ICANotes, a purpose-built EHR for behavioral health, completed a majority recapitalization with Sheridan Capital Partners. The process was run competitively, with multiple investors, real tension, and a closing dynamic that required active management throughout. Specialist expertise recast financial metrics that would have undermined the company’s intrinsic value, repositioned the story, engineered the process, and delivered an outcome the business had earned.
Founded in 1999 and headquartered in Baltimore, ICANotes provides a cloud-based EHR platform built specifically for behavioral health clinicians, including psychiatrists, therapists, counselors, social workers, and nurse practitioners. Its software streamlines clinical documentation, strengthens regulatory compliance, and integrates practice management across outpatient, inpatient, and residential care settings.
Sheridan Capital Partners, founded in 2012 and based in Chicago, is a private equity firm focused exclusively on healthcare. The firm partners with management teams across healthcare services, products, and technology businesses, bringing sector expertise and operational resources to support scalable, long-term growth.
From a broad buyer universe of 300 down to two final bids. Deep first-round interest, disciplined qualification, and real competitive tension held all the way to best and final.
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