Delivering healthcare today means navigating layers of complexity, from administrative burden and regulatory requirements to fragmented infrastructure and operational strain, all while facing mounting pressure to improve outcomes and reduce costs. At the same time, the industry’s ongoing shift toward value-based care has made proactive patient engagement and preventative services more essential than ever.
At Summit Partners, we believe that businesses aiming to simplify complexity for their customers, including patients, providers and systems, play an important role in the evolution of the healthcare sector. In our view, companies with solutions designed to integrate into clinical workflows, reduce administrative friction and support improved patient care are positioned to redefine healthcare delivery.
The VaxCare Story
VaxCare’s platform was designed to do just that. Casey DeLoach co-founded VaxCare in 2007 with a vision to help physicians modernize their vaccine programs. The company initially focused on supporting small and mid-sized clinics, offering workflow tools to ease the manual, often overlooked processes involved in vaccine delivery like inventory management, eligibility tracking and reimbursement.
At the time of Summit X’s 2020 investment, VaxCare had built a strong foundation with a tech-enabled solution designed to help practices streamline vaccine administration and improve care consistency. In partnership with Mr. DeLoach and his team, we supported VaxCare as it evolved into an end-to-end platform aimed at addressing the clinical, operational and patient engagement needs of a broad range of healthcare practices, from small independent practices to larger physician groups to national health systems. We worked closely with the team to help expand the platform’s functionality, deepen ecosystem integrations, reposition the company’s go-to-market strategy and build out the senior leadership team to support the company’s next phase of growth.
Today, VaxCare’s platform helps simplify the vaccination process from procurement and patient engagement to documentation and reimbursement. The platform now supports over 21,000 providers and serves more than 11 million patients across 40+ states.(2)
The Trends Redefining Healthcare Delivery
We believe VaxCare’s growth is not only a product of strong execution but also reflects broader shifts in how care is delivered, reimbursed and experienced across the U.S. healthcare system. Here, we highlight four trends that we believe helped to fuel VaxCare’s growth and that continue to inform our work in tech-enabled healthcare services.
1. Simplifying complexity is becoming a strategic advantage.
As care delivery becomes more distributed and regulated, the administrative burden is rising fast. For many providers, complexity is now a core cost driver. Through our thematic work in the healthcare sector, we have observed that practices administering immunizations often manage forecasting, procurement, documentation and billing across disconnected systems, all of which can create costly gaps in patient care. VaxCare’s integrated platform is designed to help eliminate many of these manual touchpoints, allowing providers to focus on delivering care instead of managing logistics.
2. Digitizing provider workflows is a necessity, not a luxury.
Provider burnout and staffing shortages, well-documented in recent years, have made efficiency a clinical imperative.(3) To help address these challenges, we’ve seen constituents across the healthcare industry increasingly find ways to embrace automation, particularly in high-friction, repeatable tasks that pull staff away from direct patient care. By digitizing and streamlining key processes like inventory tracking, eligibility verification and documentation, VaxCare’s platform is designed to reduce administrative burden, improve consistency, minimize errors and help ensure patients receive the right care at the right time. In many clinics, VaxCare’s solutions can save more than 30 minutes of nurse time per day, enabling teams to spend more time on patient care.(4)
3. Proactive patient engagement is becoming a clinical imperative.
We believe preventative care is a cornerstone of value-based models, yet many providers lack the tools to close care gaps and effectively engage with patients at scale. VaxCare’s platform is designed to support proactive patient engagement through automated reminders, real-time eligibility verification and adherence tracking. By integrating these capabilities into clinical workflows, VaxCare’s platform is designed to support timely access to recommended care, offering providers more frequent touchpoints with patients and helping to improve patient outcomes.
4. Consumer expectations are redefining the care experience.
In our experience, today’s patients increasingly expect seamless, consumer-grade healthcare experiences, and many providers are feeling the pressure to adapt accordingly. VaxCare’s patient engagement tools are built into its clinical workflow and designed to support timely outreach, easy scheduling and improved follow-through, without adding to staff workload. We believe this alignment of convenience and clinical need helps improve adherence and strengthen the provider-patient relationship.
Growth Timeline
January 1, 2024
Acquired by Vista Equity Partners
Rebrands as InvoiceCloud
Began trading on the New York Stock Exchange under the ticker symbol KVYO on September 20, 2023
January 1, 2023
Launched Klaviyo Customer Data Platform (CDP) and reviews - Surpassed 130,000 customers
January 1, 2022
Entered into a strategic partnership with Shopify, including capital investment - Launched partnership with Wix and completed first acquisition, Napkin.io - Opened Sydney office
January 1, 2021
Completes IPO on September 23 (NYSE: ESMT)
January 1, 2020
Rebranded to EngageSmart
Introduced support for Apple Pay, Google Pay
January 1, 2017
Entered the wellness vertical with the acquisition of SImplePractice.
