Warburg Pincus, a leading global private equity firm focused on growth
investing, has merged DocuTAP
and Practice
Velocity— the two leaders and innovators in the on-demand healthcare
and urgent care space. The new organization will operate under the brand
name Experity, which will draw upon over 50 years of shared expertise
and an expanded suite of on-demand healthcare solutions to power the
patient-centered healthcare revolution.
“We thank all of our clients and partners for the overwhelming
enthusiasm and support since announcing our intent to merge,” said Dr.
David Stern, CEO, Experity. “Not only is this an exciting time for
Experity’s employees, customers and partners, but for the industry as a
whole. We’ve all witnessed the evolution of urgent care and growth into
nontraditional, on-demand healthcare. This merger is a reflection of
industry growth and the need for solutions that can further power the
patient-centered healthcare revolution. Patients have more choices than
ever before, and the unification of these great brands will further
enable current and future clients to deliver an unmatched patient
experience.”
David Stern, an established leader in the urgent care space and former
Practice Velocity CEO, has been named CEO of Experity. Eric McDonald,
former DocuTAP CEO, will remain actively involved in the company’s
future direction as a board member and strategic advisor.
“There are no limitations on what these two forward-thinking companies
can do together as they continue to drive innovation during this crucial
time in healthcare’s evolution,” said Eric McDonald. “I look forward to
assisting the transition in my new role and am very enthusiastic about
what the future holds for Experity.”
Serving more than 4,000 clinics from coast to coast, Experity will
continue to support and invest in all current software platforms and
services previously provided by the merging companies. In addition,
customers of each company will have access to new services and
solutions, such as patient engagement, teleradiology, business
intelligence, remote patient registration and contracting/consulting.
“DocuTAP and Practice Velocity’s current customers remain our number one
priority,” said Matt Blosl, Experity CRO, former DocuTAP CRO. “Both
companies have always focused on providing amazing solutions and
customer service—this will not change. In addition, the scale and
resources of the combined company will empower us to speed up our
pipeline of software production and significantly amplify our impact on
the rapidly expanding urgent care industry.”
“These two distinguished companies have driven significant expansion in
the on-demand healthcare space having been perennially recognized by
Black Book and KLAS for excellence in the field,” said Andrew Park,
Managing Director, Warburg Pincus. “Both organizations have helped
urgent care providers carve out their own place in the increasingly
diverse ecosystem that is healthcare. We expect to see continued, rapid
growth in this area of healthcare, and we are confident that this
newly-combined company will play a key role in shaping and defining the
future of on-demand healthcare,” added Vishnu Menon, Managing Director,
Warburg Pincus.
Warburg Pincus led the financing for the transaction. Teleradiology
Specialists, Clockwise MD, Urgent Care Consultants, Journal of Urgent
Care Medicine, and Institute of Urgent Care Medicine are also part of
the deal. No other financial details have been disclosed.
Experity will maintain its existing locations and teams in Sioux Falls,
South Dakota, Atlanta, Machesney Park, Illinois, and Phoenix as the
company continues to drive strategic growth across offices.
To learn more about Experity, visit experityhealth.com.
About Experity
Experity is the combination of DocuTAP and
Practice Velocity and provides technology solutions to more than 4,000
on-demand healthcare practices and primary care clinics worldwide,
offering industry-leading EMR and Practice Management SaaS
solutions, patient engagement technology, e-registration, over read
services, employer portal for occupational medicine, referral
management, revenue cycle management services, and a robust analytics
suite. For more information, visit docutap.com
or practicevelocity.com.
About Warburg Pincus
Warburg Pincus LLC is a leading global
private equity firm focused on growth investing. The firm has more than
$58 billion in private equity assets under management. The firm’s active
portfolio of more than 180 companies is highly diversified by stage,
sector and geography. Warburg Pincus is an experienced partner to
management teams seeking to build durable companies with sustainable
value. Founded in 1966, Warburg Pincus has raised 18 private equity
funds, which have invested more than $74 billion in over 860 companies
in more than 40 countries. The firm is headquartered in New York with
offices in Amsterdam, Beijing, Hong Kong, Houston, London, Luxembourg,
Mumbai, Mauritius, San Francisco, São Paulo, Shanghai and Singapore. For
more information please visit www.warburgpincus.com.
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