Silver Lake Makes Strategic Investment in GoodRx; Joins Francisco Partners and Spectrum Equity
SANTA MONICA, Calif. and NEW YORK, Aug. 6, 2018
SANTA MONICA, Calif. and NEW YORK, Aug. 6, 2018 /PRNewswire/ -- GoodRx, America's leading source for prescription and healthcare savings, today announced a strategic growth investment from Silver Lake, the global leader in technology investing. Financial terms of the transaction were not disclosed.
GoodRx provides current prices and discounts for prescriptions at pharmacies across America. The company's website and mobile apps have helped Americans struggling with the high cost of healthcare to save over $6.5 billion since the company's founding in 2011. More than 10 million Americans use GoodRx every month to lower the cost of their healthcare, and more than one-third of U.S. doctors provide information about GoodRx to their patients.
"We're excited to welcome Silver Lake to the GoodRx family," said Doug Hirsch, Co-CEO of GoodRx. "Silver Lake's proven track record as a technology investor will advance GoodRx's mission of making healthcare more affordable for all Americans." Silver Lake joins current investors Francisco Partners and Spectrum Equity to help drive the company's next phase of growth.
"At GoodRx, we believe consumers deserve a simpler approach to understanding the cost of their healthcare," added Trevor Bezdek, Co-CEO of GoodRx. "Our new partnership with Silver Lake enables us to continue to deliver innovative solutions that help Americans understand and reduce their healthcare costs."
"GoodRx's significant, growing digital platform has simplified the prescription drug market through increased transparency and lower prices in a short amount of time," said Greg Mondre, Managing Partner and Managing Director, and Adam Karol, Director, both of Silver Lake. "We look forward to working with Trevor, Doug and the entire GoodRx team in their mission to broaden consumer access to critical prescription drugs and to enhance consumer price transparency in the next phase of their evolution." Mr. Mondre and Mr. Karol will join the company's board.
"Since inception, GoodRx's mission has been to make it easy for all Americans to more affordably access much needed medication," said Chris Adams, co-head of Healthcare IT at Francisco Partners. "It has been a true pleasure to be their partners and help them grow their impact." Francisco Partners originally invested in GoodRx in 2015 and will remain an investor and board member. "We are thrilled to continue to support the team's ongoing expansion and mission going forward," added Dipanjan "DJ" Deb, Francisco Partners co-founder and CEO.
"We remain incredibly supportive of Doug, Trevor, and the entire GoodRx team as they continue to build one of the most distinctive consumer-facing digital platforms in U.S. healthcare solving two critical problems: improving access to and lowering the cost of prescription drugs," said Steve LeSieur, Managing Director at Spectrum Equity. "We look forward to supporting the company as they continue to grow and broaden their impact." Spectrum originally invested in GoodRx in 2015 and will remain an investor and board member.
J.P. Morgan Securities LLC and TripleTree, LLC acted as financial advisors to GoodRx. Kirkland & Ellis LLP and M&H, LLP served as legal counsel to GoodRx. Ropes & Gray LLP and Epstein Becker & Green, P.C. served as legal counsel to Silver Lake.
GoodRx is the leading source for prescription and healthcare savings in America. More than 10 million consumers use GoodRx each month to find current prices and discounts on their medications. GoodRx's real-time market-intelligence platform gathers retail prices and coupons for virtually every pharmacy in America, providing savings of up to 80%. GoodRx is the #1 medical app on the iOS and Android app stores and one-third of doctors recommend GoodRx to their patients. Since 2011, Americans - with and without health insurance - have saved more than $6.5 billion using GoodRx. For more, visit www.goodrx.com.
About Silver Lake
Silver Lake is the global leader in technology investing, with about $40 billion in combined assets under management and committed capital and a team of approximately 100 investment and value creation professionals located in Silicon Valley, New York, London, Hong Kong and Tokyo. Silver Lake's portfolio of investments collectively generates more than $170 billion of revenue annually and employs more than 340,000 people globally. The Silver Lake Partners portfolio includes leading technology and technology-enabled businesses such as Alibaba Group, Ancestry, Broadcom Limited, Cast & Crew, Ctrip, Dell Technologies, Endeavor, Fanatics, Global Blue, GoDaddy, Motorola Solutions, Red Ventures, Sabre, SoFi, SolarWinds, Symantec, Unity, Weld North Education and WP Engine. For more information about Silver Lake and its entire portfolio, please visit www.silverlake.com.
About Francisco Partners
Francisco Partners ("FP") is a leading global private equity firm specializing in technology and technology-enabled services businesses. FP has invested in and acquired over 200 technology companies, making it one of the most active and longstanding investors in the technology industry. FP invests where the firm's deep sectoral knowledge and operational expertise can help companies realize their full potential. For more information on Francisco Partners, please visit https://www.franciscopartners.com.
About Spectrum Equity
Spectrum Equity is a leading growth equity firm providing capital and strategic support to innovative companies in the information economy. For 25 years, the firm has partnered with proven entrepreneurs and management teams to build long-term value in market-leading software, information services and Internet companies. Representative investments include Ancestry, Bats Global Markets, Definitive Healthcare, Grubhub, Lynda.com, SurveyMonkey, Teachers Pay Teachers and Verafin. For more information, visit www.spectrumequity.com.
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