New York & San Antonio, Texas—July 12, 2021—Two Sigma Impact, the impact investing business of Two Sigma, today announced it has acquired Circle of Care (“CoC” or the “Company”), a leading home and clinic-based pediatric therapy provider based in Texas. Circle of Care provides a wide range of pediatric services across seven markets in Texas, including occupational, physical and speech therapy. Financial terms of the transaction were not disclosed.

Circle of Care has been a leading provider of pediatric therapy since 2007 and employs over 275 licensed and credentialed therapists. Circle of Care currently serves more than 3,000 patients, with three-quarters of the patient population considered economically disadvantaged. The Company provides therapy services for children from post-natal through age twenty, employing a rigorous one-on-one personalized clinical therapy approach aimed at achieving the patient’s therapy goals both quickly and cost efficiently.

The partnership will enable Circle of Care to accelerate its expansion into a national platform offering a broader array of pediatric therapy services across multiple sites of service, including telehealth, home-based and clinic-based services. In addition, Circle of Care will seek to leverage the data science and technology resources of Two Sigma Impact to power the application of predictive analytics to its clinical model and to enhance core business processes such as therapist recruitment and new market prioritization.

“For nearly 15 years we’ve been dedicated to providing quality and compassionate medical care for children and young adults across Texas, and we were honored to heed the call this past year when our services were needed most. The COVID-19 pandemic created an incredibly difficult time for both our patients and therapists, and we are so proud of the way we responded,” said Jimi Ellis, Chief Executive Officer of Circle of Care. “Joining forces with Two Sigma Impact will not only allow us to develop new and effective treatment services for our critical patient population but also enable us to invest in the education, training and retention of our valuable and important therapists. The delivery of healthcare has forever changed and we couldn’t be more excited to partner with a like-minded and forward-thinking organization such as Two Sigma Impact to continue to expand our capabilities and broaden our reach.”

“We are honored and excited to partner with a leader in the pediatric care industry who is committed to providing strong and reliable care to an important and vulnerable population,” said Geoff Lieberthal, Partner at Two Sigma Impact. “Circle of Care sits at the intersection of two critical issues – an accelerating need for home health services and a labor shortage of qualified clinicians. The supply shortage has only gotten worse during the COVID pandemic and our country needs nearly one million more home health professionals in the next decade. We plan to invest in the human capital side of Circle of Care to deliver high quality therapy to children at a reasonable cost, and our hope is that Circle of Care can help alleviate the supply constraint in this critical part of the healthcare economy,” Lieberthal said.

The acquisition of Circle of Care is Two Sigma Impact’s third investment since the launch of the business in late 2020, following investments in workforce development pioneer Penn Foster in November 2020, and leading B2B personal care e-commerce provider Wholesale Supplies Plus in April 2021. Two Sigma Impact is focused on investments in four core sectors, Healthcare, Education & Training, Consumer, and Tech-Enabled Business Services, where it believes it can scientifically leverage investing in human capital as a driver of value-creation.

Edgemont Partners served as exclusive financial advisor to Two Sigma Impact, with McDermott Will & Emery and Harter Secrest & Emery serving as legal advisors.


About Circle of Care

Circle of Care is dedicated to providing the best therapy treatments possible for children from birth through age 20; whether it is speech, feeding, occupational, or physical therapy, its goal is to improve a child’s quality of life with continued progress through personalized and proven methods of treatment. With a reputation built on excellence, Circle of Care supports a patient’s medical team and family by letting them know they are not alone in their endeavors to provide for their child. Circle of Care is on one of the largest therapy providers in Texas, having begun its services in the San Antonio area and have grown to serve El Paso, Dallas / Ft. Worth, Houston / Galveston, Austin, Killeen, Rio Grande Valley, Corpus Christi, and several surrounding counties in Texas. For more information, please visit


About Two Sigma Impact

Two Sigma Impact is a business of Two Sigma. Its mission is to combine active, principled ownership and data science with the goal of achieving superior returns and positive social outcomes. The Two Sigma Impact team is focused on workforce impact – where they anticipate innovative and thoughtful investments in humans will lead to an enhanced employee experience, productivity, and long-term financial returns. As part of Two Sigma, Two Sigma Impact has access to expertise in data science, technology, and a range of corporate specialties, and seeks to support its portfolio companies with those resources.


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Andrew McGloin
Two Sigma