Carrick Capital Partners Acquires Majority Stake In Discovery Health Partners

SAN FRANCISCO and NEWPORT BEACH, Calif., Aug. 9, 2018 /PRNewswire/ -- Carrick Capital Partners, an investment firm focused on technology-enabled services including SaaS, Software, BPO and Transaction Processing, today announced the close of an additional significant investment in Discovery Health Partners.

The transaction, which follows an initial investment of $22.5 Million in August of 2015, makes Carrick the majority shareholder through the purchase of an undisclosed number of shares from early-stage investors.

"This investment underscores our confidence in the team, the market and the company's execution," said Carrick Capital Partners Managing Director Steve Unterberger. "We have witnessed how effectively Discovery has used their combination of an existing loyal customer base, powerful data analytics and machine learning expertise to rapidly develop new offers, specifically those focused on government funded programs. Our shared focus on operational excellence and growth, and our confidence in Discovery's team, made this opportunity to take a majority position very attractive."

Discovery Health Partners' customer base consists of more than 60 health plans, including five of the 10 largest U.S. health plans, 12 Blues plans, more than 50 Medicare Advantage plans, and numerous regional and community plans. As reimbursement has become more complex and government programs have continued to grow, Discovery has led the industry in innovative solutions that help health plans and other healthcare organizations reduce waste, fraud, and inefficiency.

"Having worked closely with Discovery Health Partners for the past three years, the team at Carrick knows firsthand how the company has successfully grown to capitalize on the market opportunity in payment integrity. In Jason Brown, they have a phenomenal CEO who is a strategic thinker with great operating acumen. Customers today are looking to do more with fewer vendors, and Discovery has positioned themselves as the vendor of choice by leading the industry in innovation and earning unparalleled customer satisfaction," added Carrick Capital Partners Managing Director Alex Mason.

According to Discovery Health Partners CEO Jason Brown, "Payment integrity for healthcare payers is rapidly evolving and the world is shifting to pre-pay as quickly as technology will allow. At Discovery, we are delivering solutions that will solve client problems not being addressed by other vendors. Our partnership with Carrick, which enables us to tap into their operational and technological expertise, has been critical to our success. It will play an even greater role as we continue building a portfolio of solutions that creates tangible value for our health plan clients. We are very pleased by the vote of confidence that Carrick's additional investment represents and we are excited for the continued impact we will make together."

Both Alexander Mason and Steve Unterberger will remain actively involved as members of the Discovery Health PartnersBoard of Directors.

About Discovery Health Partners

Discovery Health Partners' mission is to deliver unique, actionable analytic insights and technology-powered solutions to help healthcare payers improve payment integrity, increase revenue optimization, and maximize efficiencies with government programs. Serving more than 60 health plans across the U.S., including five of the 10 largest U.S. health plans, Discovery has been recognized consistently for its growth?earning a spot on the Inc. 5000 list four years in a row and the Crain's Fast 50 three times. For more information on Discovery Health Partners, go to www.DiscoveryHealthPartners.com.

About Carrick Capital Partners

Headquartered in San Francisco and Newport Beach, Carrick Capital Partners is a growth-oriented investment firm that utilizes ABV (Approach to Building Value) to operationally scale fast-growing, technology-enabled businesses. Carrick adds value by taking a concentrated approach and dedicating significant resources post-investment.  Leveraging decades of experience, Carrick helps scale great companies that deliver excellent returns for investors, stimulating economic growth and positively impacting the industry landscape. Working directly with CEOs and entrepreneurs, Carrick fulfills a vital need for investment capital and growth expertise. For more information, please visit www.carrickcapitalpartners.com.

CONTACTS:
Machie Madden for Carrick Capital Partners
[email protected]
212.292.8560

Mary Dalton for Discovery Health Partners
[email protected]
847.340.7810

SOURCE Carrick Capital Partners