Sheridan Capital Partners (“Sheridan”) today announced the completion of its investment in ICANotes (or “the Company”), a Practice Management (“PM”) and Electronic Health Record (“EHR”) software platform purpose-built for the behavioral health market. The investment comes at a time when behavioral health providers are facing rising demand for care alongside expanding documentation and compliance obligations. This has increased the need for EHR platforms designed specifically around mental health workflows. The ICANotes product helps clinicians streamline clinical documentation, strengthen compliance, and simplify practice management. Financial terms of the private transaction were not disclosed.
Founded in 1999 and headquartered in Baltimore, Md., ICANotes delivers a comprehensive, cloud-based EHR platform designed specifically for mental health professionals, including psychiatrists, therapists, counselors, social workers, and nurse practitioners. The Company’s AI-enhanced system supports clinical workflows and integrates advanced features that save time, support regulatory compliance, and enhance patient care. ICANotes serves a broad range of behavioral health organizations across outpatient, inpatient, and residential settings focused on medication management, psychotherapy, substance use disorder treatment, trauma-focused care, couples and family therapy, case management, and psychosocial rehabilitation.
“As we searched for a strategic capital partner who could help us meaningfully scale, it became clear that the Sheridan team was the ideal choice given our strong cultural alignment and their relevant experience building healthcare technology businesses,” said Jamie Morganstern, CEO of ICANotes. “We are excited to partner with Sheridan as we continue to invest in our core PM and EHR solutions, while expanding platform capabilities to drive greater efficiency for our clinician customers.”
“We believe ICANotes is an outstanding business that has earned the trust of a wide variety of behavioral health providers by enabling management of an entire practice with one secure system,” said Jeff Foote, Partner at Sheridan. “We are proud to partner with the ICANotes team to build on that success and we look forward to collaborating with Jamie and his team to expand the platform’s capabilities and reach more providers nationwide.”
Sheridan is a well-established healthcare investor with experience in behavioral health, technology and tech-enabled services businesses including investments in SimiTree, Tarrytown Expocare, National Care Systems, and others.
The transaction was led by Jeff Foote, Sean Dempsey, Matt Collins, and Aman Singla at Sheridan Capital Partners. McDermott Will & Schulte served as legal counsel and Harris Williams served as financial advisor to Sheridan Capital Partners.
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