symplr ACQUIRES CBR ASSOCIATES
HOUSTON, TEXAS (May 5, 2015) – symplr, a portfolio company of The CapStreet Group and a leading provider of Software as a Service (SaaS) based healthcare compliance and credentialing solutions, recently announced that it has acquired CBR Associates Inc. CBR Associates is headquartered in Durham, North Carolina and provides affordable, user-friendly software applications for physician credentialing, risk management and quality management.
“By bringing CBR Associates into our fold, we’re able to offer an expanded solution to our combined customer base,” said Patrick Birmingham, Vice President and General Manager of Provider Management at symplr. “CBR solutions have a 34-year track record of success at hundreds of healthcare facilities across the nation and we’re very pleased to have such a talented team join us.”
“We are excited to become part of the symplr growth story,” said Brenda Sorrell, CEO of CBR Associates Inc. “By combining forces, we expand both the breadth and depth of our product offerings as well as our product development, support and services organizations to better serve our customer needs.”
Neil Kallmeyer, Managing Partner at The CapStreet Group, added, “The completion of this transaction represents symplr’s third acquisition in less than two years. We continue to pursue acquisition opportunities to further expand symplr’s product and solution offerings, solidifying the company’s position as the leading compliance and credentialing company in the healthcare industry.”
Healthcare Growth Partners served as financial advisor to symplr and CapStreet.
About CBR Associates
Founded in 1981, CBR Associates develops comprehensive, user friendly software programs for physician credentialing, occurrence tracking and incident tracking. CBR is committed to offering affordable, leading edge solutions. CBR software solutions are used in a number of environments, including acute care, rehabilitation, surgical centers, outpatient clinics and more.
Founded in 2000, symplr is an industry leader in compliance and credentialing Software as a Service solutions that help healthcare organizations mitigate risk and ensure compliance. Formed by the merger of Vendor Credentialing Services, Medkinetics and Payor Enrollment Services, the new company has a single mission: to make healthcare compliance and credentialing simpler for all constituents of the healthcare community.
About Healthcare Growth Partners
Healthcare Growth Partners (HGP) provides investment banking and strategic advisory services with an exclusive focus on health informatics and digital health. Since 2005, HGP has closed over 70 transactions representing over $1 billion in value, including sell-side, buy-side, and capital formation. The firm leverages its experienced management team, domain expertise, and deep network of contacts to provide efficient and high value processes for clients.
The CapStreet Group is a Houston-based private equity firm founded in 1990 that invests in owner managed, lower middle market companies headquartered in Texas and surrounding states, with a particular emphasis on companies headquartered in the greater Houston area. CapStreet targets companies operating in the industrial distribution, industrial manufacturing and business service sectors and partners with management to accelerate growth and improve profitability.