Brook Venture Partners is pleased to announce it has closed two acquisitions and one control investment in the Healthcare IT industry in the past 30 days.
Wakefield, MA, August 31, 2015 – Brook Venture Partners is pleased to announce it has closed two acquisitions and one control investment in the Healthcare IT industry in the past 30 days. Medicine-On-Time, Tricast and Cobalt Health are profiled below.
Medicine-On-Time: Brook led an investment in Medicine-On-Time (MOT) of Hunt Valley, MD with HealthEdge Investment Partners of Tampa, FL and Eagle Private Capital of St. Louis, MO. MOT provides software and compliance drug packaging solutions to address the challenge of medication adherence. Non-adherence to prescribed medication is one of the largest costs in the healthcare system, resulting in $290 billion in preventable hospitalizations each year in the US. The investment will be used to meet expanding demand for the product set, and drive further growth by expanding the sales and marketing team. As part of the transaction, MOT founder and President John Kalvelage will remain with the Company and industry veteran Guy Bryant will join as CEO.
Tricast: Brook led an investment in Tricast, Inc. of Milwaukee, WI with investment partner Blue Heron Capital of Richmond, VA. Tricast is the developer of the first real-time pharmacy benefit data monitoring and analytics solution targeting compliance with CMS regulations and a reduction of fraud, waste and abuse, a more than $250 billion annual cost in the US healthcare system. This investment provides the necessary capital for Tricast CEO, Greg Rucinski, to develop new modules for their SaaS software platform and expand the sales and onboarding team to drive additional growth.
Cobalt Health: Brook led the acquisition of Cobalt Health of Salt Lake City, UT with co-investor Multiplier Capital, LP of Washington, DC. Cobalt has been merged and combined with existing Brook portfolio company, Medical Mastermind. The acquisition bolsters the Medical MasterMind revenue cycle management (RCM) offering, as Cobalt specializes in providing innovative RCM services to molecular and diagnostic laboratories nationwide. Cobalt CEO, Sean McSweeney, will join Medical Mastermind as a sales executive specializing in RCM for molecular diagnostic and genetic testing labs, a market Medical MasterMind already serves that has shown significant growing demand.
About Medicine-On-Time: Medicine-On-Time is a national provider of compliance packaging and technology solutions to retail and “closed door” pharmacies, especially those serving elder care facilities, homebound patients, individuals with chronic conditions, and independent seniors. Additional information can be found at www.Medicine-On-Time.com.
About Tricast: Tricast is a pharmacy data analytics company utilizing industry expertise and powerful software tools to empower its clients to make decisions in real time that lower their healthcare costs and efficiently manage their pharmacy benefit programs. Additional information can be found at www.Tricast.com.
About Medical Mastermind: Medical Mastermind provides electronic health record, practice management, and billing software and services to thousands of physicians nationwide. The Company’s mission is to make healthcare technology a catalyst for better patient care. Additional information can be found at www.MedicalMastermind.com.
About Brook Venture: Brook Venture Partners provides expansion stage capital to Information Technology and Healthcare IT companies located in the eastern United States. The firm focuses on both financing and providing the strategic planning and support necessary to effectively manage growth. Brook is headquartered outside Boston in Wakefield, MA. For more information visit www.BrookVenture.com.