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OnShift Secures $3 Million in Series B Funding(February 02, 2012)
CLEVELAND, OH -- (Marketwire) -- 02/02/12 -- OnShift, the leader in web-based staff scheduling and shift management software for the healthcare industry, today announced that it has closed $3 million in Series B financing. The round is led by a client of West Capital Advisors, LLC and included participation from OnShift's institutional investors Draper Triangle Ventures, Early Stage Partners, and Glengary LLC.
OnShift is experiencing fast, significant growth, having achieved a 400% increase in annual revenue in 2011. The funding will be used to accelerate OnShift's sales and marketing strategies and expand its presence in the healthcare industry.
"OnShift is well positioned for tremendous growth, with a strong team, compelling technology, expanding customer base and the right timing," stated Madeleine Ludlow, Managing Director, West Capital Advisors. "We are excited to partner with OnShift and look forward to growing this opportunity in the healthcare market."
Recent Medicare and Medicaid cuts have intensified the need for healthcare providers to manage labor costs, their largest expense, while maintaining high quality care. With OnShift, providers control labor costs by preventing overtime, managing open shifts, and operating with appropriate staffing levels. Customers typically experience ROI within weeks of using OnShift. In addition, higher efficiencies through automated scheduling free up nurses and other staff to focus on delivering high quality care.
"In 2011 demand for our technology skyrocketed. This funding will allow us to meet the demand, accelerate our growth and continue to deliver world class, innovative solutions to our healthcare clients," stated Mark Woodka, CEO, OnShift. "We are excited to be adding a new financial partner to the team and are extremely pleased at the continuing support we receive from our existing institutional investors."
About OnShift, Inc.
Long-term care and senior living providers rely on OnShift staff scheduling and shift management software to control labor costs and increase efficiencies so nurses have more time for care. OnShift predicts and prevents overtime and understaffing while dramatically reducing time spent on scheduling and managing open shifts. Fully integrated with time-keeping, HR, clinical and payroll systems, OnShift provides a unified view into staffing levels and labor costs across buildings. Customers choose OnShift because it's the easiest-to-use scheduling solution with a tightly integrated communications platform, delivering fast ROI. For more information visit www.onshift.com.
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