Originally published by Yahoo Finance on April 26, 2022
SAN FRANCISCO, April 26, 2022 /PRNewswire/ -- Vivian Health, an IAC (NASDAQ: IAC) company and a leading healthcare jobs marketplace serving healthcare professionals first, today announced a $60 million primary and secondary equity investment led by Thoma Bravo, a leading software investment firm, with participation from IAC and Collaborative Fund. The new capital will be used to accelerate Vivian's rapid growth and further its scale among healthcare clinicians and employers, as well as to support future M&A initiatives.
As the first jobs marketplace built for healthcare professionals, Vivian offers employers a fast and effective way to fill a variety of healthcare jobs, including permanent roles, per-diem shifts, local contracts, and travel positions. Vivian has seen significant adoption among healthcare professionals, with over 700,000 registered clinicians using the job marketplace. Much of this growth has come through organic channels and word-of-mouth. The U.S. healthcare industry is on track to be more than three million workers short by 2026, which is why over 145 healthcare employers, including staffing agencies and health systems, are partnering with Vivian to fill their open healthcare jobs up to 50% faster than with other solutions, reducing costs by up to 80%.- ADVERTISEMENT -
"Vivian is the healthcare industry's first ever candidate-centric jobs platform built with clinicians' needs in mind—offering the widest selection of job opportunities and features like Vivian's Universal Profile, transparency across pay and benefits, employer reviews, and a one-click apply experience—and as a result we're able to drive organic engagement with clinicians at an unrivaled scale," said Vivian Health co-founder and CEO Parth Bhakta. "This has been key to our growth and our ability to help employers fill open positions quickly and cost effectively."
Continued Mr. Bhakta, "We're excited to add Thoma Bravo as a shareholder and to benefit from the team's world-class software expertise as we expand our solution and continue to scale. We're also thrilled to work with mission-aligned investors through Collaborative Fund, and we'll continue to benefit from the unparalleled track record and operational expertise that comes with being part of IAC."
Since being acquired by IAC in 2019, Vivian has grown revenue by more than 45x and has facilitated more than 3 million job applications to date. Vivian and IAC's temporary labor platform Bluecrew, which has filled one million job shifts, have both accelerated growth year over year.
"Temporary labor and shiftwork in the U.S. is still mostly a manual process, ripe for disruption, and IAC is investing in the bold ideas and ambitious leaders ready to transform how Americans find quality, sustainable work," said Mark Stein, EVP and Chief Strategy Officer, IAC. "Parth and his team at Vivian are building a next generation jobs platform that clinicians love, and healthcare employers depend on to fill open positions—this is Vivian's moment."
"Vivian's solution has seen incredible organic growth and traction with both clinicians and employers in a short time, which speaks to the value of its data-driven approach as a differentiator in this market," said Christine Kang, a Principal at Thoma Bravo, who will join the Vivian Health board of directors. "Vivian is redefining the way healthcare professionals find work at a critical juncture for America's healthcare system, and we're thrilled to partner with Parth and his team to help accelerate this next phase of growth."
"Hundreds of thousands of healthcare professionals across the country have come to trust Vivian as the place to build their networks and advance their careers," said Craig Shapiro, founder of Collaborative Fund. "As more and more workers rely on them, they're poised to help the healthcare industry itself by making hiring quicker, more cost-effective, and ultimately by closing systemic labor shortages."
About Vivian Health
Vivian Health, an IAC company (NASDAQ: IAC), is the leading healthcare jobs marketplace that serves healthcare professionals first. Vivian Health empowers a broad range of healthcare professionals to find jobs they love across many types of healthcare work, including permanent roles, per-diem shifts, local contracts, and travel positions. Built on intelligent matching, transparent information, and the widest selection of job opportunities, Vivian Health offers healthcare job seekers an unrivaled solution for finding their next role. For employers, Vivian Health helps fill roles 50% faster than traditional recruiting practices and at a fraction of the cost, saving them millions of dollars, and helping alleviate labor shortages in healthcare. Vivian Health is headquartered in San Francisco with offices in Denver. To learn more about Vivian Health, visit www.vivian.com
IAC (NASDAQ: IAC) builds companies. We are guided by curiosity, a questioning of the status quo, and a desire to invent or acquire new products and brands. From the single seed that started as IAC over two decades ago have emerged 11 public companies and generations of exceptional leaders. We will always evolve, but our basic principles of financially disciplined opportunism will never change. IAC is today comprised of category-leading businesses including Angi Inc. (NASDAQ: ANGI), Dotdash Meredith and Care.com, among many others ranging from early stage to established businesses. IAC is headquartered in New York City with business locations worldwide.
About Thoma Bravo
Thoma Bravo is one of the largest private equity firms in the world, with more than $103 billion in assets under management as of December 31, 2021. The firm invests in growth-oriented, innovative companies operating in the software and technology sectors. Leveraging the firm's deep sector expertise and proven strategic and operational capabilities, Thoma Bravo collaborates with its portfolio companies to implement operating best practices, drive growth initiatives and make accretive acquisitions intended to accelerate revenue and earnings. Over the past 20 years, the firm has acquired or invested in more than 375 companies representing over $190 billion in enterprise value. The firm has offices in Chicago, Miami and San Francisco. For more information, visit www.thomabravo.com.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
This press release may contain "forward-looking statements" within the meaning of the Federal Private Securities Litigation Reform Act of 1995. Forward-looking statements may include, but are not limited to, statements relating to IAC's and Vivian's anticipated financial performance, objectives, plans and strategies, and all statements (other than statements of historical facts) that address activities, events or developments that IAC and Vivian intend, expect, project, believe or anticipate will or may occur in the future. These statements are often characterized by terminology such as "believe," "may," "anticipate," "should," "intend," "plan," "will," "expect," "estimate," "project," "positioned," "strategy" and similar expressions, and are based on assumptions and assessments made by IAC's and Vivian's management in light of their experience and their perception of historical trends, current conditions, expected future developments, and other factors they believe to be appropriate. IAC and Vivian undertake no duty to update or revise any such statements, whether as a result of new information, future events or otherwise. Forward-looking statements are not guarantees of future performance. Whether actual results will conform to expectations and predictions is subject to known and unknown risks and uncertainties, including: risks and uncertainties discussed in reports that IAC has filed with the SEC; changes in the healthcare jobs market; the ability to maintain and grow relationships with quality clinicians, healthcare employers and staffing agencies; the ability to find suitable acquisition candidates; and other circumstances beyond IAC's and Vivian's control. You should not place undue reliance on these forward-looking statements. For more details on factors that could affect these expectations, please see IAC's filings with the SEC.
IAC Investor Relations
Thoma Bravo Communications
Finsbury Glover Hering
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SOURCE Vivian Health