Posts By Dan Anderson

Livefyre raises $32 million in Series D funding

livefyre-logo

Livefyre is a real-time content marketing and engagement platform that has raised $47 million in funding from Adobe, Greycroft Partners, Cue Ball, Hillsven Capital, Salesforce Ventures and U.S. Venture Partners. This round includes a $32 million Series D round and a $15 million Series C2 round. More details below:

PRESS RELEASE

Livefyre Raises $47 Million in Funding, Including $32M Series D

New investors Adobe and Salesforce Ventures join existing investors in Livefyre’s largest round to date

SAN FRANCISCO, CALIF. — Livefyre, the leading real-time content marketing and engagement platform, today announced that it has raised $47 million in funding from Adobe, Cue Ball, Greycroft Partners, Hillsven Capital, Salesforce Ventures and U.S. Venture Partners.

“We’re excited to have Adobe and Salesforce Ventures as investors as we continue to build technology to address the emerging content and community needs of brands and publishers,” said Livefyre founder and CEO Jordan Kretchmer. “Livefyre’s mission has always been to help our customers drive online conversations and community around content. Over time, we have evolved the platform to include vital functionality that enables marketers to not only engage but grow their audiences through the management, discovery and amplification of user generated content.”

As the only content management platform built for user-generated content, Livefyre holds a unique position among marketing cloud technologies. No other platform enables marketers to easily discover, manage and publish the large amounts of user-generated content created about their brand to their own properties through a single platform, whether that content is generated on their website, mobile apps or on social networks.

Leading up to the Series D, Livefyre raised $15 million in Series C2 financing, which was not announced to due to its proximity to the Series D closing. Livefyre will invest this latest round of capital in strategic growth areas such as research and development, sales and marketing expansion and growth in international markets.

About Livefyre

Livefyre helps companies engage consumers through a combination of real-time content, conversation and social curation. The new Livefyre Studio puts billions of pieces of content at a marketer’s fingertips and lets them integrate that content into their digital marketing assets, websites, and mobile apps to increase traffic, user engagement and revenue. Livefyre is powering real-time content marketing experiences for over 1,500 leading brands including AOL, Bravo, CBS, Conde Nast, Cox Media Group, Dow Jones/WSJ, FOX Sports, Mashable, NASCAR, Showtime, Sony PlayStation, Sports Illustrated, Unilever and Universal Music Group. Livefyre acquired social storytelling platform Storify in September 2013 and social application provider Realtidbits in November 2013.

Founded in 2009 with offices in San Francisco, New York, London and Sydney, Livefyre was named one of the best places to work in the Bay Area by the San Francisco Business Times two years in a row and 2013 Corporate IT Software Company of the year by the World Technology Network. For more information, visit www.livefyre.com or follow us on Twitter and Instagram at @livefyre or @storify.

About Salesforce Ventures

Salesforce Ventures—Salesforce’s corporate investment group—invests in the next generation of enterprise technology to help companies connect with their customers in entirely new ways. Portfolio companies receive funding as well as access to the world’s largest cloud ecosystem and the guidance of Salesforce’s innovators and executives. With Salesforce Ventures, portfolio companies can also leverage the expertise of the Salesforce Foundation to incorporate its 1-1-1 model of integrated philanthropy to make giving back part of their business model. Salesforce has invested in more than 100 enterprise cloud startups since 2009. For more information, please visit www.salesforce.com/ventures.

Konekt raises $1.3 million

Screen Shot 2015-02-24 at 1.10.43 PM
Based in Chicago, Konekt is a company that offers a unique toolkit to make it easy and affordable for anyone to build connected devices that work everywhere. The investors that participated in this round include NextView Ventures, Mucker Capital, and Tyler Willis Syndicate. More details below:

PRESS RELEASE

Chicago, IL – February 19, 2015 – Konekt, developers of an innovative new toolkit for IoT device management and network connectivity, today announced it has raised a $1.3M round of funding from multiple investors. Konekt represents a key step in connecting the forecasted billions of things to the Internet by simplifying the process of building connected products that work outside the home. Primary investors include: NextView Ventures; Mucker Capital; Tyler Willis Syndicate including Maiden Lane; Chris Muhr, SVP, EMEA and Founder, Groupon; and, Rajen Ruparell, Co-Founder, Groupon International + Non Executive Advisor, Groupon.

Konekt solves many of the range and signal fidelity problems posed by WiFi and Bluetooth by making it simple to connect devices to the Internet using cellular connectivity. Konekt offers transparent pricing, robust APIs for device management, and a cloud platform for device communication, making it incredibly easy for anyone to build connected devices that use cellular connectivity.

“Konekt is the missing link in the Machine-to-Machine and Internet of Things market,” said Konekt Co-Founders Ben Forgan, CEO, and Pat Wilbur, Ph.D., CTO. “Previously, it has been expensive and inconvenient to connect devices to the Internet via cellular connectivity. With Konekt, makers, OEMs and systems integrators of all sizes and levels of sophistication can now build devices that easily and securely connect to the Internet with cellular connectivity. We are making enterprise grade tools, technologies, and connectivity options available at the consumer level. The consumerization of enterprise technology is a tried and true model that has been applied successfully in other areas; we believe that there is a major opportunity for an M2M platform that simplifies the process and puts makers and developers first.”

