JACKSONVILLE--Align Networks, Inc. ("Align Networks" or "Align"), a leading provider of workers' compensation physical medicine programs, today announced a significant investment from global growth equity firm General Atlantic LLC ("GA"). Financial details of the transaction were not disclosed.
Founded in 2006, Align coordinates and actively manages physical medicine for workers' compensation patients through its nationwide provider network. Since inception, Align has carved out a unique niche within its segment, based on its focus of serving all workers' compensation constituents - insurance carriers and third-party administrators, injured workers, and therapy providers. Align consistently delivers outstanding value, defined by industry-leading cost savings, clinically-driven superior patient outcomes, and streamlined administrative processes.
"General Atlantic's understanding of Align's unique value proposition and their commitment to our strategic vision for growth make them an excellent partner," said Butch Hofstetter, President and CEO of Align Networks. "We look forward to working closely with GA to position Align as the preeminent provider network to the workers' compensation industry."
Founded in 1980, General Atlantic invests approximately $2 billion a year in high quality, high growth companies around the world. GA combines a collaborative global approach, sector specific expertise, a long-term investment horizon, and a deep understanding of growth drivers to partner with great management and build exceptional businesses worldwide. Active in six sectors, GA's current healthcare investments include: MedExpress and Emdeon in the U.S.; Amedes Group and CompuGroup in Europe; Jubilant in India; and Wuxi Apptec in China. Prior healthcare investments include Multiplan and Schaller Anderson in the U.S. and Grupo Qualicorp in Brazil, among others.
"We are excited to partner with the Align team to provide the workers' compensation industry with the critical care management tools and cost-containment services needed to ensure higher quality patient outcomes at a lower cost," said Jonathan Korngold, Managing Director at General Atlantic and head of the firm's healthcare sector.
"Align reduces costs and administrative burdens for payors, increases patient volumes and payment certainty for quality healthcare providers, and ensures patients receive prompt quality care in line with clinical best practices," noted Robbert Vorhoff, a Principal in General Atlantic's healthcare sector. "The strength of Align's value proposition to each of these constituents will drive continued robust growth for the company in the years ahead."
About Align Networks
Align Networks manages a specialized workers' compensation provider network of outpatient rehabilitation facilities throughout the United States. The company partners with its customers to expedite scheduling and treatment of injured workers, while providing significant cost savings relative to direct-to-provider contracting and ensuring appropriate usage through its proprietary utilization management system. Founded in 2006, Align is headquartered in Jacksonville Florida. For further information, please see: www.alignnetworks.com
About General Atlantic
General Atlantic is a leading global growth equity firm providing capital and strategic support for growth companies. Established in 1980, GA manages approximately $17 billion in capital and has more than 75 investment professionals based in Greenwich, New York, Palo Alto, London, Düsseldorf, Hong Kong, Beijing, Mumbai and São Paulo. For further information and a listing of GA's public and private portfolio companies, please see: www.generalatlantic.com.
Kekst & Company (on behalf of General Atlantic)