PointClickCare Receives Strategic Growth Investment From JMI Equity
Investment to Accelerate Growth and Leadership Position of Leading EHR Software Provider to the Long-Term Care Market
MISSISSAUGA, Ontario, Feb. 28, 2011 /CNW/ -- PointClickCare, the fastest growing electronic health record (EHR) platform for the long-term care industry, today announced that it has received a minority strategic investment from Baltimore- and San Diego-based JMI Equity, a leading software and healthcare IT growth equity firm. With the investment, JMI Equity will work with the PointClickCare leadership team to continue to expand the company's innovative software-as-a-service (SaaS) product offerings and advance its market leadership through organic and inorganic growth.
PointClickCare's web-based products and services are uniquely designed to help long-term care providers manage the complete lifecycle of resident care. The company serves over 5,000 facilities throughout North America, from single-home independent facilities to seven of the ten largest operators. PointClickCare's SaaS offering seamlessly integrates clinical, billing and administrative processes to maximize reimbursements, enhance quality of care, improve operating efficiencies and increase staff productivity and satisfaction.
"We are excited to have JMI Equity as an investor in PointClickCare due to their long track record of helping SaaS companies manage their growth and expand their customer offerings," said CEO Mike Wessinger. "This investment reinforces our commitment to customer success by enabling us to expand the breadth of our solution suite to meet the evolving needs of long-term care providers. We look forward to building upon the market leadership momentum we have experienced over the last few years and are pleased to have JMI Equity on board for our next stage of growth."
As part of the transaction, JMI Equity Founder and Managing General Partner Harry Gruner will join PointClickCare's board of directors. "Mike and the rest of the PointClickCare team have done an excellent job positioning the company for continued success," said Mr. Gruner. "The company's SaaS offering provides customers with an affordable platform to manage the complete lifecycle of resident care, and its offerings align well with the market's demand for tools that yield greater efficiency while improving patient care. We look forward to working with Mike and his team to build on the company's success, further develop the company's offerings and realize the many growth opportunities in front of the company over the long term."
RBC Capital Markets served as placement agent to PointClickCare. Harris + Harris LLP served as legal advisor to PointClickCare, while Goodwin Procter LLP and Stikeman Elliott LLP served as legal advisors to JMI Equity.
PointClickCare is the fastest growing electronic health record (EHR) platform for the long-term care industry. Based in Mississauga, Ontario, PointClickCare utilizes web-based software to help long-term care providers of all sizes, from small independent homes to large, multi-facility providers, manage the complete lifecycle of resident care. From pre-admission to discharge, PointClickCare's integrated, feature-rich EHR platform streamlines clinical, billing, and administration processes to enhance quality of care and maximize revenue recovery while accelerating reimbursement cycles. For more information on PointClickCare, visit www.pointclickcare.com.
About JMI Equity
JMI Equity is a growth equity firm focused on investing in leading software, internet, business services and healthcare IT companies. Founded in 1992, JMI Equity has invested in more than 100 businesses in its target markets and has over $2.1 billion of committed capital under management. JMI Equity provides capital for growth, recapitalizations, acquisitions and buyouts. Representative investments include Navicure, DoubleClick, Eloqua, Halogen Software and Service-now.com. For more information on JMI Equity, visit www.jmiequity.com.For further information: PointClickCare: Cheryl Alden, Vice President of Marketing, +1-905-858-8885 x381, firstname.lastname@example.org; or JMI Equity: Chuck Dohrenwend or Kelly Rapoport, both of The Abernathy MacGregor Group, +1-212-371-5999 Web Site: http://www.jmiequity.com