Park Place International has secured a minority growth investment from WestView Capital Partners. The business is a full-service cloud services provider and technical systems integrator of Medical Information Technology software.
Park Place International, LLC (“Park Place”, “PPI” or the “Company”), a full-service cloud services provider and technical systems integrator of Medical Information Technology, Inc. (“MEDITECH”) software, announced today that it has received a minority growth investment from WestView Capital Partners, a Boston-based private equity firm, to support the continued growth of the Company and its rapidly expanding cloud services offering. PPI’s team, led by CEO Richard Fitzpatrick and EVP Jim Fitzgerald, will continue to own and operate the business.
Headquartered in Marlborough, Massachusetts, PPI is a full service technology solutions provider to MEDITECH hospitals, including technology integration, consulting, and cloud services. The Company’s cloud service offering includes MEDITECH hosting, disaster recovery for MEDITECH and other enterprise applications, and a growing offering of complementary services such as remote management and monitoring for MEDITECH infrastructure.
“Park Place continues to expand by utilizing its MEDITECH technology expertise to provide customers with robust, cost effective solutions that help them adapt to the rapidly evolving hospital environment,” said Richard Fitzpatrick, CEO of PPI. “Our partnership with WestView will provide us additional capital and resources to continue to build out our service offering and provide our customers with unparalleled service. Further, we look forward to benefiting from WestView’s longstanding experience working with high growth companies in the healthcare information technology and outsourcing sectors.” Jim Fitzgerald, EVP of PPI added, “Healthcare providers face an ongoing convergence of structural pressures to reduce cost, increase patient safety, and maintain compliance with government mandates. By architecting an advanced portfolio of sustainable hybrid cloud solutions, we strive to complement MEDITECH’s evolution to the Web and help hospitals focus on the next wave of patient services innovation without needing to be limited by the state of the IT platform.”
“We are excited to partner with the PPI team as they continue to utilize their deep MEDITECH expertise to provide innovative technological solutions to the MEDITECH community,” said Rick Williams, Managing Partner of WestView Capital, who will join the board of PPI. “We look forward to supporting the rapid expansion of the Company and its cloud service offering,” added Williams. “The PPI management team has a long and impressive track record of achieving successful outcomes for its customers, and represents exactly the type of passionate and entrepreneurial managers we seek to partner with,” added Tom Reardon, Principal at WestView who will also join the Company’s board.
About Park Place International, LLC:
Park Place International is a leading full-service cloud services provider, technical consultancy, and technology solutions integrator for MEDITECH. Park Place’s cloud services offerings include OpSus|Live, fully-managed MEDITECH hosting services, and OpSus|Recover, disaster recovery services for MEDITECH and enterprise applications. Customers have the option of building or buying complete solutions, or assembling a combination of cloud services and installed infrastructure to create a custom hybrid solution to meet their unique requirements. For more information, please visit http://www.parkplaceintl.com/
About WestView Capital Management, Inc.: WestView Capital Partners, a Boston-based private equity firm focused exclusively on lower middle market growth companies, manages approximately $1 billion in capital across three funds. WestView partners with existing management teams to sponsor majority and minority recapitalizations, growth, and consolidation transactions in a wide range of industries including healthcare services, business and technology services, software, industrial/manufacturing, and consumer/retail. WestView invests in companies with operating profits between $3
million and $20 million with investment sizes ranging from $10 million to $50 million.