DALLAS, June 22, 2022 /PRNewswire/ — ShiftKey, the largest platform for connecting independent licensed healthcare professionals with open shifts at healthcare facilities in the U.S. announced today that it has completed a strategic investment in Cleveland-based OnShift, the leading provider of workforce management technology for post-acute and long-term care facilities.

“Since our founding, our goal has been to combine the ShiftKey marketplace with a scheduling tool for facility employees. When the opportunity to invest in OnShift came up, we could not have been more excited to join forces with the market leader for scheduling and employee management in post-acute care.” Said Tom Ellis, Founder and CEO of ShiftKey.

The vision behind this partnership is to provide facilities with a wholistic view of their schedule showing their own workforce and independent workers in one place to create visibility into their costs and continuing to offer flexibility for how to meet the needs of their business.

“By offering the first complete solution to effectively manage the nursing schedule, our hope is to help alleviate the incredible pressure the industry is under to provide the best quality care while optimizing costs and creating transparency”, said Ellis.

While ShiftKey and OnShift will continue to operate independently, clients will benefit from additional new and innovative product offerings to help solve the operational challenges impacting healthcare administrators every day.

“OnShift and ShiftKey share a common vision to transform the healthcare industry by solving the staffing crisis,” said Mark Woodka, CEO of OnShift. “This partnership will address the unprecedented workforce challenges that today’s healthcare organizations are facing with modern, cost-effective strategies. We are excited about the long-term opportunities that our two world-class companies will deliver to the industry.”

About ShiftKey, LLC

Founded in 2016, Dallas, TX based ShiftKey is a platform that is disrupting the way healthcare facilities typically find licensed and certified professionals to fill available shifts. Leveraging marketplace dynamics and deep industry knowledge, the company is playing a vital role in mitigating America’s healthcare staffing shortages, enabling direct connections between facilities and healthcare professionals. By offering the opportunity to work as much or as little as they choose and putting the power back into the hands of healthcare workers, ShiftKey is bringing more licensed professionals back into the workforce, a solution that is solving a major crisis in healthcare. Since its inception, healthcare facilities have posted more than 35 million hours of shifts on ShiftKey, interacting with hundreds of thousands of professionals looking for flexible work. For more information, visit www.ShiftKey.com

About OnShift:

OnShift’s next-generation platform fundamentally transforms the relationship between healthcare organizations and their workers. Our innovative approach to recruitment, hiring, workforce management, pay and engagement fosters a culture where people want to work. That’s why thousands of healthcare organizations rely on OnShift’s integrated suite of software and services to dramatically reduce turnover rates, decrease costs and improve the quality and continuity of care. For more information, visit www.OnShift.com

CONTACTS:

Sabrina Capper

ShiftKey PR

PR@shiftkey.com

Marti Bowman

Chief Marketing Officer

OnShift, Inc.

mbowman@onshift.com

• EQT Private Equity to acquire SPT Labtech, a manufacturer and designer of automated instruments and consumables for life science research with a focus on liquid handling, sample management and Cryogenic Electron Microscopy (“Cryo-EM”) sample preparation technologies

• SPT Labtech’s products support cutting-edge life sciences research, providing agility, efficiency and productivity for a broad range of applications; SPT Labtech’s products help accelerate research of novel and groundbreaking therapies

• EQT Private Equity will support SPT Labtech’s next phase of growth by focusing on continued product innovation, scaling the Cryo-EM sample preparation segment and growing the business in new and existing geographies

EQT is pleased to announce that the EQT IX fund (“EQT Private Equity”) has agreed to acquire SPT Labtech (“SPT” or the “Company”) from Battery Ventures, a global, technology-focused investment firm for GBP 650 million. Together with management, EQT Private Equity will support and accelerate SPT Labtech’s growth journey.

Based in Melbourn, UK, SPT Labtech is a manufacturer and designer of automated liquid handling, sample preparation, and storage instruments, as well as corresponding consumables and support services for life science research. The Company was founded in 1997 and spun out from TTP Group. Since 2018 it has been owned by Battery Ventures.

