Harris Williams & Co. Advises Wellcentive, Inc. on its Sale to Royal Philips NV
Harris Williams & Co., a preeminent middle market investment bank focused on the advisory needs of clients worldwide for 25 years, announces the sale of Wellcentive, Inc. (Wellcentive) to Netherlands-based Royal Philips NV (Philips; NYSE: PHG, AEX: PHIA). Wellcentive is a leading provider of SaaS-based, vendor-agnostic population health management solutions. Harris Williams & Co. served as the exclusive advisor to Wellcentive, a portfolio company of Harbert Growth Partners, Noro-Moseley Partners (NMP) and Summit Partners. The transaction was led by Sam Hendler, Jeff Bistrong and Dan Linsalata of the firm’s Technology, Media & Telecom (TMT) Group.
“We are honored to have represented Wellcentive and its shareholders in this transaction. Wellcentive has developed a market-leading population health management SaaS solution that delivers tangible ROI to a wide range of healthcare organizations at all points on their journey from fee-for-service arrangements to value-based care,” said Sam Hendler, a managing director at Harris Williams & Co. “Wellcentive has found a great home in Philips, where it will be able to quickly extend its impact across the continuum of care.”
“Wellcentive's management team and its venture capital partners have achieved great success and positioned the business for ongoing leadership in the healthcare IT sector. We are pleased to have delivered a great outcome for the company and the investors,” said Jeff Bistrong, a managing director at Harris Williams & Co.
Since 2005, Wellcentive has driven quality improvement, revenue growth and business transformation for providers, health systems, employers and payers transitioning to value-based care. Its highly scalable, SaaS-based population health management software platform provides long-term partnership services to impact clinical, financial and human outcomes. Recognized as a leader in population health management in reports by IDC Health, KLAS and Chilmark, Wellcentive helps their customers provide care management for more than 30 million patients and achieve more than $500 million annually in value-based revenue.
Harbert Growth Partners is an emerging growth stage investor focused on rapidly growing technology and healthcare companies headquartered in the Mid-Atlantic and Southeastern United States. Harbert Growth Partners is an affiliate of Harbert Management Corporation, an alternative asset management company with offices in 11 locations across the U.S. and Europe and approximately $4.3 billion under management.
NMP, based in Atlanta, invests in high-growth private companies in the information technology and healthcare sectors. Since 1983, NMP has invested more than $650 million in nearly 200 companies through seven investment funds, typically as the first or second institutional investor. The managers of NMP’s current fund, Noro-Moseley Partners VII, bring a diverse set of skills, connections and experience to assist entrepreneurs in growing their businesses.
Summit Partners is a growth equity firm that invests in rapidly growing companies. Founded in 1984, Summit has raised more than $14 billion in capital and has offices in Boston, Palo Alto, London and Mumbai. Summit seeks outstanding management teams that have built their companies to market leadership and provides equity and credit for growth, recapitalizations and management buyouts.
Philips is a leading health technology company focused on improving people’s health and enabling better outcomes across the health continuum from healthy living and prevention, to diagnosis, treatment and home care. Philips leverages advanced technology and deep clinical and consumer insights to deliver integrated solutions. The company is a leader in diagnostic imaging, image-guided therapy, patient monitoring and health informatics as well as in consumer health and home care. Headquartered in the Netherlands, Philips’ health technology portfolio generated 2015 sales of €16.8 billion and employs approximately 69,000 employees with sales and services in more than 100 countries.
Harris Williams & Co. (www.harriswilliams.com), a member 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 & Co. provides sell-side and acquisition advisory, restructuring advisory, board advisory, private placements and capital markets advisory services.
Harris Williams & Co.’s 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, supply chain/logistics and travel and hospitality 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 & Co. 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 authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business.