TORONTO and OTTAWA,
Feb. 8, 2016 /CNW/
- Wellington Financial LP, a privately-held
specialty finance firm, today announced a $10 million credit facility for 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.
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 24x7 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."
Mark Usher, Partner at Wellington
Financial added, "We are very pleased to be partnering with these
two market-leading technology providers as they join forces to
leverage the strength of each business". "We believe that
once combined, the team will quickly reach new heights", said
Usher.
About Wellington Financial LP
Wellington Financial LP is a privately-held specialty finance
firm providing term, venture and amortizing loans up to
$40 million. Wellington Financial LP
is currently managing a $900 million
investment program with offices in Menlo Park, Santa Monica and
Toronto. Wellington Financial LP
is managed by a partnership controlled by fund management and
Clairvest Group Inc. (CVG:TSX), who jointly have contributed a
large financial stake to the Fund. LPs include several of
Canada's largest institutional
investors, crown corporations, financial institutions and pension
funds. Please visit the fund website at www.wellingtonfund.com.
About TUC®
TUC is a leading provider of managed IT and cloud services to
small- and medium-sized enterprises. Our TUC Service Center
provides IT service organizations with a complete platform to
deliver 24x7 Service Desk, IT Service Management, IT Automation,
Security and Self-Service to end-users. TUC is ranked as a
Top-100 global MSP - supporting customers and channel partners
across North America. Start
making your Technology UnComplicated today by
visiting www.tucmanaged.com.
About CareWorx
CareWorx is the industry's largest provider of Point of Care,
eMAR, mobile computing and wireless networking hardware solutions
for use with EHR software applications in the North American Senior
Care market. With over 14 years of dedicated experience in Senior
Care, CareWorx has designed its technology solutions to be rugged
enough to withstand the environment of a Senior Care facility while
being extremely efficient and energy conscious. More than 4,000
facilities currently operate over 50,000 CareWorx touchscreens for
their daily electronic health record (EHR) documentation.
www.careworx.com
SOURCE Wellington Financial LP
