Wellcentive Raises Growth Equity
Summit Partners leads financing round, with participation by Noro-Moseley Partners and Harbert Venture Partners investment, to strengthen company's position as leader in the population health management market
ATLANTA and BOSTON, April 22, 2014-- Wellcentive, a leading provider of population health management SaaS solutions to health organizations, announced today that it has received a growth capital minority investment from three leading equity firms. The financing was led by Summit Partners and included participation from Wellcentive's two founding investors, Noro-Moseley Partners and Harbert Management Partners. Wellcentive will use the funding to continue product innovation, broaden market awareness and thought leadership, and expand its sales and transformational services capabilities.
Since 2005, Wellcentive has focused exclusively on delivering physician-facing, population health management, data analytics solutions and services that enable physicians, health systems and payers to better manage the care they deliver. Specifically, Wellcentive's cloud-based and highly scalable Advance™ solution provides industry-leading point of care workflow, care gap analysis, automated patient outreach, outcomes reporting, predictive modeling and risk assessment, care management and coordination, and cost and utilization management capabilities.
"Wellcentive has a history of delivering success and insight through value-based population health management, and partnering with our customers to support the transition to value-based care delivery," said Tom Zajac, CEO of Wellcentive. "Our new partnership with Summit Partners, and the funding provided by our initial investors, will allow us to accelerate delivery excellence, actionable innovation, and customer success."
"We are very enthusiastic to partner with Tom and the management team, as well as the founding investors, Noro-Moseley and Harbert, to support the continued growth and expansion of Wellcentive," said Mark deLaar, a Managing Director with Summit Partners who is joining Wellcentive's Board of Directors. "Wellcentive has already demonstrated real value for existing customers in the rapidly expanding population health management market. We believe the company's comprehensive solution will continue to drive significant business growth, innovation, and industry leadership."
Thousands of providers and their organizations use Wellcentive solutions to deliver quality, cost-effective care for tens of millions of patients. Wellcentive's clients include some of the most prestigious health systems, physician organizations, health information exchanges, professional organizations and employer groups, including CHRISTUS Health, Columbia Physicians, Lakeshore Medical Network, and Borgess Health.
Built from the ground up to help customers improve clinical, financial and human outcomes, Wellcentive's population health management solution is cloud-based, scalable, and customized to meet the needs of providers, health organizations, and payers. Recognized in 2013 by both KLAS and Chilmark, Wellcentive provides the technology, insight and services that care teams need in order to measure and report performance, and the education that leadership needs to find the most-profitable path from volume to value. Today, Wellcentive aggregates data from more than 2,500 interfaces, and its solutions improve outcomes for over 23 million lives. Visit Wellcentive at www.wellcentive.com or call 877-295-0886 to learn more.
About Summit Partners
Founded in 1984, Summit Partners is a growth equity firm that has raised nearly $15 billion in capital. Summit has invested in more than 385 companies in technology, healthcare, and other growth sectors. These companies have completed more than 130 public offerings, and more than 140 have been acquired through strategic mergers and sales. Notable software companies backed by Summit Partners include AvePoint, GoldenGate Software, Hyperion Solutions, McAfee Associates, NetWitness, OPNET Technologies, Postini, RightNow Technologies, Unica, WebEx Communications and Wildfire Interactive. Summit maintains offices in North America and Europe, and invests in companies around the world. For more information, visit www.summitpartners.com or follow on Twitter at @SummitPartners.
About Noro-Moseley Partners
Noro-Moseley Partners, based in Atlanta, is a venture capital firm focused on early and early growth stage companies in the healthcare and information technology sectors. Since 1983, NMP has been a leader in its market, investing more than $650 million in over 175 companies. The managers of NMP's current fund, Noro-Moseley Partners VII, have more than 60 years collectively of direct venture investing experience and bring a diverse set of skills to assist entrepreneurs in growing their companies.
About Harbert Venture Partners
Harbert Venture Partners ("HVP") is an emerging growth stage investor in technology and healthcare companies in the Mid-Atlantic and Southeastern United States. HVP manages approximately $200 million in capital commitments and is currently actively investing Harbert Venture Partners III. Active HVP portfolio companies include Clarabridge, Clinipace, ControlScan, IngagePatient, Invincea, Kaleo, MobilePosse, nContact, Netsertive, OpenQ, PeopleMatter, Racemi, Wellcentive and WiserTogether.
In the United States of America, Summit Partners operates as an SEC-registered investment advisor. In the United Kingdom, this document is issued by Summit Partners LLP, a firm authorized and regulated by the Financial Conduct Authority. Summit Partners LLP is a limited liability partnership registered in England and Wales with registered number OC 388179 and its registered office is at 20–22 Bedford Row, London, WC1R 4JS, UK. This document is intended solely to provide information regarding Summit Partners' potential financing capabilities for prospective portfolio companies.
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