Harris Williams Advises Therapy Brands on its Investment from Lightyear Capital and Oak HC/FT

July 27, 2018

Harris Williams, a preeminent investment bank focused on the advisory needs of clients worldwide for more than 25 years, announces that it advised Therapy Brands Holdings LLC, (Therapy Brands), a portfolio company of Providence Strategic Growth Capital Partners L.L.C. (PSG) and Greater Sum Ventures (GSV), on its investment from investment funds affiliated with Lightyear Capital LLC (Lightyear) and Oak HC/FT. Therapy Brands is a leading provider of fully-integrated and comprehensive practice management, electronic health record (EHR), payment and revenue cycle management (RCM) solutions for the mental and behavioral health market segments. The transaction was led by Jeff Bistrong, Tyler Dewing, Priyanka Naithani and Mike Quealy of Harris Williams’ Technology, Media & Telecom (TMT) Group.

“The mental and behavioral health software market, estimated at more than $9 billion, is experiencing significant growth and investment interest driven by increased public awareness of mental and behavioral health issues, new funding and coverage opportunities, and a heightened recognition of the role that mental and behavioral health issues play in increasing healthcare costs,” stated Jeff Bistrong, a managing director at Harris Williams. “Therapy Brands is the leading platform in the market and we are honored to have partnered with the visionary management team under the leadership of Founder and CEO Shegun Otulana and Chairman Ross Croley, who have created the only comprehensive SaaS-based platform in the industry.”

“Therapy Brands is a compelling platform given the company’s success capitalizing on numerous growth opportunities in the behavioral health sector, including both SaaS and integrated payments solutions,” added Tyler Dewing, a managing director at Harris Williams. “The investment by Lightyear and Oak HC/FT is an exciting one for Therapy Brands given the respective resources and expertise these two firms have across both fintech and healthcare IT to support the company’s ongoing growth.”

Therapy Brands’ end-to-end solutions streamline practice management, EHR, RCM, billing and payments, driving operational efficiencies while improving customer satisfaction and clinical outcomes. Its large and rapidly expanding customer base span a variety of end-markets and therapies, including psychotherapy and counseling, applied behavioral analysis (ABA), pediatric/speech therapy and substance abuse, among others, all of which are experiencing significant demand and are poised for continued growth. The corporate office is headquartered in Birmingham, Alabama but operates satellite offices across the United States. Therapy Brands offers a scalable offering that provides value to both small and large practices and grows with the business, providing practice management continuity as operations expand over time.

PSG is an affiliate of Providence Equity Partners L.L.C. (Providence). Established in 2014, PSG focuses on growth equity investments in lower-middle market software and technology-enabled service companies, primarily in North America. Providence is a premier, global asset management firm with over $57 billion in capital under management across complementary private equity and credit businesses.

GSV is an operationally-focused, long-term equity investor that provides transformational capital to growth-oriented software/SaaS, technology-enabled information services and technology-enabled business services companies. GSV is headquartered in Knoxville, Tennessee. 

Founded in 2000, Lightyear Capital is a financial services-focused private equity firm based in New York. Through its affiliated private equity funds, Lightyear makes primarily control investments in North America-based, middle market companies across the financial services spectrum, including asset and wealth management, banking, brokerage, healthcare financial services, insurance, payments and processing and specialty finance. The firm brings focus and discipline to its investment process, as well as operating, transaction and strategic management experience, along with significant contacts and resources beyond capital.

Founded in 2014, Oak HC/FT is the premier venture growth-equity fund investing in Healthcare Information & Services (HC) and Financial Services Technology (FT). With $1.1 billion in assets under management, Oak HC/FT is focused on driving transformation in these industries by providing entrepreneurs and companies with strategic counsel, board-level participation, business plan execution and access to our extensive network of industry leaders. Oak HC/FT is headquartered in Greenwich, Connecticut with offices in Boston and San Francisco.

Harris Williams (www.harriswilliams.com), a subsidiary of the PNC Financial Services Group, Inc. (NYSE:PNC), is a preeminent middle market investment bank focused on the advisory needs of clients worldwide. The firm has deep industry knowledge, global transaction expertise, and an unwavering commitment to excellence. Harris Williams provides sell-side and acquisition advisory, restructuring advisory, board advisory, private placements, and capital markets advisory services.

Harris Williams' TMT Group advises leading private and public companies, entrepreneurs, private equity firms, and venture capital firms on mergers and acquisitions and capital-raising transactions worldwide. The TMT Group has deep domain expertise in the Software/SaaS and Internet & Digital Media segments, with particular emphasis on specific verticals including education, energy technology, fintech, public sector, and supply chain/logistics and has a dedicated healthcare technology (HCIT) practice. Across verticals it also advises technology services and networking solutions businesses. For more information on the TMT Group and its recent transactions, visit the TMT Group’s section of the Harris Williams website.

Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is a private limited company incorporated under English law with its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales (registration number 07078852). Harris Williams & Co. Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business.