TA Associates Announces Majority Investment in SoftWriters
BOSTON, September 17, 2013 – 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 disclosed.
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® 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.