The Konekt Toolkit is comprised of three tightly integrated pieces, including:

· The Konekt Global SIM card that provides worldwide internet access;

· The Konekt Cloud which routes and stores all data on the Konekt network; and,

· The Konekt Management Portal, which allows for easy management (i.e., billing, activation, etc.) of all devices.

“We see the potential for Konekt to build a very large business as the platform of choice for developers of cellular connected hardware,” said Lee Hower of NextView Ventures. “It’s a picks and shovels business poised for scale as the IoT and connected device market only continues to grow.”

For more information, visit www.konekt.io.

About Konekt

Headquartered in Chicago, Konekt offers a unique toolset that makes it easy and affordable for anyone to build connected devices that work everywhere. Founded in 2013, Konekt provides global Internet connectivity with a single piece of hardware, allowing makers, OEMs and systems integrators of all sizes and levels of sophistication to build devices that easily and securely connect to the Internet with cellular connectivity. For more information, visit www.konekt.io.

Postmates raises $16 million in Series B funding

postmates-logo
Postmates is an on-demand delivery service that has raised $16 million in Series B funding. Spark Capital led this round of funding. The funding will be used for supporting its growth and to expand geographically. More details below:

PRESS RELEASE

SAN FRANCISCO ­­ February 18, 2014 Postmates, the leading on­demand delivery service, announced today that it has raised an additional $16 million in capital for its Series B financing round to support its dramatic growth and expand geographically. The latest round was led by Spark Capital with follow­on from existing investors. Nabeel Hyatt, Venture Partner at Spark Capital, will join founders Bastian Lehmann and Sean Plaice on the company’s Board of Directors along with Scott Banister.

“We’re currently averaging thousands of deliveries per week. Customers who order more than 10 times permonth contribute to more than 30% of order volume? customers who order more than 5 times per month contribute to more than 50% of order volume,” said Bastian Lehmann, CEO and co­founder of Postmates. “More importantly, is how quickly our supply is growing. We have nearly 2,000 active Postmates couriers on the platform in our four markets.”

Since closing its Series A funding in December of 2012, Postmates has developed its own proprietary logistics software that successfully dispatches and guides couriers through major metropolitan areas to deliver local goods including prepared food, groceries and retail goods. The company has forged partnerships and promotional campaigns with merchants in San Francisco, D.C., Seattle and New York, including Whole Foods, Momofuku Milk Bar, Hapa Ramen and The Meatball Shop, among others.

“We are experiencing remarkable growth and strong national demand for our mobile platform,” said Lehmann. “This new round of financing and group of investors ­ with their proven success in identifying potentially successful consumer products such as Twitter, Foursquare and Tumblr ­ will guide us through this critical growth stage. With Spark’s support, we’ll continue to push the boundaries of e­commerce and logistics within local markets.”

This investment will enable Postmates to strengthen its position as the industry leader in same­day delivery.

The company plans to improve its understanding of local inventory and aggressively invest in their operations, design and engineering teams to meet increasing domestic and international demand for the product.

“We’re thrilled to be partnering with Postmates. They have a magical product and have proven this past year they know how to handle incredible growth while keeping quality high,” said Nabeel Hyatt, Venture Partner at Spark Capital. “Bastian and his team have created a service that not only puts your city in the palm of your hand, but it also does that while helping support the local businesses that make a city what it is.”

Postmates previously closed a $5 million Series A round from FoundersFund and received a $1.75 million seed round with SoftTechVC, Matrix Partners, Scott Banister, Naval Ravikant, Russel Simmons, Thomas Korte, Shervin Pishevar, Dave Morin, and David Sacks participating amongst others. The Series B brings Postmates’ total funding to just over $22 million.About Postmates:

Postmates is transforming the way local goods move around a city by enabling anyone to get any product delivered in under one hour. Postmates’ revolutionary urban logistics & on­demand delivery platform connects customers with local couriers, who purchase and deliver goods from any restaurant or store in a city. Postmates’ mission is to become the on­demand delivery infrastructure for every major city in the world. Postmates was co­founded by Sam Street, Sean Plaice and Bastian Lehmann in 2011, and is headquartered in San Francisco with additional offices in London, Seattle and New York.

Postmates is free to download from the app store or by visiting: www.postmates.com

About Spark Capital

Spark Capital is a venture capital firm that partners with exceptional entrepreneurs seeking to build disruptive, world­changing companies. Founded in 2005, the firm manages approximately $1,500,000,000 across four funds. Headquartered in Boston, Spark maintains an office in New York and invests across the globe. Spark Capital focuses on Internet and mobile investments across the following key categories: advertising & monetization, commerce & services, content & media, financial services, hardware & infrastructure, mobile and social.

