Former Matrixcare CEO John Damgaard has partnered with Chicago-based John Waud Capital Partners to acquire companies and assets to build a healthcare information technology software platform, the private equity firm announced Wednesday.
Waud Capital has committed $150 million of equity capital to the partnership.
“Our firm has a long history of investing in the healthcare industry, and this deep sector expertise has allowed us to take a differentiated view on a number of technology trends that we are eager to focus on with John,” said Waud Capital Principal Paul Sutphin. “We believe our partnership places us in a unique position to pursue a wide range of assets in the HCIT space, and we are actively looking for acquisitions,” he added.
Damgaard stepped down as president and CEO of MatrixCare in October, according to the software company. He had been president of MatrixCare since September 2012 and CEO since August 2013. In 2019, the company ranked No. 1 on the Best in KLAS list in the long-term care software category for the third consecutive year.
MatrixCare was acquired by ResMed in 2018 for $750 million.
Before joining MatrixCare, Damgaard was senior vice president and chief operating officer at Mediware Information Systems. He also formerly held business management and technical positions with CGN and Associates, Maytag Corp. and IBM.
Waud Capital’s portfolio of HCIT investments currently includes integrated practice solutions (provider of ChiroTouch and other specialty electronic health record and practice management solutions), SphereCommerce, and Health & Safety Institute. In addition, the firm reportedly has built several healthcare platforms across the continuum of care.
Waud Capital’s overall capital commitments in the healthcare services and business and technology services industries total approximately $3.2 billion.