Supported by strong secular megatrends, SPT presents a highly thematic investment opportunity within EQT’s prioritized Life Science Tools subsector. The automation of research, miniaturization trends (more analyses with the same sample volume) and a broader adoption of multi-omics will support SPT’s core liquid handling business for years to come.

Cryo-EM is a cutting-edge technique supporting the research of new drug targets within novel modalities like cell and gene therapy, as well as mRNA, with the Company’s addressable instrument and consumable market expected to grow 35-40 percent going forward.

SPT is the leader in resilient and fast-growing market niches, including in its core segment, the low-throughput liquid handling market, with expected future market growth of 9-10 percent CAGR.

SPT helps researchers save time through automation and enables labs to research for example chronic illnesses and provide treatments or find cures for previously untreatable conditions. The Company’s core values are closely aligned with the UN’s Sustainable Development Goal (SDG) #3 of ensuring healthy lives and promoting wellbeing. By providing sample preparation instruments and consumables for the novel Cryo-EM technology – for which the Nobel Prize in Chemistry was awarded in 2017 – SPT supports industry innovation and accelerates research outcomes.

Under EQT Private Equity’s ownership, the Company will benefit from EQT’s strong advisor and expert network as well as the inhouse digital team. EQT will further support the Company in new product innovation, expansion into existing and new geographies and end-markets (e.g., catering to the in-vitro diagnostics market, doubling down on APAC and accelerating Cryo-EM) as well as selective M&A to further strengthen SPT’s market position.

Michael Bauer, Partner and Global Co-Head of the Healthcare Team, said, “We are excited to work with SPT Labtech and make an acquisition in our prioritized Life Science Tools subsector. We have been following the company for a long time and are thrilled to now be able to partner with CEO David Newble and his team. We believe the combination of our unique industry expertise, including our external EQT Advisor Network and in-house digital team, position us to support the company on its next phase of growth and enhance its mission of ‘making a difference in human health in everything we do’.”

David Newble, CEO of SPT Labtech, added, “We at SPT greatly appreciate the stewardship of the Battery team over the last four years and are very keen to welcome EQT as our new owner and look forward to benefiting from the broad range of capabilities and expertise the EQT platform can offer. We are ready to embark on the next phase of our growth journey, in which we aim to foster SPT Labtech’s strong market positions in our existing businesses and explore new market opportunities, while making a positive impact on society. We are aligned with the EQT team on our joint vision for the future of the company and could not imagine a better new owner.”

EQT Private Equity was advised by Evercore (M&A), Kirkland & Ellis (Legal), Deloitte (Financial & Tax), BCG (Commercial), Ringstone (Technology) and The Footprint Firm (ESG). Battery Ventures and SPT Labtech were advised by J.P. Morgan (exclusive financial advisor) and Charles Russell Speechlys and SecondSight Law (legal). The transaction is subject to customary conditions and approvals and is expected to close during Q3 2022.

With this transaction, EQT IX is expected to be 85-90 percent invested (including closed and/or signed investments, announced public offers, if applicable, and less any expected syndication).

Contact
EQT Press Office, press@eqtpartners.com, +46 8 506 55 334

About EQT
EQT is a purpose-driven global investment organization with EUR 77 billion in assets under management across 36 active funds. EQT funds have portfolio companies in Europe, Asia-Pacific and the Americas with total sales of approximately EUR 29 billion and more than 280,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

More info: www.eqtgroup.com
Follow EQT on LinkedIn, Twitter, YouTube and Instagram

About SPT Labtech
SPT Labtech makes products that transform the way scientists work. For nearly two decades, our expert scientists, engineers and business innovators have created innovative solutions for liquid handling, sample preparation and management that help accelerate research and make a real difference to human health. We work collaboratively with our customers, building trusted relationships that enable us to deliver exceptional, personalized experiences designed for real world challenges in the lab.

