St. Louis startup TCARE, which provides technology to help senior caregivers, has expanded with the acquisition of a New York-based software firm.
TCARE has acquired Ruby Home Services Inc., whose software is used to complete home safety assessments for the elderly. Financial terms of the deal were not disclosed.
The acquisition expands the technology provided by TCARE, which offers an evidence-based analytics program that allows social workers, care managers and care coordinators to help family members and caregivers responsible for seniors, foster care children and kids with special needs. TCARE works with managed care organizations and government agencies as well as health, life and long-term care insurance carriers.
With the acquisition, TCARE co-founder and CEO Ali Ahmadi said the local startup has further positioned itself as “the leading aging-in-place technology provider and data analytics provider in the elder care space.” He said TCARE was introduced to Ruby through one of its investors, St. Louis-based venture capital firm SixThirty. While TCARE initially expected to pursue a partnership with the New York software company, Ahmadi said discussions eventually expanded to involve an acquisition.
Ruby was founded by 25madison, a New York-based venture firm that focuses on creating new companies and investing in early stage firms. 25madison CEO Steven Price said TCARE’s acquisition of Ruby will provide the two firms with the ability to bolster their mission of bettering elder care.
"In assessing the aging-in-place environment, the Ruby team recognized the immense problem of caregiver burnout. When we were introduced to TCARE, we were impressed with the advanced caregiver solutions they had developed," Price said. ”The combination of TCARE's best-in-class caregiver solutions with Ruby's focus on enhancing the lives of seniors brings us closer to solving our shared mission: creating a hub for aging that touches multiple facets of seniors' lives. Together, we can allow more seniors to age safely and happily in the homes they love.”
With the acquisition, Ruby’s 12 employees will join TCARE, Adhmadi said. He said current plans call for Ruby and its team to relocate its headquarters to St. Louis. Between the acquisition and recent hires, Ahmadi said TCARE’s workforce now exceeds 100 employees.
TCARE in recent years has emerged as one of St. Louis’ fastest-growing startups, having relocated to the region after winning an Arch Grant in 2019. The startup in 2020 closed on a $3 million funding round.