January 1, 2021
Raised additional capital in a funding round led by Sands Capital - Launched SMS product - Announced native integration with Prestashop and partnership with WooCommerce
January 1, 2020
Raised approximately $200 million in new capital from Summit Partners and Accel
January 1, 2019
Raised approximately $150 million in capital from Summit Partners Opened London office
January 1, 2009
InvoiceCloud founded
Focused on local government and utility verticals
January 1, 2018
Surpassed 10,000 customers
January 1, 2017
Launched a partnership with BigCommerce
June 1, 2016
Surpassed 1,000 customers
January 1, 2016
Raised new capital in a funding round led by Astrial Capital
January 1, 2015
Received SAFE financing led by Accomplice
January 1, 2014
Surpassed 100 customers
January 1, 2012
Klaviyo founded
January 1, 2021
Completes IPO (NASDAQ: LFST) on June 10
January 6, 2020
Announces majority recapitalization
January 1, 2020
LifeStance completes 50th acquisition. With COVID onset, transitioned from 300 telepsych visits per week to more than 40,000
January 1, 2020
2.3M patient visits, 370 centers and 3,000+ clinicians
January 1, 2019
1.4M patient visits, 170 centers and 1,400 clinicians
January 1, 2018
930k patient visits, 125 centers and 800 clinicians
January 1, 2017
LifeStance founded with backing from Summit Partners and Silversmith Capital Partners
January 1, 2019
Launced charity streaming - live streaming fundraising
General Atlantic invests alongside Summit and management team
January 1, 2018
Entered the non-profit vertical with the acquisition of DonorDrive
Introduced and integrated telehealth solution
January 1, 2015
Summit Partners invests
Entered the healthcare vertical with the acquisition of HealthPay24
The Takeaway
In our view, the most enduring healthcare companies aren’t just improving efficiency; they’re elevating the quality and accessibility of care. They enable providers to work smarter, engage patients more effectively and deliver better outcomes across their communities.
We believe VaxCare’s journey is an example of what’s possible when technology, execution and market timing align.(5) In our view, it offers an interesting example of how innovative companies are scaling impact in today’s shifting healthcare landscape.
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As VaxCare looks ahead, the company remains focused on expanding its reach across the broader spectrum of physician-administered therapies. With its integrated platform, an expanding set of clinical use cases and a growing network of provider and health system partners, we believe VaxCare is well positioned to continue delivering on its founding vision in a healthcare system that increasingly emphasizes simplicity, efficiency and better outcomes.
“Our mission is to make preventative care as seamless as possible for providers and patients alike. I believe the next chapter of healthcare will be written by those who align patient needs with provider interests, and that’s exactly where we’re focused.”(6)
Casey DeLoach
CEO, VaxCare
Related Experience
About the Authors
*There can be no assurance that the performance of any such professional serves as an indicator of future performance. There is no guarantee that Summit's investment professionals will successfully implement the Summit funds’ investment strategy. A complete list of Summit employees is available upon request
(1) VaxCare is a portfolio company held in Summit X. For a complete list of Summit X’s investments, please refer to the quarterly report posted to the LP website.
(2) Source: VaxCare website, September 22, 2025. Past operating performance is not a guarantee of or necessarily indicative of future results.
(3) Source: American Association of Colleges of Nursing, May 2024. https://www.aacnnursing.org/Portals/0/PDFs/Fact-Sheets/Nursing-Shortage-Factsheet.pdf
(4) Source: VaxCare website, June 13, 2025.
(5) This information is intended to illustrate an investment sourced by the Growth Equity Team, as well as to demonstrate the types of opportunities the team may consider and how the team intends to approach and evaluate future potential investment opportunities. Future investments considered by the team may differ materially from the terms, conditions and overall performance of the investment discussed in this example. In considering the information presented herein, the recipient should bear in mind that past or projected performance is not a guarantee of or necessarily indicative of future results. It should not be assumed that investments made in the future will be profitable.
(6) Certain statements about Summit Partners made by Casey DeLoach herein are intended to illustrate Summit Partners’ business relationship with VaxCare, Inc. (“VaxCare”) and Mr. DeLoach, including with respect to Summit Partners’ role as a business partner, rather than reflect Summit Partners’ capabilities or expertise with respect to investment advisory services. Mr. DeLoach was not compensated in connection with his participation or statements; however, he has received and continues to receive compensation in connection with his employment at VaxCare. Mr. DeLoach is not an investor in any Summit fund but may have conflicts arising from his current role with VaxCare due to VaxCare’s relationship with Summit.
About Summit Partners
Summit Partners is a leading growth-focused investment firm, investing across growth sectors of the economy. Today, Summit manages more than $45 billion in capital and targets growth equity investments of $10 million – $500 million per company. Since the firm’s founding in 1984, Summit has invested in more than 550 companies in the technology, healthcare and life sciences, and growth products and services sectors.