CareWorx raises $17 million from Kayne Partners
CareWorx has raised $17 million from Kayne Partners, a growth private equity group of Kayne Anderson Capital Advisors
CareWorx has raised $17 million from Kayne Partners, a growth private equity group of Kayne Anderson Capital Advisors to help senior care centres track health records. While CareWorx is an Ottawa-based firm, Kayne Anderson Capital Advisors is the parent company of Kayne Partners based in California. Kayne Anderson Capital Advisors is an alternative investment firm managing over $26 billion in assets.
CareWorx’s platform provides a suite of managed services for mid-market and senior care businesses. It provides remote monitoring and management, IT service management, and IT automation services to organisations. It provides point of care software in the senior care market. CareWorx said that currently over 4,600 facilities operate over 70,000 CareWorx touchscreens for daily electronic health record (EHR) documentation.
Managing director of Kayne Partners, Leon Chen, who is joining CareWorx’s board of directors, said that the CareWorx team has decades of market leadership in managed services and over 12 years as the Senior Care industry’s leading provider of technology solutions. Chen added that with CareWorx, it sees an organisation that truly understands the technology needs of today’s businesses and, perhaps more importantly, understands where those businesses need to be tomorrow. As active investors across a number of fast-growing industries, including healthcare IT, Kayne will be able to bring meaningful value to this partnership.
CareWorx plans to use the funding to accelerate growth in the senior care market; expand existing managed services and security offerings; and finance acquisitions within the managed services, senior care and ServiceNow ecosystems.
Founder and CEO of CareWorx, Mark Scott said that this strategic investment by Kayne Partners is exciting for the CareWorx team and good news for its customers across North America and in the UK. He added that capitalisation of its business will speed the company towards fulfilling its goals by securing the company’s leadership position in managed services and senior care. The expertise, industry network and guidance of Kayne Partners will greatly strengthen its leadership as both the companies march forward together.