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Hi Rasmus Raises $50 Million. What Kind of Platform Is It Becoming?

Hi Rasmus Raises $50 Million. What Kind of Platform Is It Becoming?

A year in which capital has become harder to find across autism services just produced a $50 million investment in an ABA technology company. Hi Rasmus announced Thursday that Updata Partners has made a $50 million minority investment in the company. The founders retain majority ownership, and CEO Nikolaj Hendriksen

Motivity’s Calmanac Acquisition Is About More Than Practice Management

Motivity’s Calmanac Acquisition Is About More Than Practice Management

Last year, when Five Elms Capital invested $27M into Motivity, I wrote that the underlying strategic question was not the investment itself, but whether Motivity intended to evolve beyond a clinical platform into broader operational infrastructure for autism care organizations. This week's announcement provides a much clearer answer.

The KPIs Autism Care Relies On — and What They Miss

The KPIs Autism Care Relies On — and What They Miss

This is the second piece in a series on what success actually looks like in autism care. The first examined whether organizations can see clearly. This one examines whether the metrics they rely on actually mean what they think they do. Autism care does not lack KPIs. Most organizations track

Provider Consolidation Reality: Why Value Breaks Before It’s Realized

Provider Consolidation Reality: Why Value Breaks Before It’s Realized

Context for this post March 2026 theme: Why Autism Care Is Ripe for Consolidation—and Why It Keeps Failing Autism care is often described as “ripe for consolidation.” Demand exceeds supply. Fragmentation remains high. Many operators are founder-led and operationally stretched. And yet—despite years of capital inflow—provider

Autism M&A Is Active — But True Consolidation Still Hasn’t Arrived

Autism M&A Is Active — But True Consolidation Still Hasn’t Arrived

Autism care is often described as a sector poised for consolidation. Demand continues to rise. Workforce shortages persist. Payors increasingly favor scale. Private equity has invested billions into autism services providers over the past decade. On paper, the ingredients for large-scale consolidation appear to be in place. And yet,

Why Autism Care Is Ripe for Consolidation — and Why It Keeps Failing

Why Autism Care Is Ripe for Consolidation — and Why It Keeps Failing

Recent events — from valuation compression in vertical healthcare software to restructuring within managed behavioral health — reinforce how unsettled parts of the autism ecosystem remain. Capital markets are reassessing durability assumptions. Infrastructure bets are being recalibrated. But even if financing conditions stabilize and enterprise platforms regain footing, provider consolidation faces a

When Integration Fails to Tame Behavioral Risk

When Integration Fails to Tame Behavioral Risk

What the Magellan Sale Signals for Autism Economics When a national Medicaid payor publicly identifies ABA as a major driver of earnings pressure — and then exits its managed behavioral asset at a loss — that is not routine portfolio management. It is a repricing of behavioral risk. Centene acquired Magellan Health