GTCR Announces Partnership with David Snow to Form Cedar Gate

GTCR Announces Partnership with David Snow to Form
Cedar Gate Technologies
Chicago, IL – August 14,
[ ], 2014
GTCR, a leading private equity firm, today announced that it has entered into a partnership with
David Snow to form Cedar Gate Technologies, LLC (“Cedar Gate”). The new company,
headquartered in Darien, Connecticut, will focus on acquiring companies and products in the
healthcare information technology (HCIT) industry as part of a strategy to build a market leading
healthcare data and analytics company. GTCR, the firm that pioneered the Leaders Strategy™ –
finding and partnering with management leaders in core domains to identify, acquire and build
market-leading companies through transformational acquisitions and organic growth – plans to
invest up to $200 million of equity capital to support the strategy. Mr. Snow will serve as the
Chairman and Chief Executive Officer of Cedar Gate and plans to invest up to $20 million.
Mr. Snow, a 34-year veteran of the healthcare industry, most recently served as the Chairman and
Chief Executive Officer of Medco, one of the nation’s largest pharmacy benefit managers. He joined
the company as Chairman and CEO in March 2003 prior to the spin-out of Medco by Merck. He
served as CEO until the company’s sale to Express Scripts in 2012. During Mr. Snow’s tenure,
Medco’s revenue grew from $34 billion to over $70 billion. Prior to joining Medco, Mr. Snow served
as President and Chief Operating Officer at Empire BlueCross BlueShield. Throughout his career he
has served in executive leadership roles for various healthcare companies, including Oxford Health
Plans, American International Healthcare and US HealthCare. He also co-founded and served as
President and CEO of Managed Healthcare Systems, which was later renamed AmeriChoice.
“We are very excited to partner with Dave to build a leading company in the healthcare IT industry,”
said GTCR Managing Director Dean Mihas. “Dave has an exceptional track record over his career,
with diverse experience in multiple healthcare segments and a history of driving organic and M&A
growth. Dave’s industry expertise, strategic vision and operational abilities make him an ideal partner
as GTCR commits to building a platform in this rapidly evolving industry.”
“I am thrilled to have the opportunity to work with GTCR to build Cedar Gate Technologies into an
industry leader in the healthcare data and analytics space,” said Mr. Snow. “The U.S. medical
delivery system is undergoing a dramatic and difficult transformation from fee-for-service to riskbased reimbursement. Our goal is to enable these at-risk providers and employers to make the
successful transition to risk-based reimbursement through powerful predictive and prescriptive
analytic software, built specifically for the management of financial and clinical risk.”
“GTCR’s commitment to Dave and the formation of Cedar Gate is a reflection of our outlook for
investing further capital in the HCIT industry,” added Sean Cunningham, Managing Director at
GTCR. “We are actively seeking acquisitions and believe we are in a unique position to evaluate and
pursue select assets in this highly fragmented and rapidly growing market.”
GTCR is currently investing its eleventh fund, a private equity fund with $3.85 billion of limited
partner capital commitments.
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About GTCR
Founded in 1980, GTCR is a leading private equity firm focused on investing in growth companies in
the Healthcare, Financial Services & Technology, and Information Services & Technology industries.
The Chicago-based firm pioneered The Leaders Strategy™ – finding and partnering with
management leaders in core domains to identify, acquire and build market-leading companies
through transformational acquisitions and organic growth. Since its inception, GTCR has invested
more than $10 billion in over 200 companies.
For more information, please visit www.gtcr.com.
About Cedar Gate Technologies
Cedar Gate Technologies was formed in August 2014 as a partnership between David Snow and
GTCR. Cedar Gate’s mission is to build a transformative company in the healthcare information
technology industry by acquiring outstanding healthcare data and analytics businesses and
accelerating their growth. For more information about Cedar Gate Technologies, please contact
(312) 953-3305"
Media inquiries: Eileen Rochford
(312) 953-3305
[email protected]
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