NEW YORK, Jan. 7, 2013 /PRNewswire/ -- Arsenal Capital Partners, a leading New York-based private equity firm that invests in middle market healthcare and specialty industrial companies, today announced a majority investment in TractManager, a leading provider of technology-enabled compliance and business process improvement services for healthcare organizations. An investment group led by Mr. Thomas A. Rizk, founder and CEO of TractManager, will continue to maintain a significant investment in the Company. Mr. Rizk will continue in his capacity as CEO.
TractManager, founded in 2000, currently provides its solutions to more than 6,000 healthcare facilities with over 130,000 users in the United States and internationally. Through a unique combination of professional services and SaaS-delivered technology, TractManager assists healthcare organizations in cost-effectively managing their commercial contracts and clinical documents in compliance with complex federal, state and local regulations. The Company's proprietary application and platform, MediTract, is easy-to-use and intuitive, deployed rapidly via the cloud, customized easily and integrated with other enterprise applications or platforms, avoiding much of the expense and complexity of traditional enterprise software development and implementations. This software application is paired with Company expertise in compliance requirements and best practices of contract conformance delivered as an ongoing service to its clients.
Stephen McLean, a Partner at Arsenal and Co-Head of the firm's Healthcare Group, has assumed the role of Chairman of the Company. "We are delighted to welcome TractManager to our family of healthcare portfolio companies. The Company maintains a sterling reputation as the most reliable, user-friendly, and easy-to-implement system of its type in the world, as evidenced by its unparalleled growth and high level of client satisfaction," he said. "Our healthcare partners look forward to collaborating with the TractManager team in support of its mission to provide healthcare customers with world-class solutions and services," he added."I am looking forward to joining forces with Arsenal Capital," said Mr. Rizk. "Our combined efforts will result in a Company that has global reach, deep penetration of the healthcare market, and a broad technology platform from which to launch further initiatives," he commented. "In addition to making a significant capital investment in the Company, Arsenal brings a comprehensive understanding of the healthcare marketplace, extensive healthcare relationships, and wealth of executive experience that will contribute significantly to the growth of the Company. Arsenal's portfolio experience in healthcare compliance will also assist in accelerating TractManager compliance efforts in previously unexplored areas," he concluded.