CIBC Innovation Banking provided a $30 million credit facility for Atlanta-based Azalea Health (“Azalea”). Azalea will use the capital to aid in its recent acquisition of dashboardMD, a cloud-based provider of business intelligence reporting solutions and healthcare analytics.
The Azalea platform provides electronic health records integrated with telehealth functionality, revenue cycle management, and mobile health applications. As a modern, fully cloud-based SaaS solution, Azalea delivers tangible value to customers through lower total costs, shorter implementations, better configurability and interoperability, and an improved user experience over traditional on-premise solutions. Azalea serves a variety of ambulatory, inpatient, and specialty care settings, with a history of innovation for rural, community, and urban settings in the US.
“Incorporating dashboardMD’s analytics capabilities in our clinician-friendly EHR will empower providers to better manage clinical quality measures and have enhanced visibility into their revenue,” said Azalea Health CEO, Baha Zeidan. “We couldn’t be happier that dashboardMD recognized Azalea as the EHR best positioned to advance the healthcare analytics space and help the medical field take a significant step forward through our unique joint offering, and are grateful to have CIBC’s support to bring this acquisition to a close.”
“CIBC Innovation Banking is pleased to help Azalea with its acquisition strategy and its continued development of solutions to assist its clients in effectively helping patients,” said Andy Kirk, Managing Director in CIBC Innovation Banking’s Atlanta Office. “We see the benefits that Azalea’s platform provides to customers, and we look forward to continuing to work with their outstanding team by providing tailored financing solutions and treasury management services.”
Earlier this year, Azalea was awarded “Best Electronic Health Record Solution” Designation at the 2021 MedTech Breakthrough Awards Program.
Azalea is backed by private equity firm LLR Partners.