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Falcon Advises Deerwalk in its Merger with Cedar Gate Technologies, a Portfolio Company of GTCR

WAYNE, PENNSYLVANIA – December 17, 2020: Falcon Capital Partners, LLC (“Falcon”), a leading middle-market investment bank, is pleased to announce the merger of Deerwalk Inc. (“Deerwalk”) with Cedar Gate Technologies (“Cedar Gate”), a portfolio company of GTCR (“GTCR”).

Deerwalk, founded in 2010 and headquartered in Lexington, Massachusetts, is a leading provider of innovative data management, population health management, and healthcare analytics software to organizations including employers, health plans, TPAs, brokers and consultants, care management and wellness firms, ACOs, providers, and more. Their unique “data science as a service” offering solves the healthcare data challenge with an interoperable platform focused on data integrity and enrichment above all else. With more than 300 employees worldwide, including a technology campus in Kathmandu, Nepal, Deerwalk has grown considerably since its founding a decade ago with significant revenue and market momentum over the last three years.

Cedar Gate is a leading value-based care performance management company, whose high-performance analytic, technological, and advisory services to providers, payers and self-insured employers enable them to meet and exceed the performance thresholds of value-based care contracts, networks and programs. Based in Greenwich, Connecticut, the company was founded in 2014 by David Snow Jr., a 35-year veteran of the healthcare industry and former Chairman and CEO of Medco. Cedar Gate is a Leaders Strategy™ partnership between Chicago-based private equity firm GTCR and Mr. Snow, that was established with the strategy of building a market-leading healthcare technology company to help the healthcare industry shift to value-based reimbursement from traditional fee-for-service. The Deerwalk add-on acquisition, Cedar Gate’s third add-on acquisition over the last three years, further expands Cedar Gate’s enterprise technology solution into the self-insured employer market.

“Deerwalk’s SaaS solutions and capabilities are highly complementary to our current platforms,” said David Snow Jr., CEO at Cedar Gate. “Together, we enhance our ability to deliver end-to-end analytics, technologies, reporting, reconciliation and administrative services to any entity taking or managing healthcare risk. Today, we are the only vendor that offers a comprehensive solution for payers and providers at risk for the healthcare dollar.” Sean Cunningham, Managing Director at GTCR, added “We view the acquisition of Deerwalk as highly strategic, as it expands the combined company’s data aggregation and analytics capabilities and end-market reach.”

Falcon served as sole financial advisor to Deerwalk and has been a strategic advisor to the company since 2014. Falcon’s Founder and Managing Director Ted Stack writes “Our relationship with Deerwalk began many years ago as they continued their focus on the product and platform, building what we think is one of the most robust healthcare technology assets we’ve seen in the market. It has been exciting to watch the company grow as the market took notice of Deerwalk’s truly unique technology platform.”

Per Deerwalk’s CEO Jeff Gasser, “The Falcon team was a critical resource in guiding us not only through this merger, but for many years with strategic and market support.” Rudra Pandey, Founder and Executive Chairman of Deerwalk, adds “We are extremely proud of the company we’ve built for more than a decade and are very excited for this next chapter. During such a tumultuous and challenging year across the globe, we are fully appreciative of a successful outcome for our shareholders, employees, and customers, and we look forward to continuing that journey with the Cedar Gate and GTCR teams.”

The terms of the transaction were not disclosed. This transaction represents Falcon’s continued work in healthcare information technology (HCIT) and its fourth deal this year in the sector. The Falcon deal team was led by Managing Director Ted Stack and Senior Associate Conrad Olenik. For more information please contact Ted at tstack@falconllc.com, 610-989-8901 or Conrad at colenik@falconllc.com, 610-989-8905.