Capital raise to fund expansion of efficient, flexible, subscription-based software solutions
CARLSBAD, Calif.–(BUSINESS WIRE)–#affordableEHR—Medsphere Systems Corporation, the leading provider of efficient and interoperable healthcare information technology (IT) software solutions and services, today announced new $40 million funding to support organic growth and pursue opportunistic strategic acquisitions through a preferred equity investment by TPG Sixth Street Partners.
“We are pleased to add a new partner to our software solutions-driven campaign for quality, affordable healthcare,” said Medsphere President and CEO Irv Lichtenwald. “Our technology and business model allow all providers to address core needs and we are energized by the support of institutions like TPG Sixth Street Partners.”
“Medsphere represents a compelling opportunity to support a differentiated healthcare technology platform,” said Michael McGinn, Partner and Co-Head of TPG Sixth Street Partners’ Capital Solutions business. “Medsphere’s portfolio of highly regarded, complementary products allow it to reach a wide range of inpatient and ambulatory providers, and we are excited to partner with them as they enter their next phase of growth.”
Lee Mooney, Principal at TPG Sixth Street Partners will join Medsphere’s Board of Directors as part of the capital raise.
Over the past four years, Medsphere has grown subscription revenue by over 400 percent using a combination of organic growth and accretive acquisitions, achieving a compounded annual growth rate of over 50 percent. Medsphere’s dedication to highly responsive customer service and support has driven growth by bringing new clients to the platform and increasing delivery of incremental products to its existing customer base. Medsphere’s suite of solutions is available to all inpatient and ambulatory facilities, including behavioral health hospitals, specialty clinics and multi-facility systems, regardless of size and budget.
With this investment, TPG Sixth Street Partners joins Morgan Stanley Investment Capital, Azure Capital, EPIC Ventures, and NextEquity investing in support of Medsphere’s vision and continued growth.
Founded in 2002 and based in Carlsbad, Calif., Medsphere Systems Corporation is an organization of committed clinical and technology professionals working to positively impact patient care by delivering award-winning healthcare IT solutions for providers of every size and budget. Medsphere’s inpatient portfolio includes CareVue, an integrated EHR system that incorporates clinical, financial, and patient accounting solutions, and RCM Cloud, a complete end-to-end revenue cycle management solution.
Medsphere’s ChartLogic division offers a complete ambulatory suite including EHR, Practice Management, Revenue Cycle Management, and Patient Portal. Using a vendor-independent approach to helping hospitals solve critical challenges, the Phoenix Health Systems division provides a host of healthcare IT services, including systems implementation, project management, remote service desk, end-user device management, application management and IT leadership. Medsphere’s Government Services Division also applies legacy EHR expertise to development and testing projects for both the Department of Veterans Affairs and Indian Health Service.
Learn more about Medsphere at www.medsphere.com.
About TPG Sixth Street Partners
TPG Sixth Street Partners is a global finance and investment business with over $33 billion in assets under management and TSSP Capital Solutions (“Capital Solutions”) is its dedicated growth investing platform. Capital Solutions makes customized, non-control private investments in growth-oriented companies. The Capital Solutions team partners with companies and management teams to provide bespoke, accretive financing solutions that often fall between traditional growth equity and commercial debt. TPG Sixth Street Partners has invested over $3 billion in more than 35 growth-oriented companies in its Capital Solutions strategy since inception. Select current and past representative Capital Solutions investments include AirTrunk, AvidXchange, Gainsight, Kyriba, Lucidworks, Paycor, PayScale, PaySimple and Spotify. For more information, visit www.tssp.com/tcs.