Carousel Capital announced today that it has partnered with Cadrillion Capital to recapitalize Legacy Data Access, LLC (“Legacy Data Access,” “LDA” or the “Company”), a leading provider of data lifecycle management solutions to healthcare systems.
Founded in 1999, Legacy Data Access has extensive experience archiving legacy clinical and financial data from over 350 unique EHR, EMR and revenue cycle applications, ensuring the Company’s customers are in compliance with data archival regulations while also driving significant cost savings and facilitating on-demand information retrieval.
“We are excited to partner with Cadrillion Capital and LDA management to support the ongoing success and future growth of LDA” said Charles Grigg, a Managing Partner of Carousel. “Verl Purdy and the team at Cadrillion have built LDA into a scalable, best-in-class data archival platform, and as a result, LDA has achieved an impressive track record of growth while maintaining longstanding relationships with a growing list of premier healthcare systems. We look forward to supporting Verl and his team as the Company continues to execute on its growth objectives.”
“We’ve known Carousel Capital for nearly two decades, dating back to our initial AgData / MedData partnership in 2006; we choose to partner with Carousel again given our successful prior partnership and Carousel’s extensive experience partnering with management teams to grow software and tech-enabled businesses” said Verl Purdy, CEO of Legacy Data Access. “Carousel’s investment will allow us to drive further growth in the business and continue to pursue our goal of cementing Legacy Data Access as the leading provider of data lifecycle management solutions for healthcare systems.”
"The market for third-party data archiving solutions is becoming increasingly important as health systems manage security, access to patient and financial information, and costs, all in an environment in which the amount of healthcare data is growing exponentially,” said Al Welch, a Partner of Carousel. “Leveraging the capabilities established by Verl, Steve Purdy, Jim Yuhas and Scott Purdy, we plan to continue to address the ongoing needs of the Company’s customer base in this dynamic environment.”
Carousel Capital funded the transaction with equity from its sixth investment fund. K&L Gates LLP served as legal advisor to Carousel Capital. Culp Elliott & Carpenter, PLLC served as legal advisor to Cadrillion Capital.
