itrac, LLC Completes Multiple Acquisitions, Creating Leading Outsourced Dental Marketing, MarTech, and Recruiting Platform
itrac, LLC Completes Multiple Acquisitions, Creating Leading Outsourced Dental Marketing, MarTech, and Recruiting Platform
May 26, 2022, 07:00 ET
TAMPA, Fla., May 26, 2022 /PRNewswire/ -- itrac, LLC, a portfolio company of HealthEdge Investment Partners and 424 Capital, has expanded its product and service offering through the completion of three strategic add-on investments. With offices in Oregon, Texas, Indiana, Georgia, and Florida, itrac is one of the leading and longest-standing dental marketing agencies in the US, offering a suite of marketing technology ("MarTech"), outsourced marketing, training, and club software solutions to assist dentists and their practices achieve their goals. Following the appointment of Steve Karasick as itrac's CEO in early 2021, the company embarked on an aggressive M&A strategy which has successfully resulted in three highly accretive businesses joining the itrac family - DentalPost, SmartBox Dental ("SmartBox"), and Local Search for Dentists ("Local Search").
DentalPost, headquartered in Atlanta, Georgia, is a technology-powered human resources solution offering recruitment, interview management, and career development resources for dental professionals and practices. The company operates the dental industry's premier recruitment platform, enabling dental offices nationwide to streamline hiring through best-in-class online and mobile solutions. As the industry's single largest user base of dental professionals, DentalPost helps dental hiring managers source more candidates, increase retention and make smarter hiring decisions using assessment-driven hiring and screening tools. The recruiting platform is a strategic addition to itrac's suite of marketing, training, club software, and MarTech offerings. DentalPost founder Tonya Lanthier will remain with the company post-closing as President of DentalPost.
"DentalPost was started to fill a critical need in the market: a dental-specific job board to help dental practices and professionals connect and find a better fit. At the heart of our growth is a mission and vision to improve the lives of dental professionals and the culture and vitality of dental practices, helping them find the right fit through more informed hiring and career decisions," said Tonya Lanthier, DentalPost Founder & President. "At DentalPost, we have long envisioned the future of the ideal dental team being driven by smart, technology-enabled data and team management tools. Being a part of itrac's first-class MarTech investment portfolio positions us to further elevate and expand HR and team management solutions to propel the dental industry forward."
SmartBox, headquartered in New Albany, Indiana, is a full-service digital marketing and management agency providing services to dental practices throughout the US, consisting of website design and launch, on-site and off-site SEO, continuing education, and practice training, as well as readily available dashboards and reporting powered by their proprietary PracticeHQ technology. SmartBox Founder and CEO Colin Receveur has joined itrac's board of directors post-closing.
"SmartBox customers will not see any disruption in deliverables, but rather an increased investment in the technology, services, and growth tools we can offer them, "said Colin Receveur, founder, and CEO of SmartBox.
Local Search for Dentists, based in Austin, Texas, is an internet-based dental marketing business. The company's services include digital marketing solutions, web development, and reputation management for independent dentists across the US. Local Search for Dentists further enhances itrac's comprehensive suite of outsourced digital marketing solutions.
"We are excited about the combination of itrac's existing products with SmartBox, DentalPost, and Local Search for Dentists, creating a market leading provider of outsourced marketing services, MarTech, training, and recruiting for independent dentists across the country. SmartBox, DentalPost, and Local Search for Dentists have each impressed us with their respective customers, outstanding commitment to quality services, company values, and helping dentists thrive. Partnering together, we believe the combination of teams, solutions, and support we can bring to Dentistry is second to none," said Steve Karasick, itrac CEO. Following the acquisitions, itrac has a nationwide footprint with customers in all 50 states. itrac is owned by HealthEdge Investment Partners, 424 Capital, Eagle Private Capital, the founders, and management.
Wyatt Tarrant & Combs advised SmartBox on the transaction and KPMG Corporate Finance LLC served as exclusive financial advisor to SmartBox. Mazzone & Associates served as financial advisor to DentalPost. Woodbridge Advisors served as financial advisor to Local Search for Dentists.
ABOUT ITRAC
itrac, LLC is one of the leading and longest-standing dental MarTech firms in the US. Anchored by Dental Revolution and illumitrac Software®, itrac, LLC helps dental practices transform their practices into a thriving business.
ABOUT HEALTHEDGE
HealthEdge Investment Partners, LLC is an operating-oriented private equity firm founded in 2005 that focuses exclusively on the healthcare industry. HealthEdge seeks to achieve superior returns by investing in businesses that benefit from the knowledge, experience, and network of relationships of its partners. HealthEdge's partners have more than 100 years of combined operating experience in healthcare as CEOs and investors. For more information on HealthEdge, please visit healthedgepartners.com.
ABOUT 424 CAPITAL
424 Capital is a growth capital partner that invests in lower middle-market companies within technology and tech-enabled services. 424 Capital works in partnership with founders and management teams to accelerate and scale for long-term growth. Focusing primarily on investments in healthcare and renewable energy, we invest in, empower, and enable companies to step up, stand out, and make a difference in the world. For more information about 424 Capital, please visit 424capital.com.
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