HOUSTON, TX AND OVERLAND PARK, KS. - APRIL 5, 2016 – symplr®, a leading provider of Software as a Service (SaaS) based healthcare compliance and credentialing solutions, today announced a merger with Cactus Software, a leader in the development and support of provider management software for hospitals, managed care organizations, CVOs, and physician groups. The combined company is now the clear market leader in provider management software with the largest customer base, highest revenue and most comprehensive product and service offering.
Combined, the symplr and Cactus product portfolios create the next generation provider management platform and the only platform delivering automation for the entire provider management lifecycle: credentialing, privileging, payor enrollment, event reporting, professional practice reporting, peer review and analytics.
“Cactus Software has been at the helm of the provider credentialing market for more than 30 years, and we are excited to combine our product and customer portfolios with this highly regarded brand,” said Rick Pleczko, President and CEO of symplr. “We are proud to now say that our combined company offers a solution unparalleled by any other vendor in the market.”
With the addition of Cactus, symplr now delivers software solutions to over 3,500 healthcare organizations, enabling these organizations to manage the complete provider management lifecycle and helping to mitigate risk, increase patient safety and improve quality of care.
“Cactus and symplr are both client-focused organizations that create software and services solutions driven by the needs of our customers,” said Wayne Auer, President and CEO of Cactus Software. “We are excited to join forces with symplr to offer our clients the next generation centralized provider management platform that simply and effectively takes a healthcare organization from start to finish in their provider management workflow.”
symplr is a portfolio company of The CapStreet Group and Pamlico Capital. Healthcare Growth Partners served as financial advisor to symplr, CapStreet and Pamlico. Alpine Healthcare Advisors served as financial advisor to Cactus Software.
Neil Kallmeyer, Managing Partner at The CapStreet Group, stated, “The completion of the Cactus and symplr merger represents symplr’s fourth transaction in less than two years. We continue to pursue acquisition opportunities to further expand symplr’s product offerings, solidifying the company's position as the leading compliance and credentialing company in the healthcare industry.”
Art Roselle, Partner at Pamlico Capital, added, “We’re very excited about the momentum symplr has shown since our investment in November 2015. Their combination of product innovation and acquisition integration has driven outstanding growth in recent years. We look forward to working with the symplr team to help further fuel their growth in the future.”
About Cactus Software
Cactus Software has been the industry leader in credentialing software design and development since 1985. Cactus credentialing software is used by thousands of leading health care organizations, from small community hospitals to large managed care clients and include HMOs, PPOs, IPAs, insurance companies, networks and physician groups of all sizes. For more information or to contact Cactus visit www.cactussoftware.com.
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, along with the Cactus Software brand of provider management solutions, 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 http://www.symplr.com or (866) 373-9725.
About The CapStreet Group
The CapStreet Group is a private equity firm founded in 1990 that invests in owner-managed, middle market companies headquartered in Texas and surrounding states. CapStreet targets companies operating in diversified business service sectors, including healthcare, industrial distribution and industrial manufacturing businesses and partners with management teams and existing owners to accelerate growth and improve profitability. For additional information, please visit www.capstreet.com.
About Pamlico Capital
Pamlico Capital is a private equity firm founded in 1988 that invests in lower middle market companies in the U.S. Pamlico Capital seeks control-oriented growth equity 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 Healthcare Growth Partners
Healthcare Growth Partners (HGP) provides investment banking and strategic advisory services with an exclusive focus on health informatics and digital health. Since 2005, HGP has closed over 60 transactions representing over $1 billion in value, including sell-side, buy-side, and capital formation. The firm leverages its experienced management team, domain expertise, and deep network of contacts to provide efficient and high value processes for clients.
Carrie Ward, firstname.lastname@example.org 832-407-5347.