PracticeTek, a Knoxville, Tenn.-based funding agency that targets healthcare software program firms, has acquired Beaverton, Ore.-based healthcare software program startup GrowthPlug.
The startup will proceed to be led by husband-and-wife co-founders Sudhir Bhatti, who’s the CEO, and Shavita Bhatti, the corporate’s chief working officer. Its 50-person staff primarily based within the U.S. and India will even proceed to work for the corporate following the shut of the acquisition. Phrases of the deal weren’t disclosed.
Based in 2016, GrowthPlug goals to assist healthcare practices purchase, retain and serve sufferers by automating numerous workplace administration programs. It really works with dentists, veterinarians and spa practitioners, amongst others. The corporate moved its headquarters from Silicon Valley to the Portland area in a bid to develop its staff with the tech expertise within the space.
The deal comes at a time when there was a slowdown in startup exit exercise within the broader market. GrowthPlug will likely be simply the twentieth startup primarily based within the Pacific NorthWest to be acquired up to now in 2022, in comparison with about 60 for all of 2021, in response to Startup’s M&A and IPO listing. In 2019, the startup raised $1 million from Elevate Capital, which is able to money out on its place following the transaction.
A bevy of startups are zeroing in on healthcare-focused software program. In January, BirchAI, a spinout from the Allen Institute for Synthetic Intelligence, raised $3.1 million in seed funding for its software program that streamlines buyer assist for healthcare firms. In September, telehealth startup 98point6 inked a cope with Tacoma, Wash.-based MultiCare Well being System to license its digital care supply platform.
“Impartial healthcare practices are more and more targeted on rising their affected person base, in addition to having a unified on-line presence,” PracticeTek CEO Eric Leaver mentioned in a press release. “GrowthPlug is a market chief on this class and is well-positioned to capitalize on the wave of digitization in observe software program.”
The acquisition will add to the PracticeTek’s portfolio of healthcare software program firms. The corporate says these investments gives founders with particular person wealth, permitting them to run and develop their enterprise, in addition to work with different entrepreneurs of their business. It’s backed by buyers Lightyear Capital and Larger Sum Ventures.