ATLANTA–(BUSINESS WIRE)–CORL Technologies LLC, the leading provider of vendor risk management solutions for the healthcare industry, today announced a strategic growth investment from Primus Capital, a growth-oriented private equity firm focused on investing in leading healthcare, software, and technology-enabled services companies. The partnership will allow CORL to accelerate its growth trajectory and continue its strong performance as the healthcare industry’s dominant vendor risk management solution.
Since its founding in 2012, CORL has delivered healthcare vendor and information security, compliance, and privacy solutions that harness vendor data intelligence, technology, and managed services to achieve measurable cybersecurity risk reduction at scale. CORL’s platform and tech-enabled services streamline the monitoring, onboarding, and due diligence process of healthcare organizations and their vendors to maximize efficiency in vetting and remediating security issues.
“From day one, CORL has measurably reduced risks in the healthcare supply chain through innovative approaches that drive down the time, cost, and effort for vendor risk management programs,” said Cliff Baker, CEO, and founder of CORL Technologies. “This investment is a huge milestone in CORL’s journey. It gives us the resources to invest directly in areas that our customers have told us are important including our vendor risk technology, data, services, and customer support.”
Third-party vendor risk management has become a top global priority for healthcare organizations as the industry increasingly faces crippling supply chain and ransomware attacks. Healthcare is a component of critical infrastructure and a top target of such attacks, yet the industry is struggling to maintain adequate data security and privacy with elevated risk of breaches and reputational damage. The partnership with Primus Capital will speed CORL’s investments in technology, data, and services for the healthcare industry’s only clearinghouse for vendor security risk data.
“CORL is an incredibly important partner to healthcare providers, payors, and vendors that are operating within an increasingly challenging information security environment,” said Phil Molner, Managing Partner of Primus Capital. “We are excited to work with an industry visionary like Cliff Baker and his seasoned team of industry leaders and innovators to continue to enhance their solutions and take CORL to even greater heights. Chris Welch, Director of Primus Capital, added “Primus Capital is proud to partner with CORL to accelerate growth and create value by applying our industry knowledge, financial resources, and investment experience through the company’s next phase of growth.”
The investment from Primus Capital comes on the heels of significant market momentum for CORL as healthcare’s leading vendor risk management solution. CORL’s deployment of its new vendor risk data exchange platform that leverages assessment data for over 80,000 healthcare vendors has allowed the company to deliver rapid vendor risk management results to its customers to help tackle the unprecedented level of global supply chain attacks.
Cowen Inc. served as financial advisor and King and Spalding acted as legal counsel to CORL Technologies. Goodwin Procter LLP served as legal counsel to Primus Capital.
About CORL Technologies
CORL is a leading provider of vendor risk management solutions for the healthcare industry. CORL gets results by scaling organizational and vendor risk programs through our healthcare vendor risk clearinghouse solution, dashboard reporting that business owners can understand, and proven workflows that drive measurable risk reduction. CORL accelerates the speed of vendor risk assessments and holds vendors accountable for remediating risk exposures. Visit corltech.com and follow us on LinkedIn.
About Primus Capital
Primus Capital is a growth-oriented private equity firm focused on investing in leading software, healthcare, and technology-enabled services companies. Primus partners with exceptional management teams to accelerate growth, improve operating performance, and increase the value of the companies in which they invest. Primus pursues buyouts, control and minority recapitalizations, secondary share purchases, and expansion financings; this flexible approach enables Primus to engage with business owners and design tailored investment structures to meet the particular needs of the transaction. For more information, visit https://primuscapital.com.
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January 05, 2022 at 09:09PM
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