keep it symplr

Houston health care SaaS company makes strategic acquisition

Houston-based symplr has acquired a Dallas SaaS company as it grows its software offerings to its health care clients. Image via symplr.com

A Houston-based health tech company is on an acquisition roll — it's latest deal marks the 11th acquisition in six years.

Software-as-a-service company symplr, which makes health care governance, risk management, and compliance software, has acquired Dallas-based data management SaaS company, Phynd Technologies. Symplr, which is backed by Clearlake Capital Group L.P. and SkyKnight Capital, did not disclose the terms of the transaction.

Symplr's burst of M&A activity spurs from the growing company's mission of providing end-to-end healthcare GRC portfolio, according to a news release. Phynd's platform manages data to provider profiles, locations, clinical expertise, availability, and health plan and network participation.

"Delivering new and significant ongoing value to our customers is integral to symplr's mission. Bringing Phynd into the symplr family helps us further deliver on that promise," says BJ Schaknowski, CEO of symplr, in the news release. "Phynd will integrate with our existing provider software solutions to create an end-to-end provider data management platform for hospitals, health systems, and payers that is unmatched in the healthcare industry today. We're excited to continue leading the healthcare GRC industry with innovative solutions that drive meaningful change."

Phynd was founded in 2012 and raised its $8 million series B in January 2019, according to Crunchbase.

"In the digital healthcare era, organizations must manage their providers and locations as searchable products that are accessible by consumers, referring providers and staff, and care delivery and revenue cycle teams. The combination of symplr and Phynd offers a unique, holistic provider data management offering that includes all providers, locations and virtual visits, helping healthcare organizations become more efficient and competitive," says Tom White, CEO of Phynd, in the release.

"symplr now offers the most robust and scalable central hub of continuously-curated credentialed and referring provider data. We are enthusiastic about executing as one organization and jointly expanding symplr's market leadership," he continues.

The Phynd acquisition is the sixth since symplr formed its partnership with private equity firms Clearlake and SkyKnight in 2018. Based in Santa Monica and Dallas, Clearlake is focused on software solutions across industries and currently has approximately $30 billion of assets under management. San Francisco-based SkyKnight Capital manages over $1.5 billion of PE capital and invests in healthcare, insurance, and business services.

Last year, symplr was named to Deloitte's 26th annual North America Technology Fast 500.The companies on the list were selected based on percentage fiscal year revenue growth from 2016 to 2019. The company came in at No. 426 on the national list with 221 percent growth.

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Building Houston

 
 

Emily Cisek, CEO and co-founder of The Postage, joins the Houston Innovators Podcast to discuss tech optimizing after-life planning, B-to-C startup challenges, and a national expansion. Photo courtesy of The Postage

Anyone who's ever lost a loved one knows how stressful the process can be. Not only are you navigating your own grief, but you're bombarded with decisions you have to make. And if that loved one wasn't prepared — as most aren't — then the process is more overwhelming than it needs to be.

On top of that, Emily Cisek realized — through navigating three family deaths back to back — how archaic of a process it was. Rather than wait and see if anything changed, Cisek jumped on the market opportunity.

"I just knew there had to be a better way, and that's why I started The Postage," Cisek, co-founder and CEO of the Houston-based company, says on this week's episode of the Houston Innovators Podcast. "My background had historically been in bringing offline businesses online, and I started doing some research on how I could make this space better. At the time, there really wasn't anything out there."

The tech-enabled platform allows users of all ages to plan for their demise in every way — from saving and sharing memories when the time comes to organizing pertinent information for the loved ones left behind. And, as of last month, users can no generate their own last will and testament.

"We launched the online will maker — it wasn't in my roadmap for another six months or so — because every single person that was coming in was looking at something else on our platform, but then going to the will part and asking, 'Hey is this something I can create here?'" Cisek says.

Recognizing that this was a good opportunity to generate new users, Cisek quickly added on the feature for a flat $75 fee. Then, members pay $3.99 a month to be able to edit their will whenever they need to and also receive access to everything else on the platform.

Cisek saw a huge opportunity to grow with the pandemic, which put a spotlight after-life planning. The silver lining of it all was that more people were discussing after-life planning with their family members.

"We're having more open dialogue about life and end-of-life planning that I don't see any other scenario really bringing that to light," she explains. "In some ways, it's been positive because having the conversation with people has been easier than it had been before."

While anyone can access The Postage's platform, Cisek says she's focused on getting the word out nationally. Following some imminent funding and partnerships, national marketing and growth campaigns are on the horizon.

Cisek shares more on her career and he unique challenges she faces as a B-to-C entrepreneur on the podcast. Listen to the full interview below — or wherever you stream your podcasts — and subscribe for weekly episodes.


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