PracticeTek announced on September 5 that it merged with Integrated Practice Solutions (IPS) for an undisclosed price. The combined company will retain the PracticeTek brand.
IPS is a retail healthcare software company, with product lines in the segments of chiropractic, optometry and speech therapies. IPS provides mission-critical practice management, electronic health record, integrated payments and revenue cycle management solutions to help specialty healthcare providers streamline operations, improve patient care and increase practice profitability.
PracticeTek is a Knoxville, Tennessee-based investment firm that targets healthcare software companies. The company is backed by investors Lightyear Capital and Greater Sum Ventures (GSV).
Lightyear Capital will maintain its majority ownership in PracticeTek and current investor, GSV, will continue to hold its investment. Lightyear and GSV will partner with existing IPS investor, Waud Capital Partners, which is reinvesting in the go-forward business with a minority stake.
George Ahn, CEO of IPS, has been named the new CEO of PracticeTek and Eric Leaver, the former CEO of PracticeTek, is transitioning to an advisor role.
William Blair served as financial advisor to PracticeTek. Davis Polk & Wardwell LLP served as legal advisor to PracticeTek and Lightyear and Greenberg Traurig, LLP as legal advisor to PracticeTek. Aeris Partners served as the exclusive financial advisor and Kirkland & Ellis LLP as legal advisor to IPS and Waud Capital.
According to data captured in the LevinPro HC database, this acquisition marks the 189th eHealth transaction of 2023. This also marks PracticeTek’s first transaction since its acquisition of GrowthPlug in September 2022.
