Great Point Partners II Sells Citra Health Solutions to Cedar Gate Technologies

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Great Point Partners announced today that it has signed a definitive agreement to sell GPP II portfolio company, Citra Health Solutions.

Great Point Partners (“GPP”), a Greenwich-based private investment firm focused exclusively on the health care industry, announced today that it has signed a definitive agreement to sell GPP II portfolio company, Citra Health Solutions (“Citra” or the “Company”), to Cedar Gate Technologies, a portfolio company of GTCR Private Equity. Citra, based in Raleigh, NC is a tech‐enabled software platform that automates and manages complex capitated arrangements for payers and providers. The Company provides a robust technology platform (EZ-SUITE) to support providers and payers managing at‐risk, value‐based arrangements. EZ-SUITE offers eligibility management, utilization management, care management, and administration of complex contractual arrangements including capitation and automated claims.

Adam Dolder, Managing Director at GPP commented, “This successful investment was grounded in our thematic approach in 2014 to capitalize on the changes in the health care system driven by increasing value-based care trends. We were fortunate to recruit Scott Sanner (CEO) and an entirely new team to drive Citra and together, we made the key decision to focus the Company on its software solution and are thrilled with the outcome.”

“When I joined Citra two years ago, I was excited to partner with Great Point because of their health care expertise and track record of success in health care information technology,” Scott Sanner, Chief Executive Officer at Citra, stated.

“Our expertise in proprietarily sourcing add-on acquisitions enabled Citra to make a key acquisition of a highly strategic and complementary technology company, which helped drive significant value,” added Bret Tenenhaus, Senior Vice President at GPP.

“Over the last five years, the Company grew revenue at a 18% rate per year and EBITDA at a 43% rate per year,” said Eddie Hjerpe, Vice President at GPP.

Cain Brothers and Falcon Capital Partners served as financial advisors to Citra and McDermott Will & Emery served as legal counsel to Citra.

About Great Point Partners

Great Point Partners (“GPP”), founded in 2003 and based in Greenwich, CT, is a leading health care investment firm, currently with approximately $2.0 billion of equity capital currently under management and 28 professionals, investing in the United States, Canada, and Western Europe. GPP is currently making new private equity investments from GPP III. Great Point manages capital in private (GPP I, $156 million and GPP II, $215 million of committed capital, and GPP III which has $307 million in committed capital) and public (BioMedical Value Fund family, approximately $1.5 billion) equity funds. Great Point Partners has provided growth equity, growth recapitalization, and management buyout financing to more than 100 growing health care companies. The private equity funds invest across all sectors of the health care industry with particular emphasis on biopharmaceutical and medical device services and supplies, alternate site care, and information technology enabled businesses. The firm pursues a proactive and proprietary approach to sourcing investments and tuck-in acquisitions for its portfolio companies. Reach Great Point at 203-971-3300 or http://www.gppfunds.com.

About Citra Health Solutions

Citra provides a one-contract, connected solution for clinical, financial and administrative requirements. Solving for the needs of providers, payers, health systems and employers in the transition to value-based care, Citra empowers clients with proven technology, population health, analytics, care management, and administrative services to lower the cost of care and improve quality. Citra currently serves 6 of the top 7 Health Plans, 7 Fortune 500 Companies, 50+ IPAs and MSOs managing commercial, Medicare and Medicaid populations, and 100+ Provider Groups, Hospitals, Universities and Integrated Delivery Networks throughout the United States and in Puerto Rico.

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Emily St. Thomas
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