A San Diego-based organization has acquired three child development centers in the state as it eyes expansion in the Northeast, the company announced this week.
Cortica, a physician-led autism services company, said it recently acquired Springtide Child Development and Melmed Center, two child developmental organizations with facilities in Connecticut, Massachusetts and Arizona. The moves came after the company closed on a $75 million new funding fund, it said.
Cortica’s three new locations in Connecticut following the Springtide Child Development acquisition are in Ridgefield, Trumbull and West Hartford. Three Massachusetts locations were also part of the deal, while Melmed Center operates in Arizona.
According to the company, the $75 million financing round was led by Deerfield Management and Optum Ventures but also included RA Capital Management and Echo Health Ventures, alongside existing Cortica investors Longitude Capital, .406 Ventures, Questa Capital, Ajax Health, Aperture Venture Partners, and the Autism Impact Fund.
Following both acquisitions, Cortica said it now owns and operates 23 integrated autism centers across the country with more than 1,600 employees.
