Wellington Financial Provides $10 Million growth financing in Support of the Merger of TUC and CareWorx
We just announced our third financing in a row for a Canadian-based firm. Given the reality that 80% of our portfolio is made up of US-based, VC-backed companies, I’m almost ready to declare a trend!
This one is a $10 million tranche for Ottawa-based TUC Managed IT Solutions (to be renamed CareWorx Inc.). The funds will help TUC, a market-leader in managed IT and cloud services, acquire CareWorx Inc., a North American-leader in technology solutions serving senior care facilities. From our press release:
TUC provides IT service organizations including small and medium-sized enterprises, technology vendors and service providers with a comprehensive suite of managed IT and cloud services for end-users, supported 24×7 through our North American-based service desk. The merger represents the next level of managed services providing the complete technology stack for senior care – devices, applications, service and support.
CareWorx is a provider of advanced technology hardware, cloud products and related services to senior care facilities leveraging a strategic partnership with PointClickCare® – the market-leader in Electronic Health Records (EHR) software for senior care. CareWorx provides customers with focused expertise, wireless networking and out-of-the-box point-of-care and mobile technology designed specifically for use in senior care.
The combined company will eventually adopt the CareWorx brand and will establish Managed Services and Senior Care divisions that will continue to support all existing TUC and CareWorx customers. The Senior Care division will aim to vastly improve technology and IT support options for senior care facilities. The Managed Services division will continue to offer managed IT and cloud services with a specific focus on expansion in the midmarket and healthcare through a channel-first strategy.
“TUC and CareWorx have been working very closely since November 2014 – strategically, taking our partnership to the next level just made sense,” said Mark Scott, CEO of TUC and the newly-merged company. “Together we saw new opportunities emerging in this market set to explode over the next decade. The financing provided by Wellington Financial will help us realize on these opportunities and build a stronger company for the benefit of each of our customers.”
“Our products and services affect how more than 500,000 senior care workers impact the lives of over half a million residents daily,” said Mark Tomzak, former CEO of CareWorx and now President of the merged company, focusing on the Senior Care division. “Our goal is to help senior care facilities strategically plan what technology best meets their needs, help them get the most out of it, and ensure they have the support they need when they need it – allowing them to focus on what matters most – resident care.”
We are delighted to welcome both teams to our portfolio.