CVC Credit is pleased to announce that it has strengthened its support for RLDatix, and its growth strategy, by backing its acquisition of Allocate Software, the UK market-leader in workforce management software for the healthcare industry, through the provision of a payment-in-kind (PIK) loan together with Guggenheim Partners.

CVC Credit has partnered with RLDatix and its private equity sponsors, Five Arrows Principal Investments and TA Associates, since October 2020, through its Capital Solutions Strategy, which focuses on lending to medium and large European and US companies by providing primary junior capital to facilitate M&A, refinancing, and liquidity events. RLDatix is a leader in healthcare Governance, Risk and Compliance (GRC) software that provides for improved patient outcomes and drives continual improvements within healthcare organisations.

Headquartered in London and founded in 1991, Allocate Software is a leading provider of people management software-as-a-service (SaaS) for the healthcare sector. Its products are used by over 800 organisations and two million people to manage their working lives in a more resilient, efficient, and connected way, which, in turn, reduces administrative burden, workforce costs, and supports the delivery of high-quality care.

Andrew Davies, Partner and Co-Head of Private Credit at CVC Credit, commented: "CVC is delighted to continue its support to RLDatix in this transaction. It's an impressive business operating in a crucial vertical that drives improvements in the safety and efficiency of the healthcare industry globally. We look forward to strengthening our partnership in the coming years."

Axis Arbour provided debt advice to RLDatix, Five Arrows Principal Investments and TA Associates. McDermott Will & Emery assisted the lenders on the transaction.