Toronto healthcare software company PointClickCare Technologies has raised about $111 million (US$85 million) in a follow-on financing. The round was led by Dragoneer Investment Group and joined by JMI Equity, which acquired a minority stake in the company in 2011. PointClickCare is a provider of cloud-based software and services for the long-term post-acute care and senior living markets. It said the funds raised will help accelerate a focus on delivering solutions to customers and end markets. In 2015, PointClickCare launched an initial public offering that was expected to raise about US$100 million. CEO Mike Wessinger said the company has not ruled out a public sale in the future.
PointClickCare Targets Strategic Expansion, Closing $85 Million Financing Round Led by Dragoneer Investment Group
MISSISSAUGA, ON – February 1, 2017 – PointClickCare Technologies, the leading provider of cloud-based software and services designed for the long-term post-acute care (LTPAC) and senior living markets, announced today that it closed an $85 million round of financing. The round was led by Dragoneer Investment Group with JMI Equity, an existing investor since 2011, also participating. Dragoneer, a long-term-oriented public and private investment firm based in San Francisco, has an extensive track record of investing in high quality growth companies including: Uber, Airbnb, New Relic, Atlassian, and AppFolio.
With this financing in place, PointClickCare further accelerates its focus on delivering innovative solutions to its customers and end markets.
“The macro demographics of the aging population, combined with a market-wide shift in payment models, is placing new demands on providers of senior care and services while opening up new opportunities for PointClickCare to help serve these needs in the years to come,” said PointClickCare founder and CEO, Mike Wessinger. “Dragoneer is an investment partner with significant experience investing in technology companies around the world. This partnership will enable us to more quickly take advantage of ways to help our customers thrive given the unique challenges facing the global healthcare industry.”
Recently recognized by Forbes Magazine as one of the top 100 private cloud companies globally, PointClickCare delivers a cloud-based software platform designed to help Skilled Nursing, Senior Living and Home Health Care providers achieve better business results while helping their residents and clients achieve a higher quality of life. Since first launching its SaaS-based electronic health record and revenue cycle management solution in 2000, PointClickCare has marked an impressive and sustainable growth path. 2016 was a record year for PointClickCare with revenues exceeding $160 million, representing 28% year over year profitable growth.
“When we considered the wave of baby boomers now approaching retirement age, new government mandates attempting to control ballooning healthcare costs, and increasing consumer demand for more flexible ‘aging in place’ services, the opportunity for PointClickCare became obvious,” said Marc Stad, Founder and Managing Partner of Dragoneer Investment Group. “Given the powerful macro trends impacting the global health industry over the next decade, we believe there is a natural union between Dragoneer’s patient investment approach and PointClickCare’s desire for a long-term partner to help them maintain their leadership across their end markets. We are thrilled to add PointClickCare to our investment portfolio.”
With this latest round of funding, PointClickCare becomes the most recent example of a growing trend among technology companies – to stay private longer.
“We are not ruling out the public markets as a financing option to fuel future expansion,” comments Wessinger. “But our track record of successfully delivering sustainable growth has put us in an enviable position for any private technology company – to execute an IPO only when the market conditions offer the most favorable opportunity for our business, our customers and our investors. In other words, we can afford to wait until the timing is right for us.”
About PointClickCare Technologies Inc.
PointClickCare Technologies is advancing senior care by enabling long-term post-acute care (LTPAC) and senior living providers to achieve the business results that matter – enriching the quality of life for their residents, improving financial and operational health, and mitigating risk. Recently recognized as the 2015/2016 #1 long-term care software vendor by KLAS Research, PointClickCare offers a portfolio of cloud-based software and services designed from the ground up to help providers manage the complex requirements of senior care. With a suite of fully integrated applications powered by an interoperable, mobile friendly, and regulatory-compliant electronic health record and revenue cycle management platform, PointClickCare helps our customers connect and collaborate within their care network, achieve and demonstrate higher quality outcomes, optimize financial performance, and simplify their regulatory burden. Over 13,000 skilled nursing facilities, senior living communities and home health agencies use PointClickCare today, making it the North American healthcare IT market leader for the senior care industry. For more information on PointClickCare’s ONC-certified software solutions, please visit www.pointclickcare.com.
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Photo courtesy of PointClickCare Technologies