Chicago-based, leading growth-oriented private equity firm Waud Capital Partners has made an undisclosed investment in San Diego, Calif.-based chiropractic software technology solutions provider ChiroTech.
As part of the deal, George Ahn, operating partner at Waud, will serve as Chief Executive Officer at the company as well as vice chairman of its board of directors.
Ahn will bring to ChiroTouch 25 years of experience in the software industry, with previous executive roles at IBM, PeopleSoft, Siebel Systems, TIBCO and TRIRIGA. Former CEO Robert Moberg will remain actively involved with the firm as President and will also serve as a member on the board.
ChiroTouch offers electronic health records and practice management software to chiropractic and other therapy markets with on-premises or cloud options. Its integrated solution enables mission-critical applications such as patient management, scheduling, billing, revenue cycle management and clinical care delivery to help its customers easily automate operations, improve patient care and increase profitability. As a leader in the chiropractic space, the company currently serves over 11,000 clinics in the U.S.
The chiropractic software solutions company hopes to leverage WCP’s relevant investing and operating experience in both vertically focused application software companies and providers of healthcare and related services to drive its next stage of growth.
“We are confident that demand for technology in these markets will continue to increase substantially over time, and ChiroTouch is well positioned to capitalize on this trend,” said Matt Clary, Partner at Waud Capital.
Middle market private equity firm Waud Capital has $1.8 billion in assets under management, with a focus on companies in healthcare services and business and technology services. Since its founding in 1993, the firm has completed over 210 investments, including platform companies and follow-on opportunities.