Daily update: WellSky, Agilis Systems, Home flipping, Mortgage rates, Energizer phone in the news and more

WellSky buys Health Care Software Inc.

Lenexa, Kansas health care technology company WellSky has acquired New Jersey-based Health Care Software Inc. Terms of the deal weren’t disclosed.

Health Care Software is a provider of clinical and financial IT software for long-term and post-acute care providers.

HCS will maintain its New Jersey office. Tim Fahey will stay on as its CEO.

This is the sixth acquisition by WellSky in the past 14 months. WellSky is owned by TPG Capital, which has more than $70 billion in assets under management. It is dual headquartered in Forth Worth, Texas, and San Francisco.


Agilis Systems gets investment from Spectrum Equity

Agilis Systems has received a “strategic growth equity” investment from Spectrum Equity.

Terms of the investment weren’t disclosed. As part of the investment, Spectrum’s Drew Reynolds will join the Agilis board.

Agilis, based in Chesterfield, is a provider of fleet management, asset tracking and workforce management solutions. Led by CEO Paul Inman, Agilis had revenue of $27 million for 2017 and was one of the fastest-growing companies in the St. Louis region. Ranked at No. 363, Agilis was the only Missouri-based company on the Deloitte Technology Fast 500 in 2018.

DH Capital, based in New York, served as exclusive financial advisor to Agilis. Webster Bank provided debt financing for the transaction.

Spectrum Equity, based in Boston, is a private growth-equity firm focused on partnering with businesses related to the information economy. It manages about $7 billion and was founded by Brion Applegate and William Callatos. Companies it has invested in include Ancestry, Grubhub and SurveyMonkey.


Lending for home flips hits 11-year high

The amount financed for home-flip purchases hit $19.9 billion in 2018, up 8 percent from $18.5 billion in 2017 and reached the highest level since 2007, according to data from ATTOM Data Solutions, a property database manager based in Irvine, California.

Missourians, meanwhile are paying some of the highest mortgage rates in the country.

A total of 207,957 single-family homes and condos were flipped in the U.S. in 2018, according to the data. That’s down 4 percent from the 216,537 home flips in 2017. The number of entities (individuals and institutions) flipping homes was flat from 2017 to 2018, but the number was up 62 percent from the number of flippers 10 years ago.

“With mortgage rates remaining strong and people staying in their homes longer, we have started to see a bit of a flipping rate slowdown,” said Todd Teta, chief product officer at ATTOM Data Solutions. “However, this isn’t to say home flipping is going away. The market is still ripe with investors flipping and bargains still await, especially in the lowest-priced areas of the country, where levels of financial distress remain highest.”

Missouri ranked No. 42 out of 50 states in mortgage rates, at an average rate of 4.9 percent. That’s above the national average of 4.84 percent. New York had the highest average rate at 4.96 percent. California, New Jersey, Washington and Massachusetts have the lowest average interest rates — 4.74 percent in California, 4.75 percent in New Jersey and 4.76 percent in both Washington and Massachusetts, according to ATTOM’s data.


Energizer unveils cell phone that can go weeks on a single charge

St. Louis battery maker Energizer rolled out its latest mobile phone at the Mobile World Congress convention in Barcelona, Spain.

The phone is made by Avenir Telecom, under exclusive license by Energizer. The phone, which isn’t available for purchase in the United States, boasts a super long batter life. There may be a drawback for some people in that it is three-times thicker than most mobile phones on the market today.

Energizer’s Power Max P18K POP mobile phone

Adding to the phones excess is the fact that it boasts five cameras, including two front-facing pop-up cameras.


Faces

St. Louis-based Tech Electronics, a managed systems solutions provider, hired Michael Economon as customer experience officer.

Blue Stingray‘s Brian Rehg has joined St. Louis Makes board of directors.


Tidbits

Airlines sign agreement to fund $1.5 billion Kansas City International Airport development

With biggest deal, St. Louis leads the way in M&A

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