CareWorx raises $17 million in private equity funding

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Global managed services provider and senior care technology company CareWorx has closed a $17 million round of funding from California-based Kayne Partners, the company announced Tuesday.

CareWorx, founded in 2006, provides a complete suite of managed services for mid-market and senior care businesses, including 24x7 service desk, remote monitoring and management, IT Service Management and managed end-user devices. The company plans to use this investment to accelerate its growth in the senior care market, expand existing managed services and security offerings and finance acquisitions within the managed services, senior care and ServiceNow areas.

“This strategic investment by Kayne Partners is exciting for the CareWorx team and good news for our customers across North America and in the U.K.,” said Mark Scott, founder and CEO of CareWorx Corp. “Capitalization of our business will speed us towards fulfilling our goals by securing our leadership position in managed services and senior care. The expertise, industry network and guidance of Kayne Partners will greatly strengthen our leadership team as we march forward together.”

Leon Chen, managing director of Kayne Partners, joined CareWorx' board of directors as part of the financing.

“With CareWorx, we see an organization that truly understands the technology needs of today's businesses and, perhaps more importantly, understands where those businesses need to be tomorrow,” Chen said. “As active investors across a number of fast-growing industries, including healthcare IT, we believe Kayne will be able to bring meaningful value to this partnership.”

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