Senior care is a big market, and it will only grow over the next decade.
CareWorx is cementing itself within that market with the announcement of a $17 million funding round. The funding comes exclusively from the California-based Kayne Partners, a subsidiary of Kayne Anderson Capital Advisors, who have more than $26 billion in assets managed.
The Ottawa-based CareWorx was founded in 2006 and offers up a complete platform of managed services for both mid-market and senior care businesses. This new investment propels the company as one of the top 50 global managed service providers.
“This strategic investment by Kayne Partners is exciting for the CareWorx team and good news for our customers across North America and in the U.K.,” said Mark Scott, founder and CEO of CareWorx Corporation. “Capitalization of our business will speed us towards fulfilling our goals by securing our leadership position in managed services and senior care.”
Offering a constantly-monitored service desk, remote monitoring, IT service management, and managed end-user devices, CareWorx will use this new investment to grow their market share, expand on their existing services, and look into making new acquisitions in the industry.
“With CareWorx, we see an organization that truly understands the technology needs of today’s businesses and, perhaps more importantly, understands where those businesses need to be tomorrow,” said Leon Chen, managing director of Kayne Partners.
Chen will also join CareWorx’ board of directors as part of the financing announcement.
CareWorx helps over 600,000 seniors receive better care every day through their 70,000 touchscreen devices installed in 4,600 facilities.
The senior care market is extremely large and will continue to grow both in Canada and around the world. Canada is actually among the leaders in companies that deal in senior care platform management; PointClickCare recently raised a whopping $186 million investment from their institutional partner.