CINCINNATI, NEW YORK, SEATTLE, May 19, 2015 – SaaS Capital, the pioneer provider of debt-based growth capital for SaaS companies, today announced that it has provided a $3.5 million line of credit to Updox, the leading solution provider of customer relationship management for health care.
"With our rapid growth and strong retention rates, SaaS Capital was the perfect fit for Updox. They are a flexible, non-dilutive option and they really understand the needs of a SaaS business," said Michael Morgan, Chief Executive Officer, Updox. "Due to their extensive reach and best practices insight from other SaaS companies, SaaS Capital also adds significant value to Updox beyond just capital."
Updox is bringing customer relationship management (CRM) to health care to change the way people communicate. With more than 120,000 users and 25 million patients, Updox is laying the foundation for better workflow and communications throughout the entire healthcare ecosystem. Once connected, users can then take advantage of applications such as secure messaging, patient marketing, appointment scheduling, credit card payments, and health alerts. The CRM suite continues to grow with new applications from Updox and third-party apps becoming available through the platform, all with the goal of helping users manage relationships, engage patients and coordinate care.
“This is a fantastic company,” said Todd Gardner, Founder and Managing Director of SaaS Capital. “We have some experience in the health care space, and one of the most difficult issues plaguing every level of the system is effective communications. Helping finance the growth of a business that addresses that issue is very rewarding.”
Providing Customer Relationship Management (CRM) for health care, Updox is the industry leading Physician Connectivity Platform. With Updox CRM solutions, health care providers and practices can easily manage communications from one inbox, streamline physician relationships, drive collaboration with partners and engage patients – all integrated with the practice’s existing electronic health records (EHR). Practices benefit through improved relationships with patients and other providers, increased revenues, reduced costs, and enhanced business efficiencies. Visit www.updox.com to learn more.
About SaaS Capital
SaaS Capital allows companies to use debt instead of equity to fund investments in sales, marketing, and new product development. SaaS Capital’s line of credit approach combines more availability and longer terms, with more flexible drawdown and repayment, versus other lenders in the market. Through its partnership with DH Capital, SaaS Capital can also assist with a variety of M&A and capital raising advisory services. For more information go to www.saas-capital.com
Having grown revenue rapidly and proven our business model, we were looking for innovative financing options to finance continued rapid growth. SaaS Capital’s approach was the right fit at the right time for our business.