Cleveland, OH – December 10, 2015 – Primus Capital (“Primus”) today announced that it has entered into a definitive agreement to sell its portfolio company, AOD Software (“AOD”), a provider of software solutions to Continuing Care Retirement Communities (Life Plan Communities) (“CCRCs”) and other long-term care facilities. AOD will be joining forces with MatrixCare®, a provider of software solutions to long-term care and senior living providers. The businesses are very complementary, with each having a strong market position in each of its areas of strength, and together having a portfolio of ancillary solutions that apply very well across care settings. Closing of the transaction remains subject to customary closing conditions including regulatory approval. Financial terms of the transaction were not disclosed. Primus previously completed a growth investment in AOD in May, 2012.
Phil Molner, Managing Partner at Primus, stated, “The AOD management team has built the company into a leading technology provider to the long-term care industry by focusing on the needs of the customer, sustaining innovations to meet those needs, and by providing superior customer service. The combination with MatrixCare® will provide AOD the opportunity to continue its track record of high growth and product innovation. We congratulate the AOD management team for their extraordinary success.”
Aric Agmon, AOD President and CEO, commented, “I am excited to join forces with MatrixCare® and our expanded collective resources will enable AOD to further extend our product leadership and build upon our vision of delivering continued technology innovation to multi-level of care providers of long-term and post-acute care services. We appreciate the partnership we have had with the team at Primus in achieving the success of our company and reaching this important milestone. Since investing in AOD, they have helped us identify strategic priorities, expand investment in an array of new products and business lines, and build out our organization. They have been a true partner in helping us build our business.”
Primus is a growth-oriented private equity firm focused on investing in leading health care, software, and technology-enabled companies. We partner with exceptional management teams to accelerate growth, improve the operating performance, and increase the value of the companies in which we invest. The types of transactions we pursue include buyouts, control and minority recapitalizations, secondary share purchases and expansion financings. This flexible approach enables us to engage with business owners and design tailored investment structures to meet the particular needs of the transaction. For more information on Primus, visit www.primuscapital.com.
AOD is the industry’s leading provider of integrated clinical, financial, operational, home health/home care and point-of-sale solutions. As the leading healthcare software company focused on seniors, AOD provides interoperable software solutions that increase efficiencies and drive quality improvement initiatives across the entire spectrum of care, including continuing care retirement communities (life plan communities), assisted living facilities, skilled nursing home facilities, independent living, rehabilitation and home health/home care agencies. Soneto(TM), AOD’s cloud-based software system for home health and home care, is uniquely designed to handle the needs of Private Duty, Medicare and Medicaid agencies. For more information on AOD, visit www.aodsoftware.com.