Seattle-based health records software company Valant is changing hands.
On Monday, private equity firm Gemspring Capital announced it has sold Valant to Atlanta-based private equity firm Resurgens Technology Partners for an undisclosed amount. Gemspring acquired Valant, which has 90 employees, in 2019.
"We’re expecting investment capital to flow into the business to continue our scale and growth into the future," Valant CEO Ram Krishnan said in a statement to the Business Journal. "The whole team is carrying forward and will be joined by new ones as we scale and continue to grow."
Valant was founded in 2005. The company offers electronic health records software aimed at behavioral health practices. The software's services include documenting, assessments, billing and scheduling. Valant says it has served more than 22,000 behavioral health professionals.
Krishnan joined the company in 2020. He previously told the Business Journal capital from Gemspring helped Valant hire engineers, product managers, and sales and marketing personnel, adding that the investment and hiring were basic "blocking and tackling" to help with the company's growth.
Resurgens is a tech-focused private equity firm. According to the firm's website, its focus areas includes app software, IT software and "tech-enabled services." Its portfolio includes the productivity and collaboration company GitKraken and the research management company Verity.
“We believe that Valant is building the only purpose-built, full-suite solution for this market, making it the industry-standard choice for growth-minded behavioral health practices, and we are excited to support that growth," Fred Sturgis, managing director at Resurgens, said in a news release.
With Valant, Resurgent said it has now invested in seven companies with its $500 million second fund.
Gemspring, meanwhile, is headquartered in Westport, Connecticut. The firm manages $3.5 billion in assets and has portfolio companies like the merchandising solutions company Outform and the digital media and marketing company Bobit Business Media.
