CDPQ and Inovia Capital Co-Invest US $37M in AlayaCare to Propel M&A Strategy
Caisse de dépôt et placement du Québec (CDPQ) and Inovia Capital announced today US $37M in funding for home care technology provider AlayaCare. This Series C extension will help the Company deliver on its M&A strategy to accelerate global growth. The round includes participation from Investissement Québec, Innovexport and Desjardins Innovatech.
AlayaCare also announced today the acquisition of Procura, a division of Complia Health, leading global provider of enterprise software for long-term and post-acute care provider organizations. This third and largest acquisition to date strengthens AlayaCare’s position in key domestic and international markets and immediately expands services for enterprise customers.
“We have a tremendous amount of respect for the entire Procura team and the industry-leading solutions they have built. We are thrilled to welcome their team and customers to the AlayaCare family,” said Adrian Schauer, AlayaCare CEO & Founder. “This acquisition enables us to offer an unrivaled solution set to organizations of all sizes around the world, strengthening our vision of becoming the world’s most trusted home and community care technology provider.”
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AlayaCare’s latest funding is another important milestone for a team that has steadily met or exceeded growth targets. Founder & CEO Adrian Schauer has crafted a purpose-driven, patient-first culture; his approach has resulted in an enterprise SaaS product that is a game-changer for the home healthcare industry, which has been historically fragmented and less reliant on new technologies.
“CDPQ strongly believes in AlayaCare’s vision of how cloud software, virtual care, and AI will transform the delivery of home healthcare,” says Charles Emond, Executive Vice-President, Québec, Private Equity and Strategic Planning, at CDPQ. “When we joined the series C investment round last summer it was with the intention of backing the company while it built a leading global platform, and we are thrilled to watch the AlayaCare team accelerate that vision with moves like this one.”
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“Inovia’s goal is to help founders make big bets in smart ways by providing multi-stage capital and the top tier mentorship needed to transform good ideas into global powerhouses” said Dennis Kavelman, Parner, Inovia Capital. “As long-term partners to Adrian and his team, we get to put our decades of experience in M&A, talent and operations to work.”
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This is Inovia’s third investment in AlayaCare, across the firm’s venture and growth funds.
ABOUT ALAYACARE
AlayaCare's unique platform includes back office, client and family portals, remote patient monitoring, telehealth, and mobile care worker functionality in one integrated, highly robust and secure, cloud-based system. AlayaCare is providing the platform for home and community care organizations to propel towards innovation and home care of the future. AlayaCare was founded in 2014. www.alayacare.com
ABOUT INOVIA CAPITAL
Inovia Capital is a full-stack venture firm that partners with audacious founders to build enduring global technology companies. We seek to transform venture capital by perfecting the craft of investing in people first. We roll up our sleeves to serve founders with dedicated, long-term mentorship, a global talent network, and strategic support for global scale. Together, we rewrite the rules of complex legacy industries, push technology frontiers and pursue bold visions of a better future. Inovia Capital manages over US $1B across five funds including early and growth stages, and holds offices in Montreal, Toronto, Calgary, San Francisco and London. For more information, visit inovia.vc.
ABOUT CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC
Caisse de dépôt et placement du Québec (CDPQ) is a long-term institutional investor that manages funds primarily for public and parapublic pension and insurance plans. As at June 30, 2019, it held CAD 326.7 billion in net assets. As one of Canada’s leading institutional fund managers, CDPQ invests globally in major financial markets, private equity, infrastructure, real estate and private debt. For more information, visit cdpq.com, follow us on Twitter @LaCDPQ or consult our Facebook or LinkedIn pages.
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