|[September 17, 2013]
TA Associates Announces Majority Investment in SoftWriters
BOSTON --(Business Wire)--
TA Associates, a leading global growth private equity firm, today
announced it has completed a majority investment in SoftWriters
Holdings, Inc., a provider of pharmacy management software to the
long-term care (LTC) industry. Terms of the investment were not
SoftWriters' enterprise software solutions are designed to help LTC
pharmacies better serve their clients through reduced costs, streamlined
processes, improved accuracy and enhanced communication in every phase
of the LTC pharmacy management workflow. Pharmacy clients include
assisted living and skilled nursing facilities, continuing care
retirement communities, correctional facilities and other LTC
enterprises. SoftWriters' suite of management tools features its core
offering, FrameworkLTC®, and companion products
FrameworkLink™, FrameworkFlow™ and FrameworkHL7™. The products address
pharmacies' day-to-day operational needs such as pharmacy management,
facilities management, prescription order entry, electronic claims
adjudication, invoicing and pharmacy-client connectivity. SoftWriters
was founded in 1990 and is headquartered in Allison Park, Pennsylvania.
"SoftWriters' products truly empower long-term care pharmacies, helping
them improve service to their LTC facility clients," said Mark H.
Carter, a Director at TA Associates who will join the company's Board of
Directors. "FrameworkLTC is considered by many to be the leading product
in the industry based on functionality, ability to interface with
long-term care facilities and clinical systems, and an easy-to-use web
portal. SoftWriters is a profitable, growing company with leading
technology, highly recurring revenues and a diversified customer base.
TA Associates is excited to make this investment to help SoftWriters
continue its rapid growth."
"TA Associates brings a wealth of investing experience, particularly
within the healthcare and software sectors, and we are pleased to
welcome TA as an investor in SoftWriters," said Tim Hutchison, President
and CEO, SoftWriters. "We are passionate about providing our clients
with flexible, customized software solutions and services, and committed
to continuing SoftWriters' significant momentum. We look forward to
working with TA to continue to increase our presence and help shape the
face of pharmacy management standards."
"Aging demographics and more prevalent chronic diseases requiring
medication are driving the continued growth of the LTC pharmacy sector,"
said Harry D. Taylor, a Director at TA Associates who will also join the
company's Board of Directors. "SoftWriters' addressable market of
independent and regional LTC pharmacies is highly fragmented and offers
significant new business opportunities. As a provider of the industry's
only solution engineered specifically for the LTC pharmacy, we expect
SoftWriters to continue to gain market share."
Ethan K. Liebermann, a Vice President at TA Associates will also join
the SoftWriters Board of Directors.
Goodwin Procter LLP provided legal counsel to TA Associates. Ropes &
Gray LLP served as legal counsel and Robert W. Baird & Co. served as
financial advisor to SoftWriters.
Founded in 1990, SoftWriters provides pharmacy management software to
the long-term care (LTC) industry. SoftWriters' flexible, customized
software solutions and services are created specifically for the unique
processes of closed door and specialty pharmacies. The company's
flagship product FrameworkLTC® is an end-to-end solution
designed to simplify the most complex facility requests and business
problems. SoftWriters is a Microsoft (News - Alert)® Certified Partner for Independent
Software Vendor (ISV) solutions, and a member of the American Society of
Consultant Pharmacists (ASCP) and the American Society of Automation in
Pharmacy (ASAP). SoftWriters is headquartered in Allison Park,
Pennsylvania. For more information, please visit www.softwriters.com.
About TA Associates
Founded in 1968, TA Associates is one of the largest and most
experienced global middle-market growth private equity firms. The firm
has invested in more than 430 companies around the world and has raised
$18 billion in capital. With offices in Boston, Menlo Park, London,
Mumbai and Hong Kong, TA Associates leads buyouts and minority
recapitalizations of profitable growth companies in the technology,
financial services, business services, healthcare and consumer
industries. More information about TA Associates can be found at www.ta.com.
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