WebPT announced that Warburg Pincus, a leading global private equity firm focused on growth investing, has signed a definitive agreement to acquire a majority interest in the company from the previous investor, Battery Ventures. The investment, coupled with the deep expertise in health care and technology of Warburg Pincus, will help WebPT innovate upon its product suite and accelerate its mission of helping therapists achieve greatness in practice.
Since its launch in 2008, WebPT has maintained a track record of steady growth. It is one of the leading electronic medical record (EMR) and practice management software for outpatient physical therapists, occupational therapists, and speech-language pathologists. The fast-growing health care software-as-a-service (SaaS) company has become the category leader in its space with 85,000 customers at more than 15,000 clinics across the U.S. and its territories.
Warburg Pincus is a leading global private equity firm focused on thesis-driven growth at scale. Since its inception, the firm has invested in excess of $10 billion and $17 billion into healthcare and technology companies, respectively. Co-founder Heidi Jannenga, PT, DPT, ATC, will assume the role of chief clinical officer while maintaining ownership interest. Dr. Jannenga will continue to advise on the company’s strategic direction and product innovation, while advocating for rehab therapy on a national and international scale.
The investment in WebPT comes as the $35-billion rehab therapy market is projected to expand, influenced by an aging and active U.S. population and demand for treatment pathways that reduce opioid exposure. Furthermore, the American Academy of Orthopaedic Surgeons reports that an estimated 126.6 million Americans are affected by a musculoskeletal condition, which costs an estimated $213 billion in annual treatment, care, and lost wages. Aeris Partners served as the exclusive financial advisor to WebPT and Battery Ventures.
WebPT is a leading rehab therapy platform for enhancing consumer care and fueling business growth. WebPT’s product suite provides a robust end-to-end solution covering the entire rehab therapy business cycle, from billing and managing a practice to delivering quality, evidence based care. WebPT is the most-trusted and most-reliable solution in the industry, regardless of practice setting, specialty, or size.
Warburg Pincus, LLC is a leading global private equity firm focused on growth investing. The firm has more than $65 billion in private equity assets under management. The firm’s active portfolio of more than 185 companies is highly diversified by stage, sector, and geography. Warburg Pincus is an experienced partner to management teams seeking to build durable companies with sustainable value. Founded in 1966, Warburg Pincus has raised 19 private equity funds, which have invested more than $77 billion in over 870 companies in more than 40 countries. Since inception, the firm has invested more than $10 billion in more than 150 health care companies and over $17 billion in more than 320 technology companies.
This was reported by Warburg Pincus on August 27, 2019.
Contact information: WebPT, 625 South 5th Street, Phoenix, Arizona 85004; 866-221-1870; Website: www.webpt.com
Contact information: Warburg Pincus, 450 Lexington Avenue, New York, New York 10017; 212-878-0600; Website: www.warburgpincus.com