Sheridan Takes Ownership of PtEverywhere PT Software

Andrew Shofner stepped into PtEverywhere's CEO role in October 2025 alongside a growth investment from Shofner Capital Partners. Less than a year later, he is staying to operate the business under a new owner with a healthcare-software playbook and an explicit appetite for acquisitions.

Sheridan Capital Partners completed its private investment in PtEverywhere on September 17, 2026. Financial terms, valuation, ownership percentage, and transaction structure were not disclosed. Sheridan said Shofner will continue to lead the Cary, North Carolina company under its ownership.

The transaction matters because PtEverywhere sits inside the unglamorous handoffs that decide whether an independent physical therapy clinic runs like a practice or a pile of tabs. Scheduling, clinical notes, billing, collections, patient communication, home exercise programs, and payments all touch the same patient journey. Sheridan is backing the software layer that tries to keep those functions from becoming separate operating problems.

What Sheridan Bought

PtEverywhere is a practice-management and integrated-payments platform built for outpatient physical therapy and related rehabilitation providers. The company says its web and mobile system combines scheduling, documentation, messaging, video home exercise programs, billing, telehealth, reporting, patient engagement, and payments.

The product's vertical focus is the useful part of the deal. Generic practice software can record an appointment or collect a payment. PtEverywhere is designed around the sequence of a rehabilitation practice, from booking and intake through clinical documentation, prescribed exercises, patient communication, billing, and collection. Sheridan says the company primarily serves small and mid-sized practices, including clinics using cash-pay and hybrid reimbursement models.

That customer profile carries its own economic pressure. The American Physical Therapy Association reported that 90.8% of respondents to its 2025 survey agreed that administrative burden contributes to burnout. Three-quarters of facilities had added nonclinical staff to manage that burden, while 56.7% said it had caused their practice to leave a payer or network. Those figures do not measure PtEverywhere's performance, but they clarify the problem its software is built to address.

The Leadership Handoff

The current ownership change follows a 2025 operating reset. In an October 2025 company announcement, PtEverywhere disclosed a strategic growth investment from Shofner Capital Partners and named Andrew Shofner CEO. The company also added Ryan Eade as CPTO, Tobias Rinsche as VP of Marketing, and Ted Josten as VP of Finance, while Jonathan Davis continued as VP of Customer Experience.

PtEverywhere's own LinkedIn announcement credits Jeff Vajay, Michael Le, and Kimthanh Do Le as founders. Its official origin story says physical therapists and technologists built the platform after experiencing how administrative work and insurance limits could dictate the operation of a clinic. That history matters because vertical software earns its place by understanding the sequence of work, not merely by collecting a long feature list.

Sheridan's release says Shofner will remain in charge. That continuity gives the investor an operating team already working through product, mobile, AI, customer experience, and nationwide adoption priorities. It also leaves a clean accountability line: the platform now has more institutional backing, but the same CEO must turn that backing into better clinic economics and a product that remains specific to rehabilitation workflows.

Why Sheridan Sees a Platform

Sheridan Capital Partners is a healthcare-focused private equity firm that invests across providers, outsourced services, products, manufacturing, software, and technology. Partner Jacob Greenberg previously worked on vertical software and high-velocity roll-up strategies, including M&A at payments-and-software platform Fullsteam. Greenberg led the PtEverywhere transaction with Aman Singla and Noah Benson.

Sheridan said PtEverywhere's infrastructure, technology, and operating model can support organic growth and strategic add-on acquisitions. That last phrase changes the assignment. Product investment and sales expansion are familiar private-equity priorities. Add-on acquisitions suggest Sheridan believes the platform can absorb more capability or market reach without losing the workflow coherence that made it attractive.

The opportunity is visible, but the boundaries matter. Cash-pay and hybrid clinics can avoid some payer friction, yet APTA notes that those models still carry documentation, compliance, collection, and operating obligations. Software can reduce handoffs and duplicate entry. It cannot make the regulatory or clinical work disappear.

What the Transaction Leaves Open

The announcement provides no transaction amount, valuation, ownership percentage, leverage, revenue, customer count, or acquisition targets. PE Hub described Sheridan's move as an acquisition, while Sheridan used the language of a completed investment and ownership. The most accurate public description is therefore simple: Sheridan now owns PtEverywhere, the terms are private, and Andrew Shofner remains CEO.

For clinic owners, the next evidence will not come from the deal label. It will come from implementation speed, support quality, payment reliability, documentation workflows, product development, and whether new acquisitions make the system feel more complete rather than more assembled. Sheridan has bought the operating layer between a clinician's work and the business that has to collect for it. PtEverywhere now has to scale that layer without losing the clinical specificity that made it valuable.