Clearlake Capital Group acquired procedure documentation software provider Provation Medical from Wolters Kluwer.
Here's what you should know.
1. Provation was founded in 1994. The company's software provides evidence-based clinical decision support to physicians. Provation serves approximately 1,500 hospitals and 1,000 ASCs.
2. Provation's software is used in 16 of the 20 top hospitals for gastroenterology in the U.S.
3. Provation CEO David Del Toro will stay in the same capacity and will also join the company's board of directors.
4. Mr. Del Toro said, "We are very excited to partner with Clearlake to support the next phase of growth at Provation. Clearlake's extensive software and carve out investment experience will prove invaluable to Provation in this exciting new chapter. With Clearlake’s operational support and financial backing, we are in a better position to build on our record as an industry-leading intelligent procedure documentation and clinical content technology provider addressing the many challenges facing healthcare professionals today.”
5. TripleTree advised Clearlake on the transaction.