Moore & Van Allen advises symplr, Pamlico Capital and The CapStreet Group in Clearlake Capital Group acquisition of symplr
Moore & Van Allen PLLC (MVA) is pleased to announce that it has advised symplr, and its owners Pamlico Capital and The CapStreet Group, in connection with their entry into a definitive agreement to sell symplr to an affiliate of Clearlake Capital Group, L.P.’s. symplr is a leading healthcare governance, risk and compliance (GRC) software-as-a-service (SaaS) platform. MVA Corporate members Richard M. Bange III and Michael (Mike) Ryan Miller, and Corporate associate Colin Petersen, led the MVA corporate team on the transaction. Dick Lupo, Suzanne Gainey and Bret Buckler advised on intellectual property matters; Beth Yount Grimes advised on employee benefits matters and Rob Fisher and Randy Clark advised on tax matters. Clearlake was represented in the transaction by Cooley LLP.
symplr CEO Rick Pleczko and CFO Tres Thompson will remain in their respective leadership positions in the new partnership. Financial terms have not been disclosed, and the closing of the transaction is subject to satisfaction of certain closing conditions set forth in the definitive agreement.
“We are excited to partner with Clearlake, who has a successful track record of sponsoring, supporting and growing software companies,” said Pleczko. “Clearlake’s partnership will provide greater access to global resources and enable us to invest even further to deliver innovation for our clients and users. We appreciate our partnership with Pamlico Capital and The CapStreet Group and thank them for their support.”
symplr, founded in 2006, offers provider management, credential management and payer enrollment services to more than 1,500 customers representing more than 4,000 healthcare facilities in North America. symplr’s broad platform provides an end-to-end software solution for healthcare organizations to manage the compliance and credentialing requirements of their provider, staff and contractor communities.
Clearlake is a leading private investment firm founded in 2006 and whose core target sectors are software and technology-enabled services; industrials and energy; and consumer. Clearlake has managed more than $8 billion of institutional capital since inception and its senior investment principals have led or co-led over 100 investments.