Pamlico Capital Announces Growth Investment in Office Practicum
Pamlico Capital (“Pamlico”) and the management team of Connexin Software, Inc. dba Office Practicum (“OP” or the “Company”) announced today that Pamlico has completed a growth investment in the Company. Co-founder and CEO Gregory H. Anderson and the OP management team will maintain a significant ownership position and continue to manage the growth of the Company with support from Pamlico. Further transaction details have not been disclosed.
“As we enter the second phase of healthcare information technology adoption, both doctors and investors have come to appreciate the value and ROI of specialty solutions,” said Gregory H. Anderson, CEO of OP. “Six years ago, Bluff Point Associates helped a passionate group of entrepreneurs build a solid company around the simple proposition ‘by pediatricians, for pediatricians.’ Today’s investment by Pamlico validates that strategy and continues our journey to the next level of market penetration and expansion.”
“We are incredibly excited to partner with co-founder Greg Anderson and the rest of the management team,” said Art Roselle, Pamlico Partner. “OP has built a leading purpose-built, pediatrics-focused HCIT platform that helps drive increased revenue, reduced costs and improved clinical outcomes.” Pamlico Principal Scott Glass added, “We identified specialty electronic health record and practice management software as a growth area over two years ago and have reviewed numerous investment opportunities. OP stood out as a ‘best-in-class’ business with impressive growth and a market leadership position, and we look forward to partnering with the team to build upon their successes.” Office Practicum is the second investment in Pamlico Capital IV, a fund with $925 million of committed capital.
“It has been a true pleasure working with the Founders and the executive team at OP,” said Kevin Fahey, Managing Director at Bluff Point Associates. "We are pleased that we were able to work with the team and build the market leader in the Pediatric EHR space. We wish the Company and Pamlico the very best in their next phase of growth and development."
Office Practicum was represented by Raymond James & Associates, Inc. (financial advisor) and Ellenoff Grossman & Schole LLP (legal advisor). Pamlico was advised by Alston & Bird LLP (legal advisor).
Pamlico Capital is a private equity firm founded in 1988 that invests in growing middle market companies in North America. Pamlico Capital seeks control-oriented growth equity investments of up to $200 million alongside founders and proven leaders in its target industries: communications, healthcare, services and software. The firm, based in Charlotte, NC, has assets under management of approximately $4 billion. For additional information, please visit www.pamlicocapital.com.