Health Catalyst Capital Management LLC (“HCC”), a New York-based private equity firm investing in growth stage healthcare information technology and technology-enabled services businesses, is pleased to announce the sale of its portfolio company MedVirginia, Inc., doing business as Clareto (“Clareto”), to Munich Life Holding Corporation (“Munich Re”).
Clareto partners with health information exchanges (HIEs) and other electronic health record (EHR) data sources to facilitate the collection of electronic health information pursuant to HIPAA-compliant authorizations in support of underwriting, claims, and other business processes for the life insurance industry. Clareto has partnerships with more than 25 health information exchanges (HIEs) and electronic health record (EHR) software vendors.
“Congratulations to our client, Clareto, on its successful sale to Munich Life Holding Company. The Evergreen Advisors team is thrilled to have helped Clareto find a partner to continue Clareto’s rapid growth in the rapidly evolving insuretech arena.” Steve Prichett, Managing Director, Evergreen Advisors Capital
Clareto joined HCC’s portfolio in February 2019. HCC’s investment in Clareto is a result of deep thematic research into interoperability and insuretech. Dave Dorans, CEO of Clareto, commented that “HCC has been a stalwart supporter of Clareto these last three years, including leading our latest financing round leading to this sale.”
“We’re proud to have been a part of the Clareto story and have enjoyed partnering with Dave Dorans and the rest of the management team,” said Charles Boorady, Managing Partner and Founder of HCC. “We congratulate the team on their achievements, and we look forward to following the team’s continued success under Munich Re’s ownership.”
HCC has invested in 16 companies since its inception in 2015. Recent investments include Click Therapeutics, Glooko, and Clearsense.
Evergreen Advisors served as financial advisor and Williams Mullen served as legal advisor to Clareto. Reitler Kailas & Rosenblatt served as legal advisor to HCC.
Clareto partners with HIEs and other EHR data sources to facilitate the collection of electronic health information pursuant to HIPAA-compliant authorizations in support of underwriting, claims, and other business processes for the life insurance industry. Learn more at Clareto.com.
About Munich Re Life US
As one of the leading life reinsurers in the United States, Munich Re Life US partners with insurers to leverage smart and connected data, embrace new ideas and technologies, make confident decisions at speed and scale, and gain an exponential understanding of underlying risks. Munich Re Life US is well known in the industry as an innovation leader with extensive technical depth. Its optimized solutions and capital management expertise expand beyond market leading offerings in individual life, group, individual disability and living benefits reinsurance, to a global center for predictive analytics, automated underwriting, digital partnerships and standard-setting underwriting and medical capabilities. Munich Re Life US believes the digital economy offers an unprecedented opportunity for the life insurance industry to rapidly advance risk assessment and close the widening global underinsured gap.
Munich Re Life US, incorporated as Munich American Reassurance Company, is a subsidiary of Münchener Rückversicherungs- Gesellschaft Aktiengesellschaft in München (“Munich Re”). It has high ratings for financial strength from A.M. Best Company and Standards & Poors. Munich Re Life US serves clients throughout the United States from its two locations in New York and Atlanta.
About Munich Re
Munich Re is one of the world’s leading providers of reinsurance, primary insurance and insurance-related risk solutions. The group consists of the reinsurance and ERGO business segments, as well as the capital investment company MEAG. Munich Re is globally active and operates in all lines of the insurance business. Its tailor-made solutions and close proximity to its customers make Munich Re one of the world’s most sought-after risk partners for businesses, institutions, and private individuals.
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About Evergreen Advisors Capital
Evergreen Advisors Capital, LLC is a leading investment banking and corporate advisory firm focused on assisting emerging growth and middle-market companies in the areas of corporate finance, growth and exit strategies, valuations and advisory services. For more information, visit www.evergreenadvisorsllc.com/
Securities transactions conducted through Evergreen Advisors Capital/Member FINRA/SIPC.