Leading Video-Focused Language Interpretation Service Provider to Become Independent Company
GTCR, a leading private equity firm, announced today that it has signed a definitive agreement to acquire Cloudbreak Health, LLC, a leading provider of tech-enabled, healthcare-focused language interpretation services, in a corporate carve-out transaction from UpHealth, Inc. Under the terms of the agreement, the purchase price is $180 million, and the transaction is expected to close in the first quarter of 2024 following the receipt of customary regulatory and stockholder approvals and closing conditions.
Headquartered in Columbus, OH, Cloudbreak is a leading video-focused language interpretation service provider that helps patients with limited English proficiency communicate with caregivers in healthcare settings. The Company’s core offering is Martti™ (My Accessible Real-Time Trusted Interpreter), a HIPAA-compliant Video Remote Interpretation (VRI) solution that connects patients with interpreters in over 250 languages across its network of more than 1,000 interpreters. Cloudbreak serves clinicians and patients across all types of healthcare settings, including hospitals, urgent care centers, standalone clinics, and medical practices, and helps improve health equity across an underserved U.S. patient population.
The transaction will strengthen Cloudbreak’s leading position as a high-quality provider of interpretive telehealth services in a growing end market. GTCR expects to make substantial investments in the business to enhance the Company’s go-to-market strategy, drive operational efficiencies, and invest in its tech-enabled offerings to accelerate organic growth. GTCR has substantial experience in the healthcare technology segment in which Cloudbreak operates. The firm also has a long history of pursuing and completing complex corporate carve-outs.
“We see tremendous opportunity to leverage our firm’s long history in the health and technology sectors to advance Cloudbreak, investing in its technology and continuing to enhance its product offering to meet evolving clinician and patient needs,” said Mark Anderson, Managing Director and Head of Technology, Media & Telecommunications at GTCR. “Cloudbreak has established itself as a leader in the healthcare interpretation end-market and is well positioned to increase its service to customers and the limited English proficiency community. We look forward to partnering with the Cloudbreak team and think the Company will benefit as a standalone provider of these critical services.”
“We are excited to partner with Cloudbreak and its talented team to drive this market-leading business forward,” added Geoffrey Tresley, Principal at GTCR. “Cloudbreak delivers a strong value proposition to its healthcare clients, improving quality of care and patient satisfaction.”
“GTCR brings a wealth of experience in healthcare technology and a deep understanding of Cloudbreak’s potential. We look forward to partnering with the team to fulfill our mission of providing equitable healthcare access to limited English proficiency and deaf and hard-of-hearing populations now as an independent company,” said Andy Panos, Co-Founder and President at Cloudbreak.
Monroe and Barings are providing debt financing support for the transaction. Kirkland & Ellis LLP provided legal counsel.
About GTCR
Founded in 1980, GTCR is a leading private equity firm that pioneered The Leaders Strategy™ – finding and partnering with management leaders in core domains to identify, acquire, and build market-leading companies through organic growth and strategic acquisitions. GTCR is focused on investing in transformative growth in companies in the Business & Consumer Services, Financial Services & Technology, Healthcare and Technology, Media & Telecommunications sectors. Since its inception, GTCR has invested more than $25 billion in over 270 companies, and the firm currently manages more than $35 billion in equity capital. GTCR is based in Chicago with offices in New York and West Palm Beach. For more information, please visit gtcr.com. Follow us on LinkedIn.
Originally announced November 16th, 2023
