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A Calgary-based software company with ambitious growth plans has been pegged at a valuation of more than half-a-billion dollars.
Absorb Software announced Tuesday it is being acquired by major U.S. private equity firm Welsh, Carson, Anderson and Stowe. Financial terms of the deal were not disclosed, but the company said the deal is based on a valuation greater than US$500 million.
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Absorb, which was founded in Calgary in 2002, produces cloud-based Learning Management System software that allows companies to offer training to employees and their extended supply chain online. It currently has more than 1,400 clients including giants such as Anheuser-Busch and Uber, in addition to a wide range of small- and medium-sized businesses in 34 countries around the world.
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Editor’s Note: POLITICO Pulse is a free version of POLITICO Pro Health Care s morning newsletter, which is delivered to our subscribers each morning at 6 a.m. The POLITICO Pro platform combines the news you need with tools you can use to take action on the day’s biggest stories.
WCAS Announces Senior Management Appointments
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NEW YORK, Feb. 24, 2021 /PRNewswire/ Welsh, Carson, Anderson & Stowe (WCAS), a leading private equity firm focused exclusively on the technology and healthcare industries, announced today that Anthony de Nicola has been elevated to Chairman of WCAS and Scott Mackesy will serve as the Firm s Managing Partner. WCAS also announced the appointments of Michael Donovan as Head of the Firm s Technology Group and Brian Regan as Head of the Firm s Healthcare Group. In addition, Eric Lee was named as the Firm s Head of Diversity and Inclusion in addition to continuing his role as a Senior Partner in the Technology Group.
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Canton, Ohio-based US Acute Care Solutions, a provider of physician-owned emergency medicine, hospitalist and observation services, is buying out its minority capital partner with the help of a big preferred equity investment made by funds managed by affiliates of the giant Apollo Global Management Inc. (NYSE: APO) of New York.
US Acute Care said in a news release that its physician-owners agreed to buy out New York-based private equity firm Welsh, Carson, Anderson & Stowe, and that following the transaction, the company will be 90% owned by its physicians. Several health systems also will have minority stakes in the company, according to the release. Welsh Carson helped form US Acute care in 2015.