Hospice Software Group Announces $12.6 Million Investment
Consolo Services Group, the Lexington, Kentucky-based provider of fully-integrated, SaaS-based health IT solutions for the hospice and palliative care industry, announced in July that it has completed a $12.6 million financing through private equity firm Bluff Point Associates.
Since launching in March 2004, Consolo has become a leading player in the EHR and Revenue Cycle Management segment of the hospice and palliative care markets. Consolo's integrated clinical (EHR) and financial (RCM) offering has been a popular solution with hospices and palliative care providers looking for a cloud-based solution that resides on a single database.
"We're thrilled that Bluff Point Associates believes in our growth potential as much as we do," said Greg Kite, CEO of Consolo. "We see tremendous interest and excitement among hospices, palliative care and healthcare systems for our single-instance multi-tenant database, enterprise solution in the cloud. The availability of this funding will allow us to capitalize on the market opportunity and keep us on track with our product development strategy. Additionally, we will fill vital sales and support roles that will bolster our growing share of the market." All of Consolo's management team and experienced staff will remain with the business in their current roles, Kite added.
As part of the transaction, Bluff Point Associates Managing Director Kevin Fahey will join the Consolo Services Group Board of Directors. "We are very excited to partner with Greg and the Consolo team to enhance its existing growth opportunities, but at the same time utilize their single database SaaS platform to extend into other post-acute care markets. We believe Consolo has an exceptional opportunity to disrupt the post-acute care space," he said.
About Consolo Services Group Based in Lexington, KY, Consolo Services Group is a healthcare information technology company. The Consolo product has been in the market for over a decade and was developed specifically for hospice and palliative care providers. Consolo leverages its single-instance, multi-tenant database cloud solution to accelerate efforts to develop clinical tools and industry-standardized data. consoloservices.com
About Bluff Point Associates: Bluff Point Associates is a private equity firm based in Westport, Connecticut. Bluff Point actively invests in the healthcare information services sector as well as information services companies supporting the banking, trust, securities, retirement and wealth management sectors of the financial services industry. Bluff Point's team has experience recognizing a company's growth potential and working with its management team. bluffpt.com
About Generational Capital Markets, Inc.: GCM is a member of FINRA/SIPC and focuses on mid-market M&A across the United States and Canada and represented Consolo Services Group on an exclusive basis. Brenen Hofstadter stated "Consolo operates at the intersection of healthcare and Software as a Service. That helped us generate significant interest from large Industry concerns and private investment groups with holdings in the space. The Bluff Point team operates with integrity and we were pleased to have found the right partner for our client." Julio Dominguez assisted Brenen with the transaction. Further terms were not disclosed. gencm.com