Clearlake Capital Supported Provation Announces Acquisition of...

Clearlake Capital Supported Provation Announces Acquisition of iProcedures

Healthcare Tech Outlook | Monday, May 24, 2021

Daniel Hamburger, CEO

Provation is doubling down on its commitment to becoming the premier vendor for anesthesia providers by acquiring iProcedures.

FREMONT, CA: Provation, the leading software and SaaS provider of procedure documentation and clinical decision support solutions, backed by Clearlake Capital Group, L.P. (together with its affiliates, “Clearlake”), confirmed the acquisition of iProcedures, a top-rated provider of cloud-based anesthesia documentation and perioperative data management software solutions. The transaction’s terms were not disclosed.

“We are very excited to welcome the iProcedures team to our Provation family. We know what it takes to build a trusted brand and industry-leading software solutions that improve patient care and outcomes,” said Daniel Hamburger, CEO, Provation. “We are very impressed with what iProcedures has accomplished over its decade-long tenure and I am confident that together we can further advance our collective vision of empowering healthcare providers with innovative clinical productivity solutions.”

Provation has been an industry leader in procedure recording applications for more than 25 years, serving nearly 4,000 hospitals and health facilities, ambulatory surgery centers (ASCs), medical offices, and anesthesia organizations worldwide. Following its 2020 acquisition of ePreop, a leading provider of anesthesia quality monitoring and surgical care coordination solutions, Provation is doubling down on its commitment to becoming the premier vendor for anesthesia providers by acquiring iProcedures.

“Today, we start an exciting new chapter for iProcedures and we are thrilled to be a part of the Provation team,” added Raj Popuri, CEO, iProcedures. “Our organizations’ values and passion for serving our healthcare community align seamlessly. This partnership will allow us to accelerate the development and refinement of our cutting-edge technologies and get them into the hands of even more clinicians worldwide.”

iProcedures is known for its clinician-driven software solutions and high user satisfaction. The company serves 70 customers worldwide, including about 740 hospitals, ASCs, and anesthesia classes. Provation will add iPro Anesthesia, a cloud-based Anesthesia Information Management System (AIMS) developed by practicing anesthesiologists to automate and simplify anesthesia documentation, standardize the set of quality metrics, increase operational efficiencies, and maximize charge capture, to its suite of comprehensive solutions with iProcedures.

“We support Provation’s vision of an integrated software platform of clinical productivity solutions that capture data across the entire perioperative continuum and across all specialties. We look forward to continuing to utilize Clearlake’s O.P.S.® framework in partnership with the Provation management team as they execute on their buy-and-build strategy, leveraging specialty-specific technology and innovation to shape the future of clinical productivity,” said Paul Huber, Principal, and Sean Courtney, Vice President, of Clearlake.

In addition to iPro Anesthesia AIMS, iProcedures offers a full range of software solutions to improve clinical documentation and performance (iPro PACU, iPro PAT, iPro Perfusion), consistency, and charge capture (iPro Lite), and patient safety (iPro Med Management). iProcedures also brings its business partner partnerships with Allscripts and MEDITECH on board, allowing for enhanced interoperability and functionality.

In the transaction, iProcedures received exclusive investment banking advice from Raymond James and legal advice from Trenam Law. Provation received financial and legal advice from District Capital Partners and Sidley Austin LLP.

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