American software Communications Company, TigerConnect has raised up to $300 million in growth investment from a private equity firm, Vista Equity Partners, according to Reuters who quoted sources familiar with the matter.
Though TigerConnect’s valuation isn’t known, a PitchBook data revealed that the company last raised $45 million at a valuation of $370 million in September 2020, with HealthQuest Capital and New Leaf Ventures as its backers. One of the sources claimed that some of the early investors have exited through Vista’s investment, one of the sources said.
TigerConnect, a software Communications Company founded as TigerText in 2010 by co-founders billionaire Andrew Brooks, MD, CEO Brad Brooks, and Jeffrey Evans delivers cloud-based clinical communication and collaboration solutions, including telehealth, to over 7,000 healthcare organizations and 700,000 caregivers.
Brad Brooks, one of the founders of the company in an interview confirmed the partnership with Vista but fell short on commenting on the amount or the valuation. He asserted that the company will hope to use the proceeds of the deal to invest in its product to be able meet the growing need for clinical collaborations, as well as looking for acquisition opportunities.
He added that number of users on TigerConnect’s platform more than doubled during the past year as hospitals try to improve efficiency and the experience for patients during the pandemic.
“There had really been a dramatic lack of efforts around clinical workflow communication. We’re almost like a Slack for healthcare, putting in a common communication network so that everyone can reach everyone,” said Brooks.
The company, which also sells subscription-based software solutions, including collaboration, communication, scheduling and patient engagement, plans to utilize Artificial Intelligence (AI) and Machine Learning (ML) technology to provide smart solutions based on the platform data.
Vista on the other hand has over $86 billion in assets under management and specializes in investing in enterprise software, data and technology companies.
The American investment firm focused on financing and forwarding software, data and technology-enabled startup businesses had last week, invested an undisclosed amount in BlueConic, a Boston-based customer data platform. It had in the past Vista has invested in hundreds of companies, including Misys, Ping Identity, and Market.
The company is famed is famed for applying detailed scrutiny in human resources when investing in firms, in a procedure it calls Vista Standard Operating Procedures.
It is hoped that the collaboration between the two companies will shore up the fortunes of the telehealth industry.