Clearwave Announces Significant Growth Investment from Great Hill Partners
Funding will be used to continue product innovation, scale go-to-market capabilities, and pursue strategic acquisitions
Atlanta, GA and Boston, MA – October 26, 2021 – Clearwave, one of the fastest-growing SaaS platforms in digital patient engagement, today announced a strategic growth investment from Great Hill Partners, a private equity firm that invests in high-growth, disruptive companies. Great Hill’s investment will accelerate Clearwave’s go-to-market capabilities and product innovation, and will enable the company to enhance growth through hiring, continued R&D investment and strategic M&A to expedite its product roadmap—all in order to better serve Clearwave’s fast-growing list of healthcare provider clients. Frontier Growth will remain a significant investor in Clearwave.
Clearwave is a premier patient intake and engagement software provider for the healthcare industry. Clearwave’s holistic, tech-enabled end-to-end patient engagement solution transforms the patient experience by offering scheduling and check-in convenience, automated eligibility verification, and frictionless financial transparency, while also improving profitability, productivity, and digital patient access for providers. Clearwave provides its tailored solutions to 400+ customers, including a wide array of healthcare organizations such as hospitals, health systems, over 30 specialties, urgent care, family, and multi-specialty providers.
This transaction builds on a period of tremendous growth for Clearwave. The Company has now scheduled, checked in and verified eligibility for more than 100 million patients across the U.S., a number which continues to grow, while maintaining consistent, best-in-class customer satisfaction ratings. Clearwave most recently acquired Odoro, a leading provider of digital patient access solutions, creating one of the most extensive patient-engagement platforms on the market with the addition of Odoro’s extensive scheduling functionality.
“As an early innovator in digital patient intake solutions we’re proud of our industry-leading customer traction and growth to-date in the large and rapidly growing patient engagement market,” said Mike Lamb, CEO of Clearwave. “Today’s milestone is a testament to how we have taken patient engagement to the next level and we’re confident that Great Hill will be an invaluable partner as we leverage their deep industry expertise to further unlock the potential of our platform and accelerate our mission to simplify healthcare delivery while enhancing the patient experience.”
“Clearwave is a clear leader driving unparalleled value for providers and patients through seamless interactions and ease of access to healthcare,” said Rafael Cofiño, Managing Director at Great Hill. “The Company has tremendous potential to capitalize on the opportunities ahead amid significant tailwinds in the patient-engagement space, and we look forward to helping strengthen its position at the forefront of consumer-focused healthcare. Healthcare continues to be a strategic area of focus for Great Hill and this transaction further builds on our strong track record of partnering with innovative companies in the space.”
“Clearwave’s comprehensive patient access platform is accelerating a major trend in healthcare: providing a more consumer-friendly approach to engaging patients,” said Andrew Lindner, co-founder and Managing Partner at Frontier Growth. “We look forward to partnering with Great Hill as we navigate the next chapter of growth and success at Clearwave.”
As part of the transaction, Mark Taber, Rafael Cofiño, and Sam Conte of Great Hill will join the Clearwave Board of Directors. In addition to Clearwave, Great Hill’s portfolio of healthcare companies includes IVX Health, Labor First, ParetoHealth, Quantum Health, RxBenefits, and Vatica Health. Prior healthcare investments include bSwift, Passport Health Communications, PlanSource, PartSource, Qualifacts, and SterilMed.
William Blair & Company served as financial advisor to Clearwave and Goodwin Procter LLP served as legal advisor to Great Hill.
About Clearwave Since 2004, Clearwave has been the healthcare industry's most comprehensive patient engagement platform. Its technology has empowered specialty practices and health systems to improve profitability, productivity and patient access. Healthcare organizations choose Clearwave for its ability to simplify patient scheduling, expedite intake, automate insurance eligibility verification and create true financial transparency for both patient and practice. Clearwave helps practices accelerate cash flow and improve digital patient access. We've scheduled, checked in and verified eligibility for more than 100 million patients across the US, and those numbers are growing daily. To learn more, meet us at clearwaveinc.com.
About Great Hill Partners Great Hill Partners is a Boston-based private equity firm targeting investments of $25 million to $500 million in high-growth companies across the software, digital commerce, financial technology, healthcare, and digital infrastructure sectors. Over the past two decades, Great Hill has raised nearly $8 billion of commitments and invested in more than 75 companies, establishing an extensive track record of building long-term partnerships with entrepreneurs and providing flexible resources to help middle-market companies scale. For more information, including a list of all Great Hill investments, visit www.greathillpartners.com
About Frontier Growth Frontier Growth provides support for growth – both investment capital and operational expertise – exclusively for software companies with $5-$30 million in revenue. Frontier was founded with an intentional culture to put People Before Numbers, because it’s people that lead to real growth. With over 20 years of experience, over $1.5B in AUM, and actively investing its 5th fund, Frontier respects that each of their companies represents someone’s life’s work and helps them grow without stifling the innovation that’s made them successful.