arranger and joint bookrunner on the annual recurring revenue (ARR)-based financing and as an investor in the PIK preferred equity in support of this transaction. Carlyle Global Credit is an active provider of private credit solutions across the capital structure, including senior secured loans, unitranche loans and junior debt.
The combined Appriss Health and PatientPing platform serves one of the largest integrated delivery systems in the U.S., including 2,500 hospitals, 7,500 post-acute facilities, 25,000 pharmacies including every national pharmacy chain and 43 state governments. Appriss Health and PatientPing's combined software and analytics solutions will provide access to high-integrity clinical information and applications that help enhance care offerings. For more information, please visit the Company's website www.apprisshealth.com.
* * * * *
About The Carlyle Group
The Carlyle Group (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit and Investment Solutions. With $260 billion of assets under management as of March 31, 2021, Carlyle's purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. The Carlyle Group employs more than 1,800 people in 29 offices across five continents. Further information is available at www.carlyle.com. Follow The Carlyle Group on Twitter @OneCarlyle.
About Appriss Health
Appriss Healthis a leading SaaS platform for behavioral health care coordination and is a recognized leader in providing software and data analytics solutions to identify and mitigate Substance Use Disorders. Appriss Health's cloud-based software connects nearly one million healthcare professionals across 500 clinical software systems including over 140 electronic health records. The platform enables nearly 1 million healthcare professionals to make better clinical decisions for over 1 billion patient encounters every year. Health plans, health systems, emergency departments, pharmacies, and federal and state governments rely on Appriss Health's technology, applications and data analytics to positively impact patient outcomes and manage the rising financial and social costs of behavioral health issues.
PatientPingis an innovative care collaboration platform that reduces the cost of healthcare and improves patient outcomes by seamlessly connecting providers to coordinate patient care. The platform enables providers to collaborate on shared patients through a comprehensive suite of solutions and allows provider organizations, health plans, governments, individuals and the organizations supporting them to leverage real-time patient data to reach their shared goals of improving the efficiency of our healthcare system. PatientPing's network connects over 1,250 hospitals, 7,000 post-acute care facilities, and hundreds of other providers such as Federally Qualified Health Centers (FQHCs), social and human service agencies, urgent cares, and behavioral health organizations among others. Visit www.patientping.comto learn more.
Founded in 2006, Clearlake Capital Group, L.P. is an investment firm operating integrated businesses across private equity, credit and other related strategies. With a sector-focused approach, the firm seeks to partner with experienced 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 industrials, technology, and consumer. Clearlake currently has approximately $35 billion of assets under management,and its senior investment principals have led or co-led over 300investments. The firm has offices in Santa Monica and Dallas. More information is available atwww.clearlake.comand on Twitter @ClearlakeCap.