MONTREAL – (BUSINESS WIRE) – AlayaCare, a global home and community care software company, today announced a $ 225 million Series D funding round led by Generation Investment Management LLP, with the participation of Klass Capital and established investors Inovia Capital (“Inovia “), CDPQ and Investissement known Quebec. AlayaCare has grown its business significantly, delivering more than a billion patient visits around the world. The US is now the fastest growing part of AlayaCare’s business, representing 7x growth over the past 24 months.
Today’s announcement fuels AlayaCare’s mission to deliver the home care of the future through transformative innovation, data-driven insights, and a superior care experience that ultimately lead to better patient outcomes and lower costs for providers. AlayaCare will use the funds to continue global expansion, hire additional staff and continue investing in innovation capabilities to build a broader post-acute care offering, in addition to products that will help solve labor market problems related to staff shortages and brain drain .
According to Precedence Research, the global home health care market is expected to grow at a CAGR of more than 8%. The explosive growth of the aging population – combined with an increasing prevalence of chronic diseases, a worldwide shortage of nursing staff and a shift towards value-based remuneration – is forcing a rethink in care.
“Staff shortages and retention remain a major headache for any home health provider. AlayaCare is uniquely positioned to address common issues related to planning challenges and balancing patient and care preferences, ”said Adrian Schauer, CEO and Founder of AlayaCare. “Our innovative technology helps run the back office more efficiently so that the nursing staff can focus on the results instead of the paperwork. With the support and trust of our investors, customers, partners and employees, we are excited to scale the AlayaCare platform and make the more sustainable home health model mainstream. ”
Today, more than 500 home and community care organizations around the world rely on AlayaCare’s leading software to improve operational efficiencies through their modern, intelligent software. A key differentiator of the platform is its artificial intelligence (“AI”) -based predictive models, which enable business leaders to spend less time on manual tasks and focus more on growing their organizations to meet the huge demand in healthcare systems for home care. The AlayaCare platform also has a robust third-party application programming interface (“API”) integration that enables customers to integrate it holistically with their existing systems. Today’s announcement accelerates AlayaCare’s global growth strategy and will give companies around the world access to the award-winning platform.
“We fundamentally believe that treating people at home is key to building a sustainable health system that offers better outcomes at a lower cost. AlayaCare is providing a win-win for both patients and providers by meeting the growing demand for home care with a more modern, efficient, data-driven and user-friendly system that dramatically improves the experience for caregivers and their agencies, ”said Dave Easton , Growth Equity Partner, Generation Investment Management LLP. “We look forward to helping AlayaCare double its investment in research and development and create the next generation of home care and home health software and a value-driven future.”
“There is a turning point in the home care market and COVID-19 has confirmed our investment thesis in the sector,” said Dennis Kavelman, partner, Inovia. “We are proud to continue to support AlayaCare in delivering their M&A playbook and accelerating their growth in the US market.”
“AlayaCare is a compelling example of how technology can be used to help communities, with sophisticated home care solutions that optimize the performance and quality of patient care,” said Alexandre Synnett, executive vice-president and chief technology Officer, CDPQ. “With the surge in home health care worldwide, AlayaCare is well positioned to continue growing and consolidating the international market.”
“Investissement Québec, a leading investor in this funding round, is proud to reaffirm its trust in AlayaCare, a promising Montréal company that is reinventing the way home care is provided. This is exactly what our agency is there for: working with solid investment partners to support growth and empower tomorrow’s technology leaders while helping to maintain our headquarters and value-adding business here in Québec, ”said Guy LeBlanc, President and CEO of Investissement Québec.
The transaction was supported by TD Securities Inc. as exclusive financial advisor, Aust Legal and Stikeman Elliott LLP as advisor to AlayaCare.
Since its inception, AlayaCare has seen double-digit growth, expanding its operations in the US, Canada and Australia and now employing nearly 500 people with a goal of adding more than 300 employees in the years to come.
Visit www.alayacare.com to learn more about the AlayaCare platform, which includes scheduling, reporting, clinical documentation, billing, mobile app for caregivers and dedicated portals for patients, family members and caregivers.
About AlayaCare
AlayaCare provides an end-to-end software platform for home and community care providers to manage the entire customer lifecycle from referral and admission to billing, payroll, and beyond. By combining traditional home and virtual care solutions, AlayaCare enables care providers around the world to drive innovation and the healthcare of the future. AlayaCare was founded in 2014 and is the parent company of Procura, Arrow, CIMS and AcuteNet. www.alayacare.com
About Generation Investment Management LLP
Generation Investment Management LLP is dedicated to long-term investments, integrated sustainability research and customer orientation. It is an independent, private, owner-managed partnership founded in 2004 and headquartered in London with a US office in San Francisco. Generation Investment Management LLP is authorized and regulated in the UK by the Financial Conduct Authority. www.generationim.com
About Inovia Capital
Inovia Capital is a venture firm that teams up with courageous founders ready to build enduring global technology companies. We’re known for rolling up our sleeves and helping founders with dedicated, long-term mentoring, a global talent network, and strategic support for global reach. Inovia Capital manages over $ 1.5 billion in early and growth-phase funds and has offices in Montreal, Toronto, Calgary, San Francisco and London. For more information, see inovia.vc.
About CDPQ
At the Caisse de dépôt et Placement du Québec (CDPQ), we invest constructively in order to generate sustainable returns over the long term. As a global investment group managing public pension and insurance plans funds, we work with our partners to build companies that drive performance and progress. We operate in the major financial markets, private equity, infrastructure, real estate and private debt. As of December 31, 2020, CDPQ’s net worth is $ 365.5 billion. For more information, visit cdpq.com, follow us on Twitter, or visit our Facebook or LinkedIn pages
About Investissement Québec
Investissement Québec’s mission is to play an active role in Québec’s economic development by promoting business innovation, entrepreneurship and business acquisitions, as well as investments and exports. The company operates in all administrative regions of the province and supports the creation and growth of companies of all sizes with investments and tailor-made financial solutions. It also assists businesses through advisory services and other support activities, including technology support from Investissement Québec – CRIQ. The company also seeks talent and foreign investment through Investissement Québec International and supports Québec companies in export activities.
source https://dailyhealthynews.ca/alayacare-raises-225-million-to-accelerate-the-digital-transformation-of-home-health-care/
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