Lightyear Capital Leads Recap Effort for PracticeTek
Posted on 12/06/2021
Lightyear Capital LLC is a New York-based private equity firm focused on financial services. Lightyear Capital announced that investment funds affiliated with Lightyear led a recapitalization of PracticeTek, a provider of vertical software and payments solutions to the retail healthcare market. Lightyear joins Greater Sum Ventures, a family office, in the investment. Terms of the transaction were not disclosed. Formed in 2020, PracticeTek provides more than 16,000 dental, orthodontic, chiropractic, optometry, dermatology, and other healthcare practices with best-in-class software solutions that help them acquire, engage, and bill their patients and manage their practices to grow faster.
Davis Polk & Wardwell LLP served as legal advisor to Lightyear. Greenberg Traurig, LLP served as legal advisor to GSV.
The recapitalization of PracticeTek represents Lightyear’s fifth investment within the embedded payments and consumer directed healthcare investment themes. Lightyear has realized several successful investments within these themes including HigherOne, a payments provider serving higher education institutions, Alegeus, which manages consumer-directed healthcare payments, and Therapy Brands, a software and payment solutions provider serving behavioral and mental health professionals.