Cloud-based human capital management (HCM) software provider for the long-term post-acute care (LTPAC) market, OnShift, Inc., has recently announced a key investment from Clearlake Capital Group, L.P., alongside its partners. Other investors include Ziegler Link•Age Fund II, L.P., a private equity fund focused on the post-acute and aging marketplace, and prior investor Health Velocity Capital. Financial terms of the transaction remain undisclosed.
OnShift's multi-tenant software-as-a-service platform facilitates scheduling, labor analytics, workforce planning, employee financial wellness, employee engagement, applicant tracking and recruitment management for nearly 5,000 customers, including many of the leading skilled nursing and senior living providers. This investment will be used to expand OnShift's product development in recruitment, workforce and talent management, and accelerate sales and marketing plans. Dan Groen and Paul Huber of Clearlake will join OnShift's board of directors.
"OnShift's award-winning SaaS solutions help post-acute care and senior living providers tackle their critical workforce issues, from recruiting and hiring staff to engaging and retaining them," stated Mark Woodka, CEO of OnShift. "Clearlakeis a highly regarded investment firm with significant expertise in software, and this strategic investment will provide OnShift with the support and resources to accelerate our growth strategy through product innovation, market expansion and industry leadership. We are delighted to have the backing of Clearlake, Ziegler Link•Age and Health Velocity Capital and look forward to advancing our success through their combined market knowledge, deep industry relationships, operational expertise and financial partnership."
"We are thrilled to add OnShift to our portfolio of growing, market-leading healthcare software businesses," stated Groen and Huber. "We believe OnShift's strong customer value proposition solving compliance requirements, staff turnover issues and excessive overtime, alongside the company's culture of product innovation, uniquely positions OnShift to be the LTPAC's preferred HCM platform. We look forward to partnering with Mark and the management team in leveraging the Clearlake O.P.S.® framework to support OnShift during its next phase of growth."
This strategic investment led by Clearlakebuilds upon the early financial support provided by Draper Triangle Ventures, Early Stage Partners, Fifth Third Capital, Glengary LLC, HLM Venture Partners, Jumpstart Inc., North Coast Venture Fund and West Capital Advisors. KeyBanc Capital Markets served as the financial advisor to OnShift for this financing round.
"OnShift is a leader in the post-acute and aging space and we are delighted to be a partner with the company and management team. The OnShift solution helps solve problems that are real to most of the investors in our fund, so the connection is natural," said John Hopper, Chief Investment Officer of Ziegler Link•Age.
Edited by K. Fanning
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