AlayaCare acquires Arrow Solutions | Montreal’s Alayacare is continuing its streak of high-profile moves after raising $78 million in 2019 alone. Now the home healthcare technology company is announcing the acquisition of New York-based software company Arrow Solutions.
The move appears to paint a picture of aggressive movement in the US market for CEO Adrian Schauer and company.
“The acquisition of Arrow Solutions is the cornerstone of our expansion into the US Medicaid market and beyond,” said Schauer. “New York is one of the most complex and highly regulated states in the US home care industry and the acquisition of Arrow Solutions enhances our ability to scale our technology.”
Arrow Solutions was founded by owners of a home care agency serving the New York City area who wanted to provide an enterprise solution for home care agencies that would be customizable and easy to use. The software was originally designed to serve Licensed Home Care Services Agencies (LHCSA’s) in the New York market, representing more than 1,400 organizations. However, it has since expanded its agency management and Medicaid billing capabilities into 10 additional states as its client base has grown.
In January, AlayaCare closed a $47.9 million CAD ($37 million USD) extension for its Series C round. That brought the company’s total 2019 funding to about $101 million CAD ($78 million USD). The startup’s total funding to date sits at $115.8 million CAD since it was founded in 2014.
Meanwhile, this acquisition comes after AlayaCare’s recent acquisition of Procura.
Founded in 2014, AlayaCare has provided the industry with innovative technology solutions to optimize the full care continuum for home and community care organizations in Canada, United States and Australia.