RF Announces Co-Investment In Leading Skilled Nursing Facilities Software Company Covr

In partnership with Greenridge, RF provided a tailored capital solution to support Covr’s acquisition of Data IQ

NEW YORK--(BUSINESS WIRE)--RF Investment Partners, a provider of structured growth capital, is pleased to announce its platform investment in Covr and the subsequent acquisition of Data IQ. Covr, a leading workforce management platform for post-acute care providers, recently acquired Data IQ, a leading provider of business intelligence solutions to skilled nursing facilities, to create a best-in-class labor management platform for the long-term and post-acute care industry. RF has partnered as a co-investor alongside Greenridge Growth Partners on this strategic investment.

Founded in 2016 in Utah, Covr’s SaaS-based workforce management platform helps skilled nursing facilities streamline scheduling workflows, ensure regulatory compliance, and facilitate employee communication. Dallas-based Data IQ will bring complementary business intelligence and analytics capabilities to the platform, enabling facility operators to synthesize multiple data sources to benchmark enterprise-wide performance and identify areas for operational enhancement.

“RF has been a fantastic partner to Greenridge throughout our history of investing together,” said Greenridge Co-Founder and Partner Jack Cardwell. “RF played an important role as a highly flexible and value-added partner to Covr and Data IQ, offering a less dilutive, customized solution that fit the needs of the company perfectly for the situation at hand. We have had great success in partnership with RF in the past and look forward to working together as we grow the Covr platform in the years to come.”

Covr and Data IQ underscore RF’s focus and expertise in partnering with founder-led software businesses, marking the firm’s 13th investment in the space. This strategic investment is RF’s third partnership with Greenridge, including prior software platforms GrowthZone and NetVendor. Successfully exited in May 2023, GrowthZone is a leading cloud-based association management software provider, delivering comprehensive membership management solutions. RF is actively invested in the SaaS-based vendor management platform NetVendor, proudly supporting the company’s organic growth and M&A expansion.

“The combination of Covr and Data IQ will empower hundreds of skilled nursing facilities to surface, and take action on, opportunities for operational enhancement that can drive improved care for residents, along with better performance for operators,” shared RF Director Jacob Gordon. “RF is excited to partner with the Greenridge, Covr, and Data IQ teams to create value through strategic insights, a deep relationship network, and expansion capital.”

RF Investment Partners is actively seeking partnerships with founder-owned and operated market leaders in the software space. Business owners interested in learning more may contact Jacob Gordon at jgordon@rf-partners.com.

About Covr

Founded in 2016, Covr is a leading provider of workforce management software to the post-acute care industry. Covr’s scheduling, communication, and engagement solutions help facilities streamline scheduling workflows, ensure regulatory compliance, and facilitate communication with employees.

About Data IQ

Founded in 2018, Data IQ is a leading provider of business intelligence solutions that help post-acute care operators benchmark enterprise-wide performance and identify areas for operational enhancement. Leveraging clients’ raw data, Data IQ creates interactive and user-friendly reports and dashboards that can be configured for end users at all levels and functional areas of an organization.

About Greenridge Growth Partners

Greenridge Growth Partners is a software-focused private equity firm based in Austin, TX. Greenridge seeks to invest alongside outstanding software entrepreneurs who have bootstrapped their businesses and are looking for the right partner to help them build market-leading businesses.

About RF Investment Partners

RF Investment Partners provides capital ranging in size from $10 million to $40 million to support leading domestic, lower-middle-market companies. RF partners with family-owned and private businesses in a variety of situations, including acquisition financing, growth capital investments, recapitalizations, refinancings, and management buyouts. RF's investment professionals have significant experience investing across the capital structure and have the flexibility to structure deals to meet the distinct needs of each company and situation. RF invests in unitranche, second lien, and subordinated debt alongside preferred and common equity.

Contacts

MiddleM Creative (on behalf of RF Investment Partners)
Jan Morris
jan@middlemcreative.com
T 904.210.3302

First published on Thu, Sep 5, 2024

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workforce management post-acute care skilled nursing facilities business intelligence data analytics SaaS software investment capital acquisition Greenridge Growth Partners RF Investment Partners

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