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).
Office Practicum is a top ranked provider of electronic health record and practice management software for use in ambulatory primary care settings. Since 1992, the innovative OP solution has been delivered to over four thousand pediatricians across 48 states and the Caribbean, ranging from solo providers to enterprise groups. The privately held company maintains primary offices in suburban Philadelphia, Cleveland and central California. For more information visit www.officepracticum.com.
Bluff Point Associates is a private equity firm based in Westport, Connecticut. Bluff Point actively invests in middle-market information services companies supporting the banking, trust, securities, retirement and wealth management sectors of the financial services industry, as well as the healthcare information services sector. For more information, please visit www.bluffpt.com.
Pamlico Capital is a private equity firm founded in 1988 that primarily invests in growing middle-market companies in North America. Pamlico Capital seeks control-oriented growth equity investments of up to $100 million alongside founders and proven management teams in its target industries; business & technology services, communications, and healthcare. Since inception, the firm, based in Charlotte, NC, has invested over $2.5 billion. For additional information, please visit www.pamlicocapital.com.