SaaS Capital Portfolio Company, Updox, Secures $12.7 Million in Funding
May 15, 2017
CINCINNATI, NEW YORK, SEATTLE, DUBLIN, May 16, 2017 – SaaS Capital, the leading provider of Committed Credit Facilities to SaaS companies, congratulates portfolio company Updox on its $12.7 million Series B preferred equity investment.
Updox, the premier provider of care coordination and healthcare connectivity solutions, had the following to say about the investment:
TT Capital Partners led the round, with participation from Tamarind Hill and existing investor Rev1 Ventures. As a single source for patient and provider communications, Updox plans to grow its strong foundation to achieve widespread connectivity in traditionally hard-to-reach healthcare segments.
Updox already counts more than 40,000 physicians and 60 million patients on its secure communications platform. Updox gives independent healthcare providers, such as physician practices, pharmacies, and post-acute providers, solutions to allow them to run their businesses more efficiently and make the care they provide more effective by sharing patient records and care plans, scheduling appointments, making payments, providing care notifications, and adhering to reporting requirements.
Updox plans to add additional services and capabilities to its platform that extend its reach into this last mile of healthcare, making this segment more accessible to, and integrated with, health systems and payers to support comprehensive care coordination and improve clinical care quality and patient outcomes.
“I’m very pleased to partner with these investors. They align well with our vision and have the depth to help us significantly expand our services to the market,” said Michael Morgan, chief executive officer, Updox. “We have succeeded in demonstrating large-scale adoption of our platform prior to raising institutional capital. Now, with support from these partners, we can accelerate our vision of fully connected healthcare coordination.”
“Updox is well positioned for continued growth, with the opportunity to transform how independent healthcare providers manage their practices and communicate with patients and other healthcare professionals,” said Ryan Engle, principal at TT Capital Partners. “We look forward to partnering with the strong management team at Updox as they grow to serve more independent healthcare providers and continue to develop new technology solutions.”
Updox is the industry leading healthcare care coordination solution. Named #571 on the Inc. 5000 list of America’s fastest-growing private companies, Updox is integrated with more than 70 electronic health records (EHR) and serves more than 250,000 users and 60 million patients. Through an extensive Direct messaging network and platform of apps, Updox connects various healthcare providers, including physicians, patients, payers, pharmacies, labs, and healthcare partners. Visit www.updox.com to learn more.
About SaaS Capital
SaaS Capital is the leading provider of long-term Committed Credit Facilities to SaaS companies. Focusing exclusively on the SaaS business model, SaaS Capital delivers faster decisions, more capital, and longer commitments. SaaS businesses have used SaaS Capital’s Committed Credit Facilities, instead of equity, to finance growth and create hundreds of millions in enterprise value without sacrificing significant ownership or control. Also, through its partnership with DH Capital, a boutique investment banking advisory firm, SaaS Capital can assist with M&A and capital raising services. SaaS Capital has offices in Cincinnati, New York, and Seattle. Visit www.saas-capital.com to learn more.
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