Clearlake Capital Group has invested in ModMed, a specialty-specific healthcare SaaS technology platform. Financial terms of the transaction have not been disclosed.
Founded in 2010, ModMed develops AI-powered practice technology to support the needs of providers and their staff in multiple medical specialties. The company’s solutions leverage structured data collection and time-saving features like adaptive learning and automation to enhance both clinical and operational efficiency.
ModMed offers a comprehensive suite of solutions designed to empower both providers and patients throughout their entire healthcare journey, including electronic health records (“EHRs”), practice management, revenue cycle management, patient engagement, payment processing, and native AI integrations, all working together to enable more efficient medical practices.
“Market demand continues to accelerate for AI-enabled technology that streamlines healthcare workflows, as providers look to improve patient experiences and drive time and cost efficiencies at their practices,” explains Dan Cane, Co-Chief Executive Officer and Co-Founder, and Dr. Michael Sherling, Chief Medical and Strategy Officer and Co-Founder, at ModMed.
Morgan Stanley and JP Morgan Securities served as financial advisors to Clearlake. Sidley Austin served as legal advisor to Clearlake. Goldman Sachs served as exclusive financial advisor, Kirkland & Ellis served as legal advisor, and Paul, Weiss, Rifkind, Wharton & Garrison served as finance counsel to ModMed.