More info: www.sptlabtech.com

About Battery Ventures
Battery partners with exceptional founders and management teams developing category-defining businesses in markets including software and services, enterprise infrastructure, consumer tech, healthcare IT and industrial technology. Founded in 1983, the firm backs companies at all stages, ranging from seed and early to growth and buyout, and invests globally from offices in Boston, San Francisco, Menlo Park, Tel Aviv, London and New York.

More info: www.battery.com

Follow Battery Ventures on Twitter

Chicago, IL and Columbus, GA (June 21, 2022) – Linden Capital Partners (“Linden”), a Chicago-based private equity firm focused exclusively on the healthcare industry, today announced that it has signed a definitive agreement to make a majority investment in Aspirion (the “Company”), a leader in technology-enabled healthcare revenue cycle management (“RCM”). Following the transaction, the Company’s management team and Aquiline Capital Partners (“Aquiline”), a private investment firm based in New York and London, will remain investors in the Company.

Aspirion is a leading healthcare RCM provider across complex claims and revenue integrity, offering a broad array of technology-driven solutions for the most specialized revenue cycle challenges faced by hospital systems and healthcare providers. The Company’s team of healthcare, legal, and technical professionals, in conjunction with its proprietary AI-enabled software, help hospitals and physicians improve claims processing time and increase overall collections. Aspirion’s product suite is centered on complex claims, an umbrella category for third party liability claims related to non-traditional payors, and revenue integrity, which addresses clinically complex claims with traditional medical payors.

“We are very excited to enter into this partnership with Linden and leverage Linden’s deep healthcare experience, relationships, and strategic support to execute against our shared value creation plan and better serve our clients,” said Jason Erdell, CEO of Aspirion.

Kam Shah, Partner at Linden, said “We congratulate Jason and the entire Aspirion management team on their collective roles in building a highly regarded provider of specialized RCM solutions whose differentiated capabilities help hospital systems and providers navigate a difficult operating environment characterized by increasing denial rates and growing complexity in patient clinical records. We look forward to supporting Aspirion and positioning the Company for continued growth, particularly through strategic investments in technology, product, and M&A.”

“We are proud to have helped Aspirion become an industry leader in complex claims RCM through investing in people, technology and strategic acquisitions,” said Jeff Greenberg, Chairman and CEO of Aquiline Capital Partners. “We look forward to continuing as investors and, alongside Linden, supporting Aspirion through its planned next phase of growth.”

The transaction is subject to customary closing conditions. Baird is serving as exclusive financial advisor and Ropes & Gray LLP is serving as legal counsel to Aquiline and Aspirion. Guggenheim Securities, LLC and Cain Brothers, a division of KeyBanc Capital Markets Inc., are serving as financial advisors and Kirkland & Ellis LLP is serving as legal counsel to Linden. Twin Brook Capital Partners is providing debt financing for the transaction.

About Aspirion
Aspirion, headquartered in Columbus, GA, helps hospitals and physicians recover otherwise lost claims revenue from Motor Vehicle Accidents, Workers’ Compensation, Veterans Affairs, and TRICARE as well as out-of-state Medicaid, Medicaid eligibility, underpayments, and denials. Aspirion’s experienced team of healthcare, legal, and technical professionals combined with industry-leading technology platforms help ensure that providers receive their Complex RCM revenue so that providers, hospitals, and their staff can focus on patient care. The Company serves over 140 clients across 45 states, including 40% of the largest health systems in the U.S.

About Linden Capital Partners
Linden Capital Partners is a Chicago-based private equity firm focused exclusively on the healthcare industry. Founded in 2004, Linden is one of the country’s largest dedicated healthcare private equity firms. Linden’s strategy is based upon three elements: (i) healthcare specialization, (ii) integrated private equity and operating expertise, and (iii) its differentiated human capital program. Linden invests in middle market platforms in the medical products, specialty distribution, pharmaceutical, and services segments of healthcare. Since its founding, Linden has invested in over 40 healthcare companies encompassing over 200 total transactions. The firm has raised over $6 billion in limited partner commitments since inception. For more information, please visit www.lindenllc.com.