PHILADELPHIA & MOORESVILLE, N.C. — May 29, 2020 — LLR Partners today announced an investment in TrueLearn, a provider of online test preparation and data analytics to healthcare education and training institutions. The capital will be used to help accelerate the company’s organic growth in existing market verticals, fund expansion into new healthcare markets and pursue strategic acquisitions.
Founded by Dr. Joshua Courtney in 2008, TrueLearn empowers the next generation of healthcare professionals to perform at their highest levels, both in the classroom and on high-stakes licensure exams. The company has supported tens of thousands of young physicians and healthcare professionals who have used TrueLearn to achieve their career goals in medicine.
“TrueLearn is innovating the use of technology and data to drive better learning outcomes, and, as a result, helping to address major issues like healthcare workforce shortages and gaps in access to high-quality care,” said Steve Hodownes, Senior Operating Advisor engaged by LLR Partners and former CEO of Orbis Education. “As institutional demand for remote learning solutions heightens, I look forward to working with Dr. Courtney and his team to support the company’s growth in a dynamic market.” Mr. Hodownes will join TrueLearn as Chairman of the Board.
Demand for e-learning solutions to supplement lectures and clinical rotations has accelerated in recent months as institutions adjust to asynchronous and remote classroom environments. TrueLearn’s SmartBanks promote active learning by combining retrieval practice and cognition science with personalized analytics to help improve testing behaviors and increase performance on high-stakes licensure exams required for Board certification.
TrueLearn offers a suite of products for medical students and residents across a range of medical specialties and recently expanded its offerings to adjacent healthcare markets including pharmacy and allied health.
“Empowering our doctors and healthcare providers is more important now than ever. LLR’s experience growing healthcare-focused training and education businesses and its network in our sector are exciting as we plan for the future,” said Dr. Joshua Courtney, CEO of TrueLearn. “The resources they bring to the table, including access to highly-relevant independent board members as well as dynamic growth and value creation strategies, will help TrueLearn elevate our mission to new heights, supporting more healthcare professionals as they launch their careers.”
DC Advisory acted as exclusive financial advisor to TrueLearn.
About LLR Partners
LLR Partners is a middle market private equity firm committed to creating long-term value by growing its portfolio companies. LLR invests in several industries, with a focus on technology, healthcare and services businesses. Founded in 1999 and with more than $3.5 billion raised across five funds, LLR is a flexible provider of capital for growth, recapitalizations and buyouts. For more information about LLR and insights on scaling growth companies, visit www.llrpartners.com.
