CaseNET Raises Second Round

CaseNET Inc., a Waltham, Mass.-based provider of medical care management software for healthcare enterprises and government agencies, has raised $7.5 million in Series B funding. HLM Venture Partners led the deal with $4 million, and was joined by return backers Sigma Partners, Aurora Funds and Howard Cox. Get more info.

PRESS RELEASE
HLM Venture Partners announced today that it has led a $7.5 million Series B preferred stock financing of CaseNET, Inc. CaseNET, based in Waltham, MA, is an early-stage health care information company that offers health care enterprises and government agencies a software solution for medical and care management.

As a new investor, HLM committed $4 million to the round and was joined by existing investors Sigma Partners, Aurora Funds and Howard Cox. Peter Grua, a partner at HLM, will join the CaseNET board of directors.

CaseNET's software platform is used by health plans, disease management organizations, governmental agencies and large provider groups. It provides care managers with an opportunity to automate their workflow, improve productivity, and secure better outcomes for patients and clients.

According to HLM's Peter Grua, “The market for medical management software solutions is large and well established and is experiencing a surge in interest. Health plans and government agencies are looking to new patient- centric technology solutions that enable them to more effectively predict, monitor and manage the utilization of their members and eligible recipients. CaseNET is well positioned to gain a meaningful share of the market because it offers an excellent solution and is led by an experienced management team with a proven track record of building successful businesses.”

Brian O'Neill, the CEO of CaseNET, has built four successful software companies over the past 20 years, all of which created new markets or dramatically changed the rules in existing ones while building strong relationships with customers.

“We are excited to partner with HLM and to include Peter Grua on our board of directors,” said CaseNET's Mr. O'Neill. “His rich experience in health care service and information companies and working with payer organizations is extremely valuable to us as we enter our next stage of growth.”

About HLM Venture Partners

HLM Venture Partners provides venture capital to emerging companies focused on health care information technology, health care services and medical technology. During the past 15 years, HLM has helped more than 60 privately held health care companies turn innovative ideas into market-leading businesses. The company's investment professionals have over 125 years of collective expertise in the health care industry, an accumulation of knowledge that is invaluable to the leadership of its portfolio companies. For more information, visit: http://www.hlmventurepartners.com

About CaseNET

CaseNET, Inc. provides a comprehensive suite of care management software and service solutions that center on the individual receiving care and the discipline of team-based care management. At the heart of the system is a highly flexible platform that incorporates an organization's existing processes and workflows into an intuitive environment along with breakthrough reporting capabilities that turn care management data into meaningful, real- time accessible outcome data. For more information contact CaseNET (888) 701-0886 or e-mail info@CaseNETinc.com. Online information is found at its website: http://www.CaseNETinc.com