GTCR Completes Acquisition of Cloudbreak Health
Investment to Accelerate Cloudbreak's Investments in Product Development and Technology
CHICAGO, March 18, 2024 /PRNewswire/ -- GTCR, a leading private equity firm, announced today that it has closed the acquisition of Cloudbreak Health ("Cloudbreak" or "the Company"), a leading provider of tech-enabled, healthcare-focused language interpretation services, in a corporate carve-out transaction from UpHealth, Inc.
Headquartered in Columbus, OH, Cloudbreak is a leading video-focused language interpretation service provider that helps patients with limited English proficiency, as well as deaf and hard-of-hearing populations, communicate with caregivers in healthcare settings. The Company's core offering is Martti™ (My Accessible Real-Time Trusted Interpreter), a HIPAA-compliant Video Remote Interpretation ("VRI") solution that connects patients with interpreters in over 250 languages across its network interpreters on five continents. Cloudbreak serves clinicians and patients across all types of healthcare settings, including hospitals, urgent care centers, standalone clinics and medical practices, and helps improve health equity across an underserved U.S. patient population.
Mark Anderson, Managing Director and Head of Technology, Media & Telecommunications at GTCR, stated: "Cloudbreak has a longstanding reputation as a high-quality provider of interpretative telehealth services supporting an underserved patient population that we are excited to advance together. GTCR has a proven track record of healthcare technology investment and transformation, and we look forward to working with Andy and Cloudbreak's talented team to enhance investments in the company's technology and service offerings."
"I have developed a close relationship with GTCR over the past few years, and I am confident that the firm's experience in healthcare technology will add significant value to Cloudbreak as an independent company and further enhance our unique value proposition to our clients," said Andy Panos, Co-Founder and President of Cloudbreak.
"GTCR's investment in Cloudbreak will enhance the company's offering while remaining true to its critical mission of democratizing healthcare. We are thrilled to work with Andy and the team to build on Cloudbreak's market-leading position in healthcare interpretation," added Geoffrey Tresley, Principal at GTCR.
Monroe and Barings provided debt financing support for the transaction. Kirkland & Ellis LLP provided legal counsel. Stifel and Moelis & Company served as financial advisors to GTCR.
About GTCR
Founded in 1980, GTCR is a leading private equity firm that pioneered The Leaders Strategy™ – finding and partnering with management leaders in core domains to identify, acquire and build market-leading companies through organic growth and strategic acquisitions. GTCR is focused on investing in transformative growth in companies in the Business & Consumer Services, Financial Services & Technology, Healthcare and Technology, Media & Telecommunications sectors. Since its inception, GTCR has invested more than $25 billion in over 270 companies, and the firm currently manages $40 billion in equity capital. GTCR is based in Chicago with offices in New York and West Palm Beach. For more information, please visit www.gtcr.com. Follow us on LinkedIn.
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