Wellington Financial Provides $10M Credit Facility in Support of TUC – CareWorx Merger
Wellington Financial LP, a privately-held specialty finance firm, announced a $10 million credit facility for TUC Managed IT Solutions.
The funds will help TUC, a market-leader in managed IT and cloud services, acquire CareWorx Inc., a North American-leader in technology solutions serving senior care facilities. Following the acquisition TUC will be renamed CareWorx Inc.
TUC provides IT service organizations including small and medium-sized enterprises, technology vendors and service providers with a comprehensive suite of managed IT and cloud services for end-users, supported 24×7 through our North American-based service desk. The merger represents the next level of managed services providing the complete technology stack for senior care – devices, applications, service and support.
The combined company will eventually adopt the CareWorx brand and will establish Managed Services and Senior Care divisions that will continue to support all existing TUC and CareWorx customers. The Senior Care division will aim to vastly improve technology and IT support options for senior care facilities. The Managed Services division will continue to offer managed IT and cloud services with a specific focus on expansion in the midmarket and healthcare through a channel-first strategy.
Mark Scott, CEO of TUC, will be CEO of the newly merged company with Mark Tomzak, former CEO of CareWorx, becoming President, focused on the Senior Care division.
Mark Usher, Partner at Wellington Financial stated, “We are very pleased to be partnering with these two market-leading technology providers as they join forces to leverage the strength of each business. We believe that once combined, the team will quickly reach new heights.”