Acquisition creates comprehensive clinical productivity SaaS platform, streamlining workflows and documentation from patient intake and pre-op through recovery and follow-up
Minneapolis, MN and Santa Monica, CA – September 16, 2020 – Provation, the premier software provider of procedure documentation and clinical decision support solutions, backed by Clearlake Capital Group, L.P. (together with its affiliates, “Clearlake”), today announced its acquisition of ePreop, a leading provider of perioperative SaaS solutions designed to simplify the entire surgical encounter.
For 25 years, Provation has been a market leader in procedure documentation software for gastroenterology (“GI”), serving 43 of the top 50 GI hospitals and nearly 3,500 facilities nationwide. ePreop has been providing anesthesia quality reporting and perioperative care coordination solutions for more than 10 years and serves more than 18,000 end users and 1,500 facilities with its SurgicalValet™ and AnesthesiaValet™ platforms. The combination further expands Provation’s portfolio of clinical productivity solutions for hospitals and ASCs, while establishing a single comprehensive platform that streamlines preoperative screening, evidence-based care coordination, procedure documentation, coding, and reimbursement.
“We are thrilled to welcome the ePreop team to the Provation family. ePreop adds critical perioperative care and reporting components to our capabilities and further advances our vision of empowering healthcare providers with innovative clinical productivity solutions,” said Daniel Hamburger, CEO of Provation. “Through organic and inorganic initiatives, we have developed a comprehensive portfolio of solutions that improves patient care and outcomes.”
“Today marks an important milestone for ePreop,” added David Bergman, CEO and Founder of ePreop. “We are very excited to join the Provation team and are confident that this partnership will enable us to continue to build on our long history of serving physicians with industry-leading solutions. Collectively, we have some of the most passionate professionals in the healthcare IT industry and we are excited to work with the Provation team to develop technology to better serve our healthcare community.”
“We believe in Provation’s vision to establish an integrated software platform of clinical productivity solutions, and look forward to continuing to support the Provation management team as they execute on their buy-and-build strategy, leveraging technology and innovation to better meet the evolving needs of healthcare professionals,” said Prashant Mehrotra and Paul Huber of Clearlake.
Healthcare Growth Partners served as the financial advisor and Alston & Bird served as legal advisor to ePreop for this transaction. District Capital Partners served as financial advisor and Sidley Austin LLP served as legal advisor to Provation.
Provation is a leading provider of healthcare software and SaaS solutions for clinical productivity, care coordination, quality reporting, and billing. Our purpose is to empower providers to deliver quality healthcare for all. Provation’s comprehensive portfolio spans the entire patient encounter, from pre-procedure through post-procedure, with solutions for physician and nursing documentation (Provation® MD, Provation® Apex, MD-Reports, Provation® endoPRO®, and Provation® MultiCaregiver), anesthesia documentation (#1 Best in KLAS Provation® iPro), patient engagement, surgical care coordination, quality reporting, and billing capture (Provation® SurgicalValet™), order set and care plan management (Provation® Order Set Advisor™ and Provation® Care Plans), and EHR embedded clinical documentation (Provation® Clinic Note). Provation has a loyal customer base, serving more than 5,000 hospitals, surgery centers, and medical offices, and 700 physician groups globally, including 19 of the top 20 U.S. hospitals. In 2021, Provation was acquired by Fortive Corporation, a Fortune 1000 company that builds essential technology and accelerates transformation in high-impact fields like workplace safety, engineering, and healthcare. For more information about our solutions, visit provationmedical.com and follow us on Twitter, Facebook, and LinkedIn.
Clearlake Capital Group, L.P. is a leading investment firm founded in 2006 operating integrated businesses across private equity, credit and other related strategies. With a sector-focused approach, the firm seeks to partner with world-class management teams by providing patient, long-term capital to dynamic businesses that can benefit from Clearlake’s operational improvement approach, O.P.S.® The firm’s core target sectors are technology, industrials and consumer. Clearlake currently has approximately $25 billion of assets under management and its senior investment principals have led or co-led over 200 investments. The firm has offices in Santa Monica and Dallas. More information is available at clearlake.com and on Twitter @ClearlakeCap.
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