OnShift Inc., a cloud-based human capital management software provider for the long-term post-acute care market, has received a strategic equity investment from Clearlake Capital Group LP , a leading private investment firm, with participation from the Ziegler Link•Age Fund II LP, a private equity fund focused on the post-acute and aging marketplace, and existing investor Health Velocity Capital.
Financial terms of the transaction were not disclosed. This investment will be used to expand OnShift's product development in recruitment, workforce and talent management, and accelerate sales and marketing plans. Dan Groen and Paul Huber of Clearlake will join OnShift's board of directors.
Mark Woodka, CEO of OnShift, said in a statement, "Clearlake is a highly regarded investment firm with significant expertise in software, and this strategic investment will provide OnShift with the support and resources to accelerate our growth strategy through product innovation, market expansion and industry leadership. We are delighted to have the backing of Clearlake, Ziegler Link•Age and Health Velocity Capital and look forward to advancing our success through their combined market knowledge, deep industry relationships, operational expertise and financial partnership."
"We are thrilled to add OnShift to our portfolio of growing, market-leading healthcare software businesses," stated Groen and Huber. "We believe OnShift's strong customer value proposition solving compliance requirements, staff turnover issues and excessive overtime, alongside the company's culture of product innovation, uniquely positions OnShift to be the LTPAC's preferred HCM platform. We look forward to partnering with Mark and the management team in leveraging the Clearlake O.P.S.® framework to support OnShift during its next phase of growth."
This strategic investment builds upon the early financial support provided by Draper Triangle Ventures, Early Stage Partners, Fifth Third Capital, Glengary LLC, HLM Venture Partners, JumpStart Inc., North Coast Venture Fund and West Capital Advisors. KeyBanc Capital Markets served as the financial adviser to OnShift for this financing round.
