Kalanick-Backed Startup Kareo to Merge With Health-Care IT Firm
(Bloomberg) -- Closely held health-care information technology firms PatientPop and Kareo are merging in a deal that, according to a person with knowledge of the matter, will value the combined company at $1 billion including debt.
The merged company will be called Tebra, according to a statement.
Existing Kareo investor Golub Capital will contribute $65 million in growth financing to support the merger. Kareo’s board members include Uber Technologies Inc. co-founder Travis Kalanick, its website shows. Kalanick won’t join the merged Tebra’s board but will remain an investor and adviser to the company, a representative for Tebra said.
The combined company will have about 1,000 employees supporting more than 100,000 health-care providers serving more than 85 million patients in the U.S., according to the statement.
Kareo Chief Executive Officer Dan Rodrigues will run the combined company as CEO while PatientPop’s co-CEOs, co-founders Luke Kervin and Travis Schneider, will serve as Tebra’s chief innovation officer and chief corporate development officer.
Based in Irvine, California, Kareo provides software that supports electronic medical records and billing. PatientPop, also based in Southern California in Santa Monica, makes appointment booking tools and products that help patients find doctors.
Silver Lake Waterman, a fund that focuses on investing in companies before they go public, according to Silver Lake’s website, is a backer of Kareo.
JPMorgan Chase & Co. advised Kareo on the deal.
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