MatrixCare®, provider of the industry leading EHR for long-term care and senior living providers, has entered into a definitive agreement to acquire AOD Software ("AOD") of Fort Lauderdale, FL. Serving over 800 Continuing Care Retirement Communities (Life Plan Communities) ("CCRCs") and other long-term care facilities, in addition to 1,400 home health and home care locations, AOD is the premier solution for CCRCs. The closing of this transaction is subject to customary closing conditions (including obtaining regulatory approval).
John Damgaard, MatrixCare President and CEO, commented, "MatrixCare and AOD share many key values. Both organizations are energetic, fast growing, profitable, innovation-driven businesses that are addressing the fundamental challenges facing providers and consumers in the long-term post-acute sector. The businesses are also very complementary, with each having a strong market position in each of its areas of strength, and together having a portfolio of ancillary solutions that apply very well across care settings. MatrixCare provides the top-of-the-line solutions for skilled nursing and senior living facilities while the AOD product is the best in market for CCRCs. By integrating our collective technologies under a common care coordination platform, we will be able to offer the industry's first true full-spectrum solution for helping the emerging set of conveners and diversified LTPAC operators to deliver superior care and better outcomes. While the LTPAC sector has historically been forced to make due with disparate technologies from sub-scale vendors, the combination of MatrixCare and AOD offers providers a stable long-term partner as we transition to a fee-for-value system".
Aric Agmon, AOD President and CEO, commented, "AOD has experienced tremendous growth and profitability over the last twenty years by focusing on the needs of our industry, sustaining innovation to meet those needs, and by providing superior customer service. With our combined technology, resources, and industry experience, I am excited to work with John to offer providers an innovative solution that truly covers their entire scope of services and levels of care including Skilled Nursing, Assisted Living, Memory Care, Adult Day Care, Independent Living, Continuing Care Retirement Communities, Rehabilitation, and Home Health. We are fully aligned in dedication to the LTPAC industry and meeting the evolving needs of providers with continued innovation."
"Given our focus on long term value creation, OMERS Private Equity is very pleased to be supporting MatrixCare in its strategy to build the leading LTPAC technology vendor. We have strong conviction regarding the potential for a leading technology player to succeed in addressing the market's needs and believe that scale is becoming increasingly important. The combination of Matrixcare and AOD creates the leading scale player across multiple care settings." said Lisa Melchior, Managing Director, OMERS Private Equity.
