Transactions Expedite Efforts to Bring Modern Therapy Solutions to K-12 Special Education Programs
NEW YORK, December 08, 2021--(BUSINESS WIRE)--PresenceLearning, the leading provider of teletherapy and software for special education and mental health providers in K-12 schools, said today that it completed two transactions that will significantly propel the company’s growth and help build the next generation of technology for therapists to expand student services.
The company has acquired Global Teletherapy, the leading teletherapy service provider to virtual K-12 schools, and has signed a definitive agreement for Spectrum Equity, a leading growth equity firm, and The Rise Fund, TPG’s multi-sector global impact investing strategy, to acquire a majority stake in the company. Bain Capital Double Impact and Catalyst Investors will retain minority stakes and Bain will continue to have representation on the company’s Board of Directors. Terms of the transactions were not disclosed.
The investment comes at a time when teletherapy has emerged as a critical solution for ensuring students get access to therapy services they need and receive consistent, high-quality care. In addition, clinicians are demanding remote work alternatives and software solutions to make their work both more impactful and sustainable. Together with this new team of investors, PresenceLearning will invest heavily in its next phase of growth.
"Together PresenceLearning and Global Teletherapy have unmatched expertise in online therapy and the largest network of qualified clinical professionals nationwide, positioning us as the unparalleled leader in serving school special education teams," said PresenceLearning’s Kate Eberle Walker, who will continue as CEO of the combined company. "Spectrum and The Rise Fund bring a wealth of expertise in building industry-leading technology platforms and are the ideal partners as we provide a new level of innovation to technology solutions for special education."
Students with learning differences and mental health needs have been among the most impacted by the pandemic, and there is ever-increasing pressure placed on the hard-working special education and mental health teams serving in schools.
"We are focused on doing everything we can to support special education teams and ensure that every child has access to a qualified therapist," Eberle Walker said.
"Rina and I founded Global Teletherapy more than seven years ago, and through our growth we have always stayed focused on delivering quality service for schools. We have admired PresenceLearning’s commitment to meeting students’ needs across the country, and feel they are the ideal partners to sustain and grow the business in its next phase," said Alan Goode, CEO of Global Teletherapy.
"We are excited to partner with the PresenceLearning team to continue their efforts to offer industry leading software and teletherapy services to K-12 schools," said John Connolly, Managing Director at Spectrum Equity.
"We see an enormous opportunity for PresenceLearning to revolutionize the way special education and mental health teams deliver high quality instruction and care across our education system and increase access for students," added Steve LeSieur, Managing Director at Spectrum Equity.
According to John Rogers, Partner and Education Sector Lead at The Rise Fund, significant clinical shortages have led to unmet special education needs across the country and this has been exacerbated by the pandemic.
"We have seen across our portfolio the vital role that technology can play in the expansion of equity and access in education," Rogers said. "We look forward to partnering with PresenceLearning in growing its business, while also maximizing its impact on the high need populations the company serves and to supporting PresenceLearning’s inclusive culture, which prioritizes diversity of voice across its employees, providers, and students."
"Over the past 18 months, PresenceLearning has driven exceptional growth and impact by expanding access to vital services for students at a critical time. We are delighted to welcome Spectrum, The Rise Fund, and Global Teletherapy as new partners and look forward to further enhancing PresenceLearning’s product, reach, and impact together," added Iain Ware, Managing Director at Bain Capital Double Impact.
Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. advised the Company in relation to both the investment transaction and the acquisition. Choate Hall & Stewart LLP provided legal counsel to Spectrum Equity and Gibson, Dunn & Crutcher LLP provided legal counsel to The Rise Fund.
PresenceLearning, Inc., is the leading provider of teletherapy and software solutions for special education related services and behavioral mental health counseling in K-12 schools. The company connects speech-language pathologists, occupational therapists, and behavioral and mental health professionals with students through its proprietary Therapy Essentials software platform, and has delivered more than 3 million teletherapy sessions to hundreds of K-12 schools and districts across the U.S. through its network of over 1,500 certified clinicians.
For more information, presencelearning.com.
About Spectrum Equity
Spectrum Equity is a leading growth equity firm providing capital and strategic support to innovative companies in the information economy. For over 25 years, the firm has partnered with exceptional entrepreneurs and management teams to build long-term value in market-leading Internet-enabled software and information services companies. Representative investments include Ancestry, Bats Global Markets, Definitive Healthcare, GoodRx, Grubhub, Headspace Health, Lucid Software, Lynda.com, Origami Risk, SurveyMonkey and Verafin.
For more information, including a complete list of portfolio investments, visit spectrumequity.com.
About The Rise Funds
The Rise Funds are a core pillar of TPG Rise, TPG’s global impact investing platform. Founded in 2016 by TPG in partnership with Bono and Jeff Skoll, The Rise Funds invest behind impact entrepreneurs and growth-stage, high potential, mission-driven companies that are focused on achieving the United Nations’ Sustainable Development Goals. The Rise Funds deliver capabilities and expertise across a wide variety of sectors and countries at scale, focusing on opportunities in climate and conservation, education, food and agriculture, financial technology, healthcare, and technology.
With more than $12 billion in assets across The Rise Funds, TPG Rise Climate, and Evercare Health Fund, the TPG Rise platform is the world’s largest private markets impact investing platform committed to achieving measurable, positive social and environmental outcomes alongside competitive financial returns.
For more information, visit therisefund.com or @therisefund on Instagram.
About Bain Capital Double Impact
Bain Capital Double Impact is the impact investing strategy of Bain Capital, a leading global private investment firm. Bain Capital Double Impact leverages deep industry experience and an active, value-added approach to build great companies that deliver both competitive financial returns and meaningful, measurable social and environmental good. Bain Capital Double Impact partners with companies across three themes – health & wellness, education & workforce development, and sustainability to create long-term value and meaningful social impact at scale.
For more information, visit baincapitaldoubleimpact.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20211208006035/en/
TPG/The Rise Funds
Bain Capital Double Impact
Edward de Sciora