Clearlake Capital Group, a provider of specialized healthcare SaaS technologies, has acquired a majority stake in ModMed, a healthcare technology company, in a deal valuing the firm at $5.3 billion. ModMed develops AI-powered medical practice software designed to improve efficiency for healthcare providers. Its solutions include electronic health records, practice management, revenue cycle management, and patient engagement tools. The investment aims to support ModMed’s continued growth and expansion of its AI-driven technologies. The financial terms of the transaction were not disclosed.
Co-CEO Joe Harpaz said, “Our decision to partner with Clearlake was driven by their demonstrated ability to accelerate growth, an impressive track record of investing behind software and healthcare technology platforms, their alignment with our core mission to improve healthcare, and their commitment to our strategic initiatives.” Clearlake representatives emphasized the long-term potential of healthcare software solutions and ModMed’s role in streamlining medical workflows. Warburg Pincus, ModMed’s previous investor, stated that the company has successfully advanced healthcare technology over the years. Clearlake plans to leverage its operational expertise to further strengthen ModMed’s market position and expand its AI capabilities.
