TractManager Agrees to Be Acquired by symplr
Acquisition Expands symplr’s Leading End-to-End Healthcare Governance, Risk, and Compliance Software Platform and Accelerates Product Innovation and Growth
symplr, a leading global healthcare governance, risk management, and compliance software-as-a-service (“SaaS”) platform, backed by Clearlake Capital Group, L.P. and SkyKnight Capital, has signed a definitive agreement to acquire TractManager from Arsenal Capital Partners. Financial terms were not disclosed.
“We have long recognized the synergies between our companies and how we could significantly impact the market. Together, we will deliver exceptional application platforms, and professional services to extend and optimize those platforms. At a time when healthcare systems are searching for innovative solutions to drive financial, operational, clinical, and patient safety outcomes, we are now uniquely positioned to meet those needs,” stated Trace Devanny, Chief Executive Officer of TractManager. “Arsenal began building the foundation of TractManager in 2012 with MediTract, the leader in contract lifecycle management. We went on to expand the product portfolio with best-in-class acquisitions of strategic sourcing, value analysis, credentialing, and evidence-based research and analysis companies supporting hospitals and health systems, physician practices, and insurers. Utilizing billions of benchmarking data points, we have significant leverage to ensure clients achieve their cost-savings goals. We are excited to bring our expertise, passion, and experience to symplr in service of a significant, expanded client base,” added Devanny. “It’s a great fit and a great future ahead for the TractManager family.”
The acquisition enables symplr to deliver the healthcare industry’s most complete end-to-end GRC software and services platform. Symplr’s SaaS platform will now serve as the single source of truth for provider data management, workforce management, vendor and visitor management, contract lifecycle management, spend management, compliance, quality, and patient safety. The symplr platform addresses the full spectrum of healthcare labor and supply chain regulatory requirements while supporting the delivery of improved quality of care and patient outcomes.
Together with TractManager, symplr will enable healthcare organizations to manage provider and supply chain data, including credentials, authorizations, privileges, quality metrics, staffing, time & attendance, contracts, and spend across employees and third parties. Additionally, customers will benefit from the expanded scale, platform innovation, corporate resources, and service capabilities the combined company will deliver.
Growth through strategic acquisition, coupled with innovation, is an integral part of symplr’s business strategy to deliver the industry’s leading healthcare GRC SaaS platform. The acquisition of TractManager represents symplr’s tenth successful acquisition in the past six years, and its fifth under sponsorship from Clearlake and SkyKnight since 2018.
“We are thrilled to welcome TractManager to the symplr family,” said Rick Pleczko, CEO of symplr. “TractManager’s cloud solutions bring powerful new capabilities to our customers’ connected GRC enterprise, enabling additional insights to drive improved quality of care and financial performance. Our expanding, end-to-end SaaS platform is a one-of-a-kind single source of truth for GRC-related data for providers, payers, and health systems.”
Harris Williams served as financial advisor and Morgan Lewis LLP as legal advisor to TractManager.
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