Specialty finance firm Wellington Financial has announced a US$4 million venture debt financing for Reston, VA-based Harmony Information Systems. Harmony provides off-the-shelf solutions for managing the delivery of home- and community-based, long-term care.
Wellington Financial LP, a privately-held specialty finance firm, today announced a US$4 million venture debt financing for Reston, VA-based Harmony Information Systems, Inc., the leader in integrated health and human services management. Harmony provides off-the-shelf solutions for managing the delivery of home- and community-based, long-term care.
“Harmony’s unique on-demand delivery model allows state and local government agencies to deliver critical services to their citizens,” said Mark Usher, Partner of Wellington Financial LP. “Over 900 human service organizations as well as 10,000 daily users rely on Harmony to ensure their services are delivered effectively and efficiently. We are delighted to add Harmony to our expanding U.S. portfolio of high growth companies.”
Joseph Sander, President and CEO of Harmony said, “Partnering with Wellington Financial provides us with working capital to support our continued growth while extending our product capabilities, to enable our customers to maximize the use of available funding sources, streamline service delivery, and accelerate long-term care rebalancing.”
Cooley LLP and Choate LLP provided legal advice on this transaction.
About Wellington Financial LP
Wellington Financial LP is a privately held specialty finance firm providing revolving lines of credit, term, venture and amortizing loans up to $30 million. Wellington Financial LP is currently managing a $450 million investment program via Wellington Financial Fund III, with offices in Toronto, Canada and Santa Monica, California. Wellington Financial LP is managed by a partnership controlled by fund management and Clairvest Group Inc. (TSX: CVG), who jointly have contributed a large financial stake to Fund III. LPs include several of Canada’s largest institutional investors, crown corporations, financial institutions and pension funds. Please visit the fund website at www.wellingtonfund.com, or the Wellington Financial team blog at www.wellingtonfund.com/blog.
Since 2004, Wellington Financial LP has led or participated in more than $350 million in transactions, making it one of the most active funds of its kind in North America.
About Harmony Information Systems, Inc.
Harmony Information Systems Inc., (Harmony), the leader in integrated health and human services management, provides off-the-shelf solutions for managing the delivery of home- and community-based, long-term care. The companys proven, end-to-end solutions automate the delivery of care to seniors and disabled consumers ensuring that a larger percentage of care recipients can receive care in the community by increasing service delivery efficiency, ensuring compliance with funding source requirements, and enabling consumer-driven delivery models. Harmonys software-as-a-service-based solutions are used by more than 900 state, local and private provider human services organizations.