ChiroTouch, owned by West-coast based private equity firm K1, has sold to Waud Capital Partners. The San Diego-based company provides electronic health records and practice management software to chiropractic and other therapy markets with on-premises or cloud options.
Earlier this month, Chicago-based growth-oriented private equity firm Waud Capital announced it had made an undisclosed investment the chiropractic software technology solutions provider. As part of the deal, Waud operating partner George Ahn joined ChiroTouch’s board of directors.
K1 bought ChiroTouch in August of 2014, since then building the now eight-year-old company to become the leading provider in its vertical. The firm currently serves over 11,000 clinics around the U.S. who use its integrated solutions to enable mission-critical applications such as patient management, scheduling, billing, revenue cycle management and clinical care delivery to automate operations, improve patient care and increase profitability.
El Segundo, Calif.-based K1 says it helped grow ChiroTouch’s recurring revenue by a factor of more than five times in less than three years by strengthening the company’s management team, focusing the product roadmap on delivering value to chiropractic professionals, refining its go-to-market strategy, and transforming the industry landscape through an aggressive add-on acquisition program. Under K1’s ownership, ChiroTouch brought five companies under its umbrella.
Financing for the investment was provided by PNC Business Credit and Goldman Sachs BDC Inc. Terms of the deal were not disclosed.