CapitalSource announced it led the structuring of a senior credit facility for Net Health. Net Health designs, hosts and supports SaaS-based electronic health record (EHR) software for independent and managed wound care clinics. WoundExpert, the company’s certified EHR, is utilized by over 20,000 healthcare professionals in more than 1,000 healthcare facilities.
The proceeds facilitated the acquisition of Integritas, Inc., an EHR provider for the growing urgent care, occupational health, and hospital employee health markets, as well as provide access to ongoing working capital.
“Net Health is a very exciting business. The company develops software solutions to help enhance patient outcomes, increase record accuracy, and improve patient experiences,” said Erik Bissonnette, director of Technology Cash Flow Lending at CapitalSource. “Net Health has an impressive management team with the skills and resources to grow the business significantly over time. Since its inception, the company has experienced strong, consistent growth and gained a leadership position for EHR solutions in the wound care market.”
“Strategically, the acquisition of Integritas, a leader in the rapidly growing and underserved Urgent Care and Occupational Health segments, is highly complementary to Net Health’s mission of creating a best in class platform for outpatient specialty care,” added Bissonnette. “Our team worked quickly to secure the financing they needed to facilitate this key acquisition. We are pleased to play a role in their continued success.”
“It was important for us to work with knowledgeable, experienced lenders who truly understand our space,” noted Patrick Rooney, CFO of Net Health. “This new credit facility will enable us to continue building our business and service offering for our clients. We appreciate the expertise and support from CapitalSource and were very happy they were able to complete the transaction in a tight timeframe.
Net Health is a portfolio company of Spectrum Equity, a leading growth equity firm that provides capital and strategic support to innovative companies in the information economy.
CapitalSource Inc., through its wholly-owned subsidiary CapitalSource Bank, makes commercial loans to small and middle-market businesses nationwide and offers depository products and services in 21 retail branches in southern and central California. CapitalSource, headquartered in Los Angeles, had total assets of $8.5 billion and total deposits of $5.7 billion as of March 31, 2013.