PresenceLearning, the leading provider of teletherapy and software for special education and mental health providers in K-12 schools, said 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.
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.”
Source: Businesswire
