Waud Capital Partners, a leading growth-oriented middle market private equity firm, announced that it has entered into an executive partnership agreement with John Damgaard to acquire companies and assets to build a leading Healthcare Information Technology software platform.
CHICAGO, Feb. 5, 2020 /PRNewswire/ -- Waud Capital Partners (Waud Capital), a leading growth-oriented middle market private equity firm, today announced that it has entered into an executive partnership agreement with John Damgaard to acquire companies and assets to build a leading Healthcare Information Technology (HCIT) software platform. Mr. Damgaard is a highly successful software executive and HCIT leader with more than 25 years of management experience. Waud Capital has a long history of partnering with management leaders to build platforms in healthcare and technology markets. Waud Capital has committed $150 million of equity capital to the partnership with Mr. Damgaard.
Throughout his career, Mr. Damgaard has created significant value for both public and private stakeholders as an executive of several HCIT companies. Most recently, he served as Chief Executive Officer of MatrixCare, a market leader in post-acute care software, which was acquired by ResMed (NYSE: RMD) in 2018 for $750 million. Backed by OMERS Private Equity, Mr. Damgaard grew MatrixCare from a middle-market company into the market leading provider of enterprise software across the continuum of post-acute care settings, serving more than 15,000 providers across skilled nursing, life plan communities, senior living and private duty. During this time, he grew the platform to $120 million of revenue both organically and through acquisitions while delivering exceptional electronic health record (EHR) and other software products, earning MatrixCare “Best in KLAS” recognition in 2017, 2018, and 2019. Prior to MatrixCare, Mr. Damgaard served as Senior Vice President and Chief Operating Officer of Mediware Information Systems, a leading provider of clinical software solutions, including blood management, cell therapy, medication management, and business intelligence-based performance management solutions. At Mediware, Mr. Damgaard was a critical member of the senior executive team that drove growth and operational efficiencies, ultimately delivering significant shareholder value through a take private transaction by Thoma Bravo in 2012.
“We are thrilled to partner with John in our effort to acquire and build a world-class HCIT platform,” said Matt Clary, Partner at Waud Capital. “John’s track record demonstrates consistency in strategic vision and sector thought leadership, with a commitment to human capital development and product excellence, culminating in significant value creation for investors. His industry expertise, leadership, and history of building businesses through organic growth and acquisitions make him an ideal partner for Waud Capital and our executive-partnership approach to creating market-leading platforms.”
“I am extremely impressed by Waud Capital’s approach to investing and greatly look forward to building an industry-leading healthcare IT platform together,” added Mr. Damgaard. “This is a critical period for the healthcare economy, and the opportunity to improve patient outcomes and reduce inefficiencies through software and analytics has never been greater. With the Waud Capital team’s deep domain expertise in healthcare and technology, I truly believe we can make a meaningful impact together.”
“Our partnership with John is another example of Waud Capital’s commitment to our executive partnership strategy,” added Paul Sutphin, Principal at Waud Capital. “Our firm has a long history of investing in the healthcare industry, and this deep sector expertise has allowed us to take a differentiated view on a number of technology trends that we are eager to focus on with John. We believe our partnership places us in a unique position to pursue a wide range of assets in the HCIT space, and we are actively looking for acquisitions.”
In partnering with Mr. Damgaard, Waud Capital adds a senior executive with a proven track record of value creation and seeks to expand further upon its strong portfolio of HCIT investments, including Integrated Practice Solutions (provider of ChiroTouch and other specialty EHR and practice management solutions), SphereCommerce, and Health & Safety Institute. In addition, the firm has built a number of leading healthcare platforms across the continuum of care.
About Waud Capital Partners
Based in Chicago, Waud Capital Partners is a leading growth-oriented private equity firm with total capital commitments of approximately $3.2 billion. The firm partners with exceptional management teams to build market leading companies within two industries: healthcare services and business and technology services. Since its founding, Waud Capital has successfully completed more than 300 investments, including platform companies and follow-on opportunities. For additional information on Waud Capital, visit www.waudcapital.com.
Investment Team Contact:
Matt Clary, Partner – Investment Team
(312) 676-8406
mclary@waudcapital.com
Business Development Contact:
Phil Olson, Partner – Business Development
(312) 676-8401
polson@waudcapital.com
Investor Contact:
Philip Kemp – Head of Investor Relations
(312) 676-8435
pkemp@waudcapital.com
Human Capital Contact:
Tim Lawler, Partner – Human Capital
(312) 676-8412
tlawler@waudcapital.com
Media Contact:
Nick Rust – Prosek Partners
(646) 818-9252
nrust@prosek.com
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SOURCE Waud Capital Partners
Company Codes: NYSE:RMD
