PracticeTek and Integrated Practice Solutions Merge to Create One of the Nation’s Largest Retail Healthcare Solutions Providers

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The healthcare industry is constantly evolving, and in order to keep up with the changing landscape, companies need to adapt and innovate. That's exactly what PracticeTek and Integrated Practice Solutions (IPS) have done with their recent merger. The two companies have joined forces to create one of the nation's largest retail healthcare solutions providers. This merger brings together PracticeTek's expertise in software and payments solutions with IPS's premier practice management and electronic health record software platform.

The newly formed company, which will retain the PracticeTek brand, aims to offer innovative solutions to over 40,000 retail healthcare providers in the U.S. and Canada. These solutions include electronic health records, practice management software, business intelligence and analytics, digital intake forms, digital marketing, website solutions, and patient engagement tools. By providing a comprehensive retail healthcare software workflow, PracticeTek aims to enhance practice efficiency, improve clinical outcomes, and elevate the overall patient care and experience.

The merger has been made possible through the involvement of various investment firms. Lightyear Capital, which had a majority ownership in PracticeTek prior to the merger, will maintain its stake in the combined company. Greater Sum Ventures, an existing investor in PracticeTek, will also continue to hold its investment. Additionally, Waud Capital Partners, an investor in IPS, will reinvest in the go-forward business with a minority stake. The combined expertise and resources of these investment firms will contribute to the growth and success of PracticeTek.

George Ahn, the CEO of IPS, has been named the new CEO of PracticeTek. With his 35 years of experience in the software industry, including senior executive roles at IBM, PeopleSoft, and Siebel, Ahn brings a wealth of knowledge and strategic vision to the company. He will be responsible for leading PracticeTek and driving its growth in the retail healthcare market.

The merger between PracticeTek and IPS is expected to provide significant value to their clients. The combined company will be able to deliver a wide range of retail healthcare solutions to its existing client base, as well as attract new clients with its comprehensive offerings. The new PracticeTek aims to capitalize on the growing retail healthcare industry verticals and provide a unique value proposition that sets it apart from competitors.

The success of PracticeTek can be attributed to its strategic acquisitions, which have allowed the company to expand its footprint within a highly fragmented market. IPS represents PracticeTek's sixth and most significant acquisition under Lightyear's ownership. Going forward, PracticeTek plans to continue pursuing this acquisition strategy while also driving organic growth.

The merger between PracticeTek and IPS has received positive feedback from the investment firms involved. Mark F. Vassallo, Managing Partner of Lightyear Capital, expressed excitement about the growth opportunities that this merger presents. He looks forward to working with the management team at PracticeTek and continuing to partner with Greater Sum Ventures and Waud Capital.

Michal Petrzela, Managing Director of Lightyear, emphasized the importance of delivering combined retail healthcare solutions to meet the demands of healthcare providers. The merger allows PracticeTek to offer a one-stop solution that addresses the needs of its clients and positions the company for further growth.

Justin DuPere, Partner at Waud Capital, highlighted the compelling value proposition that the combined company offers to customers. He believes that the new solutions provided by PracticeTek will help healthcare providers improve their operational efficiency and enhance patient care.

In conclusion, the merger between PracticeTek and Integrated Practice Solutions is a significant development in the retail healthcare industry. The combined company is set to become one of the nation's largest retail healthcare solutions providers, offering innovative software solutions to healthcare providers across the U.S. and Canada. With the expertise of George Ahn and the support of investment firms like Lightyear Capital, Greater Sum Ventures, and Waud Capital, PracticeTek is well-positioned to drive growth and deliver value to its clients in the ever-changing healthcare landscape.