Careworx raises $17 million to help senior care centres track health records

Careworx

Ottawa-based CareWorx has raised $17 million from California-based Kayne Partners, a growth private equity group of Kayne Anderson Capital Advisors. Kayne Anderson Capital Advisors is an alternative investment firm managing over $26 billion in assets.

CareWorx’s platform provides a suite of managed services for mid-market and senior care businesses. For organizations in this industry, it provides remote monitoring and management, IT service management, and IT automation. In the senior care market, CareWorx provides point of care software; it said that currently over 4,600 facilities operate over 70,000 CareWorx touchscreens for daily electronic health record (EHR) documentation.

“The CareWorx team has decades of market leadership in managed services and over 12 years as the Senior Care industry’s leading provider of technology solutions,” said Leon Chen, managing director of Kayne Partners, who is joining CareWorx’s board of directors. “With CareWorx, we see an organization that truly understands the technology needs of today’s businesses and, perhaps more importantly, understands where those businesses need to be tomorrow. As active investors across a number of fast-growing industries, including healthcare IT, we believe Kayne will be able to bring meaningful value to this partnership.”

CareWorx plans to use the funding to accelerate growth in the senior care market; expand existing managed services and security offerings; and finance acquisitions within the managed services, senior care and ServiceNow ecosystems.

“This strategic investment by Kayne Partners is exciting for the CareWorx team and good news for our customers across North America and in the UK,” said Mark Scott, Founder and CEO of CareWorx. “Capitalization of our business will speed us towards fulfilling our goals by securing our leadership position in managed services and senior care. The expertise, industry network and guidance of Kayne Partners will greatly strengthen our leadership team as we march forward together.”

Jessica Galang

Jessica Galang

Jessica Galang is BetaKit's News Editor. Follow her on Twitter @jessicagalangg or send her pitches to jessica.galang@betakit.com.