Fully subscribed round led by Montreux Equity
Partners, with participation from all current Kareo investors, to
accelerate expansion of cloud-based product line for independent
physicians
First paragraph, second sentence, of the release should read:
This investment is led by Montreux Equity Partners with
participation from Silver Lake Waterman and all of Kareo’s existing
investors. (instead of This investment is led by Montreux Equity
Partners with participation from Silver Lake Partners and all of
Kareo’s existing investors.).
Second paragraph, first sentence, of the release should read:
“With this new investment from Montreux, Silver Lake Waterman and
our current investors... (instead of “With this new investment from
Montreux, Silver Lake and our current investors...).
Also reissuing release to correct Release Summary Metadata.
The corrected release reads:
KAREO SECURES OVER $55 MILLION IN INVESTMENT
TO EXTEND MARKET LEADERSHIP
Fully subscribed round led by Montreux Equity
Partners, with participation from all current Kareo investors, to
accelerate expansion of cloud-based product line for independent
physicians
Kareo, the leading provider of cloud-based solutions for
independent medical practices, today announced it has closed $55.4
million in additional funding. This investment is led by Montreux
Equity Partners with participation from Silver Lake Waterman and
all of Kareo’s existing investors. This capital will finance the
continued development of Kareo’s product line—which enables
physicians to manage all major aspects of their practice—as well as
expand the company’s market access.
“With this new investment from Montreux, Silver Lake Waterman
and our current investors, we’ll be able to accelerate the
development of our comprehensive, cloud-based, medical office
management platform for independent practices,” said Dan Rodrigues,
founder and CEO of Kareo. “Concurrently, we will further expand our
market reach, helping even greater numbers of physicians meet their
care delivery and practice growth objectives.”
Montreux Equity Partners, a growth capital firm investing in
high growth, commercial stage companies with category leading
products, technologies and services has a history of investing in
high-profile healthcare companies including MINDBODY Online
(NASDAQ: MB), Glaukos (NYSE: GKOS) and MAKO Surgical (NASDAQ: MAKO,
acquired by Stryker), among others. Along with the investment,
Montreux Principal, Michael Matly, MD, will join the Kareo Board of
Directors and will provide consultative guidance around the
company’s market strategy. Dr. Matly brings valued experience in
the health services and technology sectors and is actively involved
in Montreux’s late stage investments. He previously represented
Montreux on the board of MINDBODY Online (NASDAQ: MB) and currently
serves on the board of Pure Life Renal. Before joining Montreux,
Dr. Matly led Business Development and New Ventures at the Mayo
Clinic Center for Innovation.
“We are very excited to invest in Kareo, a company dedicated to
helping physicians deliver outstanding patient care without getting
bogged down by administrative tasks and external mandates,” said
Matly. “Independent practices are the foundation of the U.S.
healthcare system, but they have been underserved by technology,
often facing the choice of forgoing technology or deploying
expensive and cumbersome enterprise solutions. Kareo is changing
this.”
Montreux joins Kareo’s top-tier institutional investors, which
include OpenView Venture Partners, Greenspring Associates, Stripes
Group, Silicon Valley Bank and Western Technology Investments.
Kareo has been recognized as one of the nation's fastest growing
private companies, realizing a 368 percent increase in revenue over
the past three years. In 2015, Kareo was named the leading vendor
for integrated health records, practice management and physician
billing solutions for the third consecutive year by Black Book and
was identified by KLAS as a top-three practice management provider
for practices with 1-10 physicians. The company serves over 30,000
healthcare professionals caring for 40 million patients and
processes over $1 billion in medical claims monthly. In March,
Kareo announced its acquisition of DoctorBase, an innovative
developer of medical practice marketing and patient engagement
solutions, and these solutions are now available to Kareo’s
existing customers.
About Kareo
Kareo is the only cloud-based medical office solutions platform
purpose-built for small practices. At Kareo, we believe that, with
the right tools and support, small practices can do big things. We
offer an integrated solution of products and services designed to
help physicians get paid faster, find new patients, run their
business smarter, and provide better care. Our practice management
software, medical billing solution, practice marketing tools and
free, award-winning fully certified EHR help more than 30,000
medical providers more efficiently manage the business and clinical
sides of their practice. Kareo has received extensive industry
recognition, including the Deloitte Technology Fast 500, Inc.
500/5000, Red Herring Top 100 Company, and Black Book #1 Integrated
EHR, Practice Management and Billing Vendor. Headquartered in
Irvine, California, the Kareo mission is to help providers spend
their time focused on patients, not paperwork. For more
information, visit www.kareo.com.
About Montreux Equity Partners
Montreux is dedicated to making growth capital investments in
category-leading companies with products, technologies and services
that are advancing health. Since 1993, Montreux has invested in
more than 50 companies including MINDBODY (NASDAQ: MB), Glaukos
(NYSE: GKOS), MAKO Surgical (acquired by Stryker), SkinMedica
(acquired by Allergan), Renal CarePartners (acquired by Ambulatory
Services of America), Great Lakes Health Plan (acquired by United
Healthcare), and Orexigen (Nasdaq: OREX). Montreux is based in San
Francisco, CA, and is currently investing out of its fifth fund.
For more information, visit www.mepvc.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20150728006003/en/
Dodge CommunicationsLibby Wilson,
678-585-1065lwilson@dodgecommunications.com