A four-year-old Indianapolis-based company that makes software for dental practices has agreed to be sold to an Atlanta company for $3 million.
ClariCare Inc., which has developed tablet and cloud applications that help dentists analyze patient data and office productivity, has signed a letter of intent to be acquired by True Nature Holding Inc.
The deal is expected to close by October, subject to due diligence, according to a recent government filing.
Patrick Malloy, president and co-founder of privately-owned ClariCare, declined to comment on the sale. He also declined to answer questions about company revenues, customers or number of employees.
The company, based at 924 N Pennsylvania Ave., raised $240,000 in venture capital last year, according to BioCrossroads, which tracks life-science funding.
ClariCare’s technology helps dentists "discover lost business, manage noncompliance and delight patients," according to the company's website.
In its government filing, True Nature said it believes that ClariCare’s technology “can be easily adapted to the needs of many other specialty health care markets.”
True Nature Holding focuses on technology for medical, veterinary, pharmacy and dental practices. The company, with three employees, was formed in 2015 and trades under the ticker TNTY. The company has yet to record any revenue and has rung up net losses of about $6 million in the past three years.
Louis DeLuca, chief operating officer for True Nature, said he did not know how many employees ClariCare has in Indianapolis, or whether the its operations will remain here after the deal closes.
“At this point, we haven’t decided,” he said. “I don’t see a burning desire or need to move it at this point.”
Malloy declined to comment on the future of the company.
True Nature formerly focused on acquiring compounding pharmacies. It acquired Newco-4pharmacy LLC of Atlanta in 2016. “Unfortunately, it was not a good fit, so the deal was unwound within 90 days,” DeLuca said.
True Nature is no longer focused on acquiring pharmacies, he said.