symplr Announces Recapitalization by Pamlico Capital and The CapStreet Group
HOUSTON - NOVEMBER 23, 2015 –symplr ®, a leading provider of Software as a Service (SaaS) based healthcare compliance and credentialing solutions, announced today that it has completed a recapitalization led by Pamlico Capital and existing investors, including The CapStreet Group. Terms of the transaction were not disclosed.
symplr is a leading provider of SaaS-based solutions that address the compliance and credentialing needs of healthcare organizations including: provider credentialing, privileging, quality management, incident management and peer review; vendor, contractor and staff credentialing; and payor enrollment services. symplr’s broad platform provides a ‘single pane of glass’ for healthcare organizations to manage the compliance and credentialing requirements of their provider, staff and contractor communities.
“The management team’s passion for building the leading healthcare compliance and credentialing platform, their strong corporate culture and their commitment to setting and achieving high growth goals impressed us,” said Art Roselle, Partner at Pamlico Capital. “We are very excited to partner with management, CapStreet and the prior investors to continue the company’s track record of growth through both organic and acquisitive initiatives.”
symplr will represent the seventh investment in Pamlico Capital III, a fund with $650 million of committed capital.
“We’ve achieved significant growth by delivering simple, effective and high-value compliance and credentialing solutions to our customers,” said Rick Pleczko, President & CEO of symplr. “Pamlico’s investment not only validates our success to date, but provides us with additional capital to expand our solution portfolio, provide even more value to our customers and further establish our leadership position.”
“We’re extremely pleased to partner with Pamlico,” said Neil Kallmeyer, Managing Partner at CapStreet. “symplr is a great asset in our portfolio, and we look forward to working with Pamlico and the symplr management team to build the clear brand leader in healthcare compliance.”
Pamlico was advised by King & Spalding LLP (legal counsel). symplr was advised by TripleTree, LLC (financial advisor) and Willkie Farr & Gallagher LLP (legal counsel).
Founded in 2006, symplr is an industry leader in compliance and credentialing Software as a Service solutions that help healthcare organizations mitigate risk and ensure compliance. symplr has a single mission: to make healthcare compliance and credentialing simpler for all constituents of the healthcare community. For more information or to contact symplr, visit www.symplr.com or (866) 373-9725.
About Pamlico Capital
Pamlico Capital is a private equity firm founded in 1988 that invests in growing middle market companies in the U.S. Pamlico Capital seeks control-oriented growth equity and buyout investments of up to $100 million alongside proven management teams in its target industries: Business & Technology Services, Communications, and Healthcare. Since inception, the firm, based in Charlotte, NC, has invested over $2.5 billion. For additional information, please visit www.pamlicocapital.com.
About The CapStreet Group
The CapStreet Group is a Houston-based private equity firm founded in 1990 that invests in owner-managed, lower middle market companies headquartered in Texas and surrounding states, with a particular emphasis on companies headquartered in the greater Houston area. Since inception, the firm has raised approximately $980 million of private equity and completed 38 initial platform investments and more than 200 add-on acquisitions for these companies. For more information, please visit www.capstreet.com.
For symplr: Carrie Ward, firstname.lastname@example.org, 832-407-5347.
For Pamlico: Gillian Davis, email@example.com, 704-414-7150.
For Capstreet: Courtenay Siegfried, firstname.lastname@example.org, 713-224-1877.