O’Melveny represented leading cloud-based human capital management software provider OnShift, Inc. on its strategic equity investment from Clearlake Capital Group, LP, with participation from the Ziegler Link•Age Fund II, LP and Health Velocity Capital.
OnShift, Inc., a cloud-based human capital management (“HCM”) software provider for the long-term post-acute care (“LTPAC”) market, has received a strategic equity investment from Clearlake Capital Group, L.P., a leading private investment firm, with participation from the Ziegler Link•Age Fund II, L.P., a private equity fund focused on the post-acute and aging marketplace, and existing investor Health Velocity Capital. Financial terms of the transaction were not disclosed.
OnShift’s multi-tenant software-as-a-service platform facilitates scheduling, labor analytics, workforce planning, employee financial wellness, employee engagement, applicant tracking and recruitment management for nearly 5,000 customers, including many of the leading skilled nursing and senior living providers. This investment will be used to expand OnShift’s product development in recruitment, workforce and talent management, and accelerate sales and marketing plans. Dan Groen and Paul Huber of Clearlake will join OnShift’s board of directors.
This strategic investment led by Clearlake builds upon the early financial support provided by Draper Triangle Ventures, Early Stage Partners, Fifth Third Capital, Glengary LLC, HLM Venture Partners, Jumpstart Inc., North Coast Venture Fund and West Capital Advisors. KeyBanc Capital Markets served as the financial advisor to OnShift for this financing round.
The O’Melveny team was led by the firm’s Emerging Technologies Group Chair David Makarechian (Picture) along with Silicon Valley counsel Chris Hagenbuch and associates Annie Woodworth and Virginia Harris. Partner Bob Fisher and counsel Billy Abbott provided tax advice; counsel Brian Danella provided IP advice; senior counsel Warren Fox and associate Rebecca Cotrell provided executive compensation advice; and partner Jennifer Taylor advised on certain financing matters.
Involved fees earner: Billy Abbott – O’Melveny & Myers LLP; Rebecca Cotrell – O’Melveny & Myers LLP; Brian Danella – O’Melveny & Myers LLP; Robert Fisher – O’Melveny & Myers LLP; Warren Fox – O’Melveny & Myers LLP; Christopher Hagenbuch – O’Melveny & Myers LLP; Virginia Harris – O’Melveny & Myers LLP; David Makarechian – O’Melveny & Myers LLP; Jennifer Taylor – O’Melveny & Myers LLP; Annie Woodworth – O’Melveny & Myers LLP;
Law Firms: O’Melveny & Myers LLP;
Clients: OnShift, Inc.;