BOULDER, Colo. — Three technology platforms focused on seniors housing — Enquire, Glennis, and Sherpa — have announced plans to merge following an investment from Boulder-based private equity firm Rubicon Technology Partners, which will be the majority shareholder in the combined company.
The combined company will serve over 50 of the largest 150 seniors housing operators, and more than 800 customers in total, representing 5,700 communities across the senior living, post-acute and home care sectors.
Rubicon is focused exclusively on investing in and growing enterprise software companies. Rubicon’s investment also includes additional growth capital to support continued product innovation, customer support and acquisitions.
“Senior living is an exceptionally stable long-term growth market, but today’s providers face a number of well documented challenges: increasing competition, workforce shortages, rising operating costs and a shifting regulatory environment, all while still recovering from lower occupancy rates resulting from the COVID-19 pandemic,” says Alex Kleiner, partner at Rubicon. “As a result, operators are increasingly turning to software to support revenue growth, operational efficiencies, staff retention and quality of care.
“The combination of these three innovative businesses creates an exciting new company that will, for the first time, provide operators with a modern software solution to seamlessly manage all aspects of their communities.”
The new company boasts a collection of capabilities to help operators manage the entire lifecycle of a customer, including lead management, billing, resident engagement, quality, care and medication management. The combined company will work to integrate the offerings into a single platform with capabilities that can be easily adapted, configured and combined to fit the needs of providers, owners or investors of any size.
Brad Frasher, currently executive vice president at Glennis, has been appointed CEO of the combined organization.
“Providers are increasingly looking for a comprehensive solution that powers not only the sales and marketing engine of the business, but carries through to clinical, operational and financial workflows,” say Enquire’s co-founders, Lucas and Erin Hayes. “Together we move the industry from fragmented and transactional business practices to cohesive and effective platforms that drive performance, transparency and accountability.”
“By combining forces, we can bring the market the most human-centric and cohesive platform available to the industry today,” adds Alex Fisher, Sherpa’s president and co-founder. “Our combined solution will enable stakeholders, through a unified and complete data set, to improve understanding of their customers and hone practices that create successful communities.”
Enquire, Glennis and Sherpa will continue to go to market under their existing brands until a new name is selected for the combined company. Existing shareholders from each company will retain a minority interest in the combined organization.
RBC Capital Markets LLC served as exclusive financial advisor to Enquire and Cooley LLP acted as legal advisor to Enquire. Jones Day acted as legal advisor to Glennis, Husch Blackwell LLP acted as legal advisor to Sherpa and Morrison & Foerster LLP acted as legal advisor to Rubicon. Financial terms of the transaction were not disclosed.