Procura is a provider of post-acute software to home care, hospice, community, aged, disability and residential care organizations across the United States, Canada and Australia. The company’s software is currently serving over 30,000 users at more than 2,300 customer sites, with over 229,000 employees providing care for 1.55 million individuals and managing 45,000 residential beds daily. The organization is comprised of Procura Home Care Solutions, Progresa Healthcare Systems, ContinuLink Homecare Software and Procura Australia (formerly PeoplePoint Solutions). Procura is headquartered in Victoria, BC and has offices in Chicago, Boca Raton, Sydney, Melbourne, and Brisbane (www.goprocura.com).
Procura will remain under the leadership of Scott Overhill, who has been promoted from President to Chief Executive Officer.
“Procura is well positioned to become a dominant player in the global home health and residential health markets,” said Mr. Overhill. “We wanted a growth-oriented investment partner with a successful track record of scaling high growth companies, deep domain expertise in healthcare, and a dedication to high quality customer service. Carrick met all of our criteria. Their “Approach to Building Value” combined with Procura’s market expertise, outstanding product depth, and dedication to customer service will help us drive increased growth and sustain our position as a market leader.”
Marc McMorris, Co-Founder and Managing Director of Carrick Capital Partners, will be involved as an active member of Procura’s board, and will be joined by Alex Mason, Director of Carrick Capital Partners. Additionally, Michael Greenough, former CEO of SSA Global – an ERP software development company – who participated in the transaction, will take an active role as the company’s Executive Chairman.
“As the population ages and healthcare costs continue to rise, there will be increased focus on proactively managing patient populations in the most comfortable and cost-effective settings available; patients’ homes,” said Mr. McMorris. “Procura has built a valuable collection of products positioned to reduce healthcare costs and improve clinical outcomes. We are excited by the opportunity to help them accelerate growth and address evolving industry pain points.”
Carrick Capital Partners invests in companies with revenues of $10 million to $100 million that serve large markets with business models that allow for increasing profitability as they gain scale. Carrick focuses on investing in companies that provide technology-enabled service offerings, business process outsourcing, transaction processing, software as a service and enterprise software. The firm was co-founded in 2012 by Marc McMorris, a former General Atlantic managing director who led investments in business services and software, and Jim Madden, the previous founder and chief executive of Exult, a human resources business processing company. Carrick Capital Partners is based in San Francisco (www.carrickcapitalpartners.com).
© 2014 PEPD • Private Equity’s Leading News Magazine • 5-22-14