CareWorx raises $17 million to fuel growth
March 28, 2018
OTTAWA – CareWorx, a market leader in senior care technology solutions, announced it has closed a $17 million round of funding from California-based Kayne Partners. Kayne Partners is the growth private equity group of Kayne Anderson Capital Advisors, L.P., an alternative investment firm managing over $26 billion in assets.
Founded in 2006, CareWorx provides a complete suite of managed services for mid-market and senior care businesses, including 24×7 service desk, remote monitoring and management, IT Service Management (ITSM) and managed end-user devices.
According to the company, 4,400 senior care facilities are using CareWorx technology, with 60,000 devices in use.
CareWorx plans to use this investment 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.
“This strategic investment by Kayne Partners is exciting for the CareWorx team and good news for our customers across North America and in the UK,” said Mark Scott (pictured), founder and CEO of CareWorx Corporation. “Capitalization of our business will speed us towards fulfilling our goals by securing our leadership position in managed services and senior care. The expertise, industry network and guidance of Kayne Partners will greatly strengthen our leadership team as we march forward together.”
“As the first institutional investor in CareWorx, EPIC is very excited with the prospects of the company being backed by a tier-1 private equity firm like Kayne,” added David Fawcett, managing partner at EPIC Capital.
“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,” said Leon Chen, managing director of Kayne Partners, who joins CareWorx’ board of directors as part of the financing. “With CareWorx, we see an organization 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, we believe Kayne will be able to bring meaningful value to this partnership.”
CareWorx is a top 50 global managed service provider (MSP) and a market-leader in technology solutions for senior care. The CareWorx Managed Services division provides organizations with a complete platform to deliver 24×7 service desk, IT service management, IT automation, security and self-service to end-users. CareWorx Vision:Personalizing our Customers’ End-User Experience! The CareWorx Senior Care division is the industry’s largest provider of managed end-user devices (point-of-care, eMAR), 24×7 support, managed IT services and wireless solutions. More than 4,600 facilities currently operate over 70,000 CareWorx touchscreens for their daily electronic health record (EHR) documentation. CareWorx helps over 600,000 seniors receive better care every day. For more information, visit www.careworx.com.