Toronto-based digital healthcare software provider Think Research has raised more than $25 million in its latest financing.
The round was backed by new and existing investors. They include Fidelity Investments Canada ULC, Kayne Partners, Canaccord Genuity Group Inc and National Bank of Canada.
The company’s other investors include iGan Partners and Lumira Ventures.
Founded in 2006 by President Chris O’Connor, Think Research taps clinical evidence and healthcare algorithms to create software applications that support clinical decision-making in about 1,200 facilities in Canada, the United States and Europe.
Led by CEO Sachin Aggarwal, Think Research will use the round’s proceeds for enhancing its product line, advancing machine-learning capabilities and expanding into new markets.
Think Research Accesses over $25 Million to Further Growth and Product Development
TORONTO, Oct. 30, 2018 /PRNewswire/ – Think Research (the “Company”), a leading digital healthcare platform provider, today announced that the Company has successfully completed its planned capital raise of over $25 million. This investment represents one of the largest of its kind for a Canadian healthcare technology firm with investments from new and existing investors including: certain funds of Fidelity Investments Canada ULC; Kayne Partners – the growth equity group of Kayne Anderson Capital Advisors, L.P.; Canaccord Genuity Group Inc.; and National Bank of Canada. This capital raise will further the Company’s ability to enhance its product line, advance machine learning capabilities and continue expanding into new markets.
“Our suite of clinical decision support tools help providers deliver the best care possible while generating treatment and behaviour data to fuel next generation healthcare AI applications. This round of funding gives Think Research more than $25 million in additional capacity to accelerate our innovation on a global scale,” said Sachin Aggarwal CEO of Think Research.
“Think Research’s expansion over the past twelve months, particularly into the healthcare market in the United States, has us very confident that the Company is well-positioned to continue accelerating the adoption rate for their suite of digital support tools on both sides of the border. Our investment will help ensure they remain a leader in this sector as more and more hospitals and facilities look for cost-effective digital solutions that fit within their existing systems,” said Nishita Cummings, Partner at Kayne Partners.
Think Research is undergoing rapid growth with increasing adoption rates across Canada, the United States, and Europe — in Ontario alone, their solutions are being deployed in over 100 hospitals and all 628 long-term care facilities. Likewise, the Company’s personnel numbers have grown dramatically and they now employ more than 220 people at the Company’s headquarters in Toronto.
“We’ve seen Think Research’s development into a digital healthcare leader first hand,” said Myles Hiscock, Managing Director at Canaccord Genuity. “Canaccord prides itself on associating with Canadian firms that are at the leading edge of their fields. Think Research is leading the way in terms of utilizing healthcare data and analytics to deliver better patient outcomes, and is viewed as a trusted system partner across the healthcare ecosystem. We’re pleased to be able to help them continue to grow and innovate.”
“Think Research is a perfect fit for our program. We are excited to help the company accelerate growth and look forward to supporting them well into the future as they continue to scale. It’s clear they’re on track to be a leader in the digital healthcare industry. The team and their approach to improving patient outcomes is both impressive and incredibly compelling,” said David Rozin, AVP Technology Banking at National Bank.
About Think Research
Think Research’s mission is to organize the world’s health knowledge, so everyone gets the best care. The company takes the ever-growing body of clinical evidence and health care algorithms to create software applications that drive high-quality clinical decision making. Think Research’s solutions are provided through a secure, multi-application platform that is used by clinicians and patients at the point of care and is deployed in nearly 1,200 facilities in Canada, the US and the EU, impacting millions of patients annually
About Kayne Partners:
Kayne Partners, the dedicated growth private equity group of Kayne Anderson Capital Advisors, L.P., is a leading provider of capital and connections to privately held, high growth, enterprise software and tech-enabled service businesses in North America. The Kayne Partners team has invested approximately $430 million in platform investments and add-on acquisitions together across four funds. Kayne Partners seeks to partner with driven entrepreneurs and provide capital to high growth companies at a transformative point in their life cycle in the following industries: security & compliance, supply chain & logistics, financials, industrials, healthcare, and media & telecom.
For more information, visit www.kaynepartners.com
About Kayne Anderson Capital Advisors, L.P.
Kayne Anderson Capital Advisors, L.P., founded in 1984, is a leading alternative investment management firm focused on niche investing in upstream oil and gas companies, energy and infrastructure, specialized real estate, growth equity and both private credit and diversified liquid credit. Kayne Anderson manages $30 billion in assets (as of 8/31/2018) and employs over 300 professionals in eight offices across the U.S.
For more information, please visit www.kaynecapital.com
About Canaccord Genuity Group Inc.
Through its principal subsidiaries, Canaccord Genuity Group Inc. (the “Company”) is a leading independent, full-service financial services firm, with operations in two principal segments of the securities industry: wealth management and capital markets. Since its establishment in 1950, the Company has been driven by an unwavering commitment to building lasting client relationships. We achieve this by generating value for our individual, institutional and corporate clients through comprehensive investment solutions, brokerage services and investment banking services. The Company has Wealth Management offices located in Canada, the UK, Guernsey, Jersey, the Isle of Man and Australia. Canaccord Genuity, the international capital markets division, operates in North America, UK & Europe, Asia, Australia and the Middle East. To us there are no foreign markets.TM
Canaccord Genuity Group Inc. is publicly traded under the symbol CF on the TSX. Canaccord Genuity Series A Preferred Shares are listed on the TSX under the symbol CF.PR.A. Canaccord Genuity Series C Preferred Shares are listed on the TSX under the symbol CF.PR.C.u
About National Bank
National Bank’s Technology Practice focuses on providing flexible, non-dilutive capital to scaling, Canadian-based technology companies. Our depth of expertise covers the full spectrum of segments within the sector, addressing needs at every stage, customized to each company’s business model. Our suite of services, products and advice has been carefully curated to support the goals of Canada’s technology entrepreneurs and investors. Together with our clients, National is reframing what Technology Banking means in Canada.