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Solutionreach Announces Growth Equity Investment From Summit Partners(May 10, 2012)
LEHI, UT and BOSTON, MA -- (Marketwire) -- 05/10/12 -- Solutionreach, a SaaS company providing market-leading patient engagement software for healthcare practices, announced today that growth equity investor Summit Partners has completed a significant investment in the company. This investment positions Solutionreach to maintain its leadership position in patient communication software while accelerating its rapid growth. Financial terms of the transaction were not disclosed.
Founded in 2000, Solutionreach delivers high-value patient communications that help healthcare practices acquire, educate, retain and reactivate patients. It achieves this by providing an array of technology-enabled services to strengthen the doctor-patient relationship, enhance clinical outcomes, streamline office management, collect patient receivables, manage online reputations, and effectively market through social media.
"Solutionreach provides practices with effective patient engagement solutions that increase revenue, reduce cost, improve outcomes and increase overall patient satisfaction and loyalty," said Jim Higgins, CEO and Founder of Solutionreach. "Summit's deep expertise and commitment to leading edge companies in the technology and healthcare sectors allows us to continue providing next-generation solutions and execute our vision."
Peter J. Connolly, a Principal of Summit Partners who will join the Solutionreach Board of Directors, said, "Under the direction of CEO and Founder Jim Higgins, Solutionreach has built a market-leading position in patient engagement technology. Solutionreach enables practices to cost-effectively communicate with their patients, improve practice economics and enhance clinical outcomes. We are pleased to partner with Jim and his strong team to support the company's continued growth." Summit Managing Director Craig D. Frances and Vice President Thomas S. Bremner are also joining the Board.
Solutionreach was advised on the transaction by ArchPoint Partners.
Solutionreach is the pioneer and clear leader in providing SaaS-based patient engagement and communication platform solutions for healthcare practices. Utilizing the latest text, email, voice, video, web and social media tools, Solutionreach equips practices and small businesses alike with a high-tech solution that does not sacrifice high-touch personalization. Engagement tools from Solutionreach (and the Smile Reminder platform from Solutionreach) seamlessly integrate into existing workflows and include a multitude of personalized communications including reminders, confirmations, surveys, clinical education, online reputation management and more, all backed by unlimited live revolutionary support.
Solutionreach has been the recipient of numerous awards and accolades including: (2009-2011) Inc 500/5000 fastest growing private companies; (2009-2010) Ernst & Young's Entrepreneur of the Year Finalist. For more information, please visit www.solutionreach.com
About Summit Partners
Summit Partners (www.summitpartners.com) is a growth equity firm that invests in rapidly growing companies. Founded in 1984, Summit has raised more than $14 billion in capital and provides equity and credit for growth, recapitalizations, and management buyouts. Summit has invested in more than 340 companies across a range of industries. These companies have completed more than 125 public offerings, and in excess of 130 have been acquired through strategic mergers and sales. Summit Partners has offices in Boston, Palo Alto, London and Mumbai. Notable healthcare and software companies financed by Summit Partners include AvePoint, American Dental Partners, HealthCare Partners, MDVIP, MEDITECH, Postini, Sparta Systems, Unica and Wildfire Interactive.
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 Limited, a firm authorized and regulated by the Financial Services Authority. Summit Partners Limited is a limited company registered in England and Wales with company number 4141197, 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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