CheckedUp nets PE investment from Rockbridge
Capital Infusion to Accelerate Company’s Digital Leadership in Point of Care
DETROIT, Jan. 5, 2022 /PRNewswire/ — Rockbridge Growth Equity, a Detroit-based private equity firm, today announced an investment in digital out-of-home point of care provider, CheckedUp, a leading provider of 100% digital healthcare solutions at the point of care. The transaction will enable the firm’s executive team to pursue strategic growth initiatives, further invest in technology innovation, and expand CheckedUp’s reach in key markets.
Physician-founded by ophthalmologist Dr. Richard Awdeh and Mark Awdeh in 2012, CheckedUp is a 100% digital healthcare technology solutions company that supports treatment decisions by healthcare providers and patients across the U.S. through company-provided digital technologies – including waiting room displays and interactive digital wallboards. CheckedUp’s technology transmits information on diseases and treatments through its digital network in the critical moments when medical decisions are made. The company has enjoyed a period of rapid growth in recent years and now finds itself as an established market player, underpinned by recent client wins, which include some of the world’s leading advertisers at the point of care. In the U.S. the company’s revenues have more than doubled from 2019 to 2021.
In the same period the company has grown its team and invested significantly in its technology infrastructure. Rockbridge’s investment will build on this momentum, enabling the management team to invest in the people and technology required to scale the business, while ensuring the ability to deliver technology solutions at the point of care and maintaining a customer centric engagement and support model.
CheckedUp CEO, Dr. Richard Awdeh, commented, “We are delighted to be working with the Rockbridge team. Their investment in CheckedUp is an endorsement of our team, services, and technology that we have built over the last 10 years. We believe that the rapid growth in the business over the last few years is underpinned by the acceleration of a shift to digitization in the healthcare arena, specifically at the point of care.”
“This partnership with Rockbridge marks a turning point for the work we have been doing at CheckedUp for the better part of a decade,” said Mark Awdeh, Co-founder and President at CheckedUp. “As our network grows and we continue to innovate, Rockbridge is the perfect partner to support our mission to become an industry leader in out-of-home point of care technology.”
CheckedUp joins a robust portfolio of companies with Rockbridge, which had an active year of new partnerships filled with several platform acquisitions and add-on opportunities. Rockbridge will work alongside CheckedUp’s senior management team to pursue multiple identified growth initiatives in the coming years while also actively pursuing strategic add-on acquisitions in the point of care industry and ancillary markets.
“The impressive success that CheckedUp has experienced over the past several years pays testament to the quality of the platform and the organization as a whole,” said Kevin Prokop, Managing Partner at Rockbridge Growth Equity. “We’re thrilled to be invested and partnering with Richard, Mark, and the whole team as they continue to grow their technology, expand their service delivery capabilities, develop additional offerings and build a world-class organization in support of our customers. This is another great opportunity for the Rockbridge team to support talented owner-entrepreneurs within our network and add value to our portfolio of companies.”
Terms of the agreement were not disclosed. CheckedUp was represented by Covington Associates and Greenberg Traurig, while Rockbridge Growth Equity was represented by Honigman. Senior debt financing was provided by Fifth Third Bank.
CheckedUp is a physician founded digital patient education company that actively engages patients, caregivers, and physicians at the Point of Care. The Company is the nation’s largest 100% digital, specialty focused point of care network with a national footprint, providing condition specific, active patient engagement through a variety of digital touch points including TV’s in waiting rooms and interactive exam room digital wallboards in specialty Healthcare Provider’s offices and Health Hospital Systems across the US.
About Rockbridge Growth Equity:
Rockbridge Growth Equity is a Detroit-based private equity firm targeting control and minority equity investments in lower middle market services businesses headquartered in North America, including Digital Media & E-Commerce, Technology-Enabled Products & Services, Financial Services and Consumer Services. Rockbridge Growth Equity was initially founded in 2007 to serve as a private equity firm affiliated with the Rock Ventures Family of Companies, which includes Rock Holdings, Inc. (the holding company for Rocket Companies) and over 100 other companies owned by or affiliated with Dan Gilbert.
For more information on Rockbridge Growth Equity, visit www.rbequity.com.
SOURCE Rockbridge Growth Equity
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