WebPT, a comprehensive rehab-therapy software platform for enhancing patient care and fueling business growth, announced that private-equity firm Warburg Pincus has signed a definitive agreement to make a significant investment in the company. Battery Ventures, a global investment firm, is a selling shareholder in the transaction.
Battery invested in WebPT in 2014. Chelsea Stoner, a Battery general partner, and Paul Morrissey, a Battery principal, joined the company’s board of directors at that time. Since the investment, WebPT has completed four acquisitions to expand its product offerings and strengthen its position in the market; recruited several key executives to its current leadership team, including CEO Nancy Ham; and grown headcount to more than 400, from under 150.
Today, WebPT is the largest clinical and practice-management solution for physical therapists, occupational therapists and speech-language pathologists. The fast-growing software-as-a-service (SaaS) company—which was recently named to the Inc. 5000 list for the seventh-consecutive year—counts 85,000 customers at more than 15,000 clinics across the U.S. and its territories.
“WebPT’s growth and success over the past several years is a testament to both the company’s long-term vision and the management team’s skill in methodically executing on its growth plans,” said Battery’s Chelsea Stoner. “The company has helped thousands of clinicians in the rehab-therapy field run more efficient practices, which in turn has improved patient care. We are extremely proud to have partnered with the company to empower so many individuals and clinics in the physical therapy industry by bringing innovation, technology, and automation to their care settings.”
“Battery has been an invaluable partner to WebPT and was instrumental in fueling our growth,” said Ham, who joined WebPT in 2016. “We have no doubt that our new partnership with Warburg Pincus will help us continue to scale the business and help more patients. More broadly, while rehab therapy has vast potential to improve health outcomes at scale and significantly reduce costs for patients and providers, 90% of people who could benefit from rehab therapy aren’t receiving it today,” Ham added. “We’re still on a mission to change that.”
The Warburg Pincus investment in WebPT comes as the $35-billion rehab therapy market is projected to expand, influenced by an aging and active U.S. population and demand for treatment pathways that reduce opioid exposure, including physical therapy. Furthermore, the American Academy of Orthopaedic Surgeons reports that an estimated 126.6 million Americans (one in two adults) are affected by a musculoskeletal condition, which costs an estimated $213 billion in annual treatment, care and lost wages.
Battery Ventures provides investment advisory services solely to privately offered funds. Battery Ventures neither solicits nor makes its services available to the public or other advisory clients. For more information about Battery Ventures’ potential financing capabilities for prospective portfolio companies, please refer to our website. WebPT is a Battery portfolio company; for a complete list of all portfolio companies, please click here.
WebPT is the leading rehab therapy platform for enhancing patient care and fueling business growth. WebPT’s product suite provides a robust end-to-end solution covering the entire rehab therapy business cycle, from billing and managing a practice to delivering quality, evidence-based care. With a 99-percent retention rate and an uptime rate in excess of 99.9 percent across its entire platform, WebPT is the most-trusted and most-reliable solution in the industry, regardless of practice setting, specialty or size. WebPT’s growth has earned it a spot on the Inc. 5000 list of the nation’s fastest-growing companies seven years in a row as well as inclusion on the 2018 Healthcare Informatics list of the top 100 U.S. healthcare IT vendors. Learn more at www.webpt.com
About Battery Ventures
Battery strives to invest in cutting-edge, category-defining businesses in markets including software and services, Web infrastructure, consumer Internet, mobile and industrial technologies. Founded in 1983, the firm backs companies at stages ranging from seed to private equity and invests globally from offices in Boston, the San Francisco Bay Area, London, New York and Israel. Follow the firm on Twitter @BatteryVentures, visit our website at www.battery.com and find a full list of Battery’s portfolio companies here.