BOSTON, MA (September 5, 2023) – Aeris Partners is pleased to announce Integrated Practice Solutions (“IPS”), a premier provider of practice management (PM), electronic health record (EHR), integrated payments and revenue cycle management (RCM) solutions to independent chiropractic, optometry and speech therapy specialty providers, has merged with PracticeTek, a leading provider of vertical software and payments solutions to the retail healthcare market. The combination of IPS and PracticeTek creates one of the nation’s largest, purpose-built healthcare solution platforms with more than 40,000 retail healthcare providers throughout the U.S. and Canada. Existing IPS investor, Waud Capital Partners (“Waud Capital”), is reinvesting in the go-forward business alongside existing PracticeTek investors Lightyear Capital (“Lightyear”) and Greater Sum Ventures (“GSV”).
Aeris Partners served as the exclusive financial advisor to IPS and Waud Capital.
“IPS provides mission-critical practice management, electronic health record, integrated payments and RCM solutions to help specialty healthcare providers improve patient care and increase practice profitability,” said David Joncas, Managing Director at Aeris Partners. “The Company’s modern cloud architecture and purpose-built workflow enables practitioners to efficiently manage and optimize every aspect of their practice. We’re honored to have advised the IPS and Waud Capital teams and are incredibly excited about the combination with PracticeTek.”
“IPS’ track record of growth and innovation is a testament to the strength of its exceptional management team, platform and market-leading brands,” said Jason Arican, Director at Aeris Partners. “IPS is a world-class organization, and we wish the team well during its next phase of growth.”
About Integrated Practice Solutions (IPS)
IPS is a leading retail healthcare software company, with market-leading product lines in the segments of chiropractic, optometry and speech therapies. IPS provides leading, mission-critical practice management (PM), electronic health record (EHR), integrated payments and RCM solutions to help specialty healthcare providers streamline operations, improve patient care and increase practice profitability.
PracticeTek was established by investors and entrepreneurs who came together with a vision for the future of healthcare: high-quality care delivered seamlessly and on demand, without the burden and confusion of traditional systems. The company is a collection of best-in-class software solutions that serve the retail healthcare market, including dental, orthodontic, chiropractic, optometry, and dermatology practices. Its solutions empower allied professionals to connect with their patients and grow their business. The result is better care, lower workloads for staff, and less overhead costs for practitioners — which means more resources for improving patient care.
About Waud Capital Partners
Based in Chicago, Waud Capital Partners is a leading growth-oriented private equity firm with $4.6 billion of assets under management as of December 31, 2022. Waud Capital seeks to partner with strong management teams to build market-leading companies within two industries: healthcare and software & technology. Since its founding in 1993, Waud Capital has successfully completed more than 430 investments, including platform companies and follow-on opportunities.
About Lightyear Capital LLC
Lightyear Capital is a New York-based private equity firm that partners with growing companies at the nexus of financial services and technology, healthcare, and business services. For over 20 years, Lightyear has worked closely with management and leveraged its industry expertise, network of advisors, and operating resources to accelerate growth and build market leading businesses. As of December 31, 2022, the firm had assets under management of $4.1 billion.
About Greater Sum Ventures
Greater Sum Ventures (GSV) is an entrepreneurial family office that invests its own capital in middle market software and tech-enabled services companies. With entrepreneurial roots and proven operational and investing experience, GSV works with select independent co-investing partners to build platforms of technology companies that revolutionize the industries they serve. Headquartered in Knoxville, Tennessee, GSV provides access to capital and operational support to midmarket technology firms all over the world.
About Aeris Partners
Aeris Partners provides premium strategic M&A advisory services to best-in-class software and Software-as-a-Service (SaaS) companies, private equity investors and venture capital firms spanning a range of high-growth vertical markets including Healthcare IT (HCIT), Construction (Construction Tech), Education (EdTech), Energy & Power (EnergyTech), Financial Technology (FinTech), Government (GovTech), Retail & Hospitality, and Supply Chain Management, among others. Aeris leverages extensive technology and vertical market domain expertise and an unparalleled commitment to delivering superior M&A outcomes on every transaction. The firm’s senior leadership team has successfully completed more than $35 billion of M&A advisory assignments to date. For more information, please visit: www.aerispartners.com.
Aeris Partners LLC is a registered broker-dealer and member of FINRA and SIPC.