Ontario-based PointClickCare, which makes a cloud-based EHR platform and other software solutions to advance senior care -- and recently launched a provider-facing app -- has raised $85 million in new funding. Dragoneer Investment Group led the round with participation from existing investor JMI Equity.
“The macro demographics of the aging population, combined with a market-wide shift in payment models, is placing new demands on providers of senior care and services while opening up new opportunities for PointClickCare to help serve these needs in the years to come,” PointClickCare founder and CEO Mike Wessinger said in a statement. “Dragoneer is an investment partner with significant experience investing in technology companies around the world. This partnership will enable us to more quickly take advantage of ways to help our customers thrive given the unique challenges facing the global healthcare industry.”
PointClickCare's cloud-based EHR is specifically directed at the senior care market, a growing segment as baby boomers reach the age where they need senior care. The private company has done well since its launch in 2000 -- according to a company statement, its 2016 revenues exceeded $160 million, representing 28 percent year-over-year growth.
“When we considered the wave of baby boomers now approaching retirement age, new government mandates attempting to control ballooning healthcare costs, and increasing consumer demand for more flexible ‘aging in place’ services, the opportunity for PointClickCare became obvious,” Marc Stad, founder and managing partner of Dragoneer Investment Group, which counts Uber and AirBNB among its investments, said in a statement. “Given the powerful macro trends impacting the global health industry over the next decade, we believe there is a natural union between Dragoneer’s patient investment approach and PointClickCare’s desire for a long-term partner to help them maintain their leadership across their end markets. We are thrilled to add PointClickCare to our investment portfolio.”
The company will use the funding to develop new products -- like the wound care app it launched last fall -- and to accelerate the delivery of its existing product suite.
In a statement, Wessinger also addressed the companies plans regarding a possible IPO.
"We are not ruling out the public markets as a financing option to fuel future expansion,” he said. “But our track record of successfully delivering sustainable growth has put us in an enviable position for any private technology company – to execute an IPO only when the market conditions offer the most favorable opportunity for our business, our customers and our investors. In other words, we can afford to wait until the timing is right for us.”
