Atria Senior Living continued its move into tech services for the senior living industry on Friday, announcing the acquisition of medication and care management software company Vita-Stat.
The acquisition — completed through the Atria-owned senior living software business Glennis Solutions, completes the firm’s senior living software product suite with the addition of Vita-Stat’s electronic medication administration record system and care management software, ACCUflo.
The combined company will employ 75 and is moving into office space being built out in downtown Louisville, KY.
“This acquisition will help revolutionize the operating efficiency of senior living communities through the combined capabilities of these two software products,” said Bruce Lunsford, a lead investor in Vita-Stat, adding that he is “bullish on the synergies created by combining the two companies and their software suites.”
Louisville, KY-based Venture First advised the sellers on the transaction. In addition, Louisville, KY-based NewField Capital made a financing investment to support the Vita-Stat acquisition. CS Capital Advisors of New York City worked with the Glennis team to structure the Vita-Stat transaction and put the NewField financing in place.
With the acquisition, Glennis now can offer a fully integrated cloud-based software suite “built for senior living operators by senior living operators,” Atria Senior Living CEO John Moore told the McKnight’s Business Daily. The suite covers the spectrum of daily life at senior living communities, from resident hospitality to care management, and enables a 360-degree view of the resident and their care in an “easy-to-use, easy-to-deploy, fully integrated cloud-based property management application,” he said.
Moore also noted that although Glennis is Atria-owned, he is excited about the now-elevated growth potential of the firm to independently serve an increased group of customers.
“The total senior housing market is estimated to be approximately 35,000 buildings across the United States, Canada and the United Kingdom. With this Glennis–VitaStat transaction, Glennis Solutions now serves 750 of those buildings in these same countries,” Moore said. “By offering the highest quality, end-to-end suite of senior housing software products in the industry, our aim is to serve a growing portion of this much larger market. We see an international opportunity here.”