For more information, visit www.sparkcapital.com

Sqrrl raises $7 million

Screen Shot 2015-02-24 at 11.53.41 AM
Based in Cambridge, Massachusetts, Sqrrl is a big data analytics company that has raised $7 million in Series B funding. This round of funding was led by Rally Ventures. Atlas Venture and Matrix Partners also participated in this round. More details below:

PRESS RELEASE

Cambridge, MA (PRWEB) February 19, 2015

Sqrrl, the Big Data Analytics company that develops software to uncover hidden patterns, trends, and links in data, has announced the launch of Sqrrl Enterprise 2.0. The release of Sqrrl Enterprise 2.0 coincides with securing $7M of Series B financing, led by Rally Ventures and with participation by existing investors, Atlas Venture and Matrix Partners.

“Sqrrl is at the intersection of two of the most important trends facing the enterprise: cybersecurity and Big Data,” says new Sqrrl investor, Zenas Hutcheson of Rally Ventures. “Sqrrl’s technology can help both Fortune 1000 companies and government agencies prevent themselves from becoming the next cyber incident headline story.”

Extending its enterprise-class data platform, Sqrrl Enterprise 2.0 provides a full-stack security analytics solution for detecting and responding to advanced cybersecurity threats. Sqrrl unifies an organization’s security, network, endpoint, and user data into a single platform. In doing so, security analysts can specify what’s important to them and visually navigate the relationships between assets and actors involved in a given event.

“As the recent breaches at Anthem, Sony, and JP Morgan have shown, perimeter defense is not enough to defend against targeted, sophisticated attacks,” says Chris Lynch, partner at FKA (the firm formerly known as Atlas). Antonio Rodriguez, GP at Matrix Partners adds, “With Sqrrl 2.0, we are delivering a solution based on a modern scale-free architecture combined with the latest in graph analytics to uncover advanced threats. It’s a unique approach, and it couldn’t come any sooner.”

With Sqrrl’s linked data analysis platform, security professionals can detect and respond to advanced data breaches resulting from cyber-espionage, insider misuse, and other types of hard-to-detect attacks. By uniting and storing various cyber datasets over extended time periods, Sqrrl Enterprise can also enable deep forensic investigations into attacks to help speed “mean-time-to-recovery”. At the core of Sqrrl’s architecture are a variety of Big Data technologies, including Hadoop, linked data analysis, machine learning, Data-Centric Security, and advanced visualization.

“Our heritage is about putting Big Data technologies to work against hard, intractable problems,” says Sqrrl CEO Mark Terenzoni. “With the Sqrrl 2.0 launch we are focusing these capabilities on the challenges posed by the cybersecurity threats and vulnerabilities that nearly every organization faces today.”

Sqrrl is deployed at a variety of Fortune 500 companies and large government agencies.

About Sqrrl

Headquartered in Cambridge, MA, Sqrrl was founded by former computer scientists from the National Security Agency (NSA). As part of the team that created NSA’s Big Data architecture, Sqrrl engineers have worked with some of the largest, most complex and most sensitive data sets in the world. Today, Sqrrl provides a Big Data Analytics platform that is designed to uncover hidden patterns, trends, and links in large, multi-structured datasets. For more information, visit http://www.sqrrl.com

Lifecode raises $20.5 million in Series A

Screen Shot 2015-02-24 at 11.49.07 AM
Lifecode is a next-generation-sequencing based molecular diagnostics company that has raised a previously undisclosed $20.5 million A-Round led by Sequoia Capital, The Mayo Clinic, and Mayo Ventures. More details below:

PRESS RELEASE

February 19, 2015 07:00 AM Eastern Standard Time

FOSTER CITY, Calif.–(BUSINESS WIRE)–Lifecode Inc., a rapidly growing next-generation-sequencing (NGS) based molecular diagnostics company, announced today that it has received accreditation from the College of American Pathologists (CAP). The firm also announced that it had raised a previously undisclosed $20.5 million A-Round led by Sequoia Capital, The Mayo Clinic, and Mayo Ventures.

According to Chris Rivest, CEO at Lifecode, “NGS based comprehensive molecular profiling is about to fundamentally disrupt the market for cancer related molecular diagnostics. As sequencing becomes more routine, the bottleneck in the field shifts to the difficult task of providing community physicians with concise, accurate and actionable information regarding their patient’s disease. With new drugs being approved every year, hundreds of new actionable molecular markers, thousands of clinical trials, and hundreds of thousands of new publications, the ability to keep up to date with such a rapidly changing field is incredibly difficult. Our goal at Lifecode is to leverage world class computational tools, algorithms, and data science to manage this flood of information for physicians and their patients.”

Rivest added “with substantial backing from world class investors, and our recent accreditation by CAP, we are well positioned to help transform this industry.”
The CAP Laboratory Accreditation Program is a nationally recognized effort of the highest standard where inspectors examine staff qualifications, equipment, quality controls, safety programs, records and overall management of clinical laboratories.

“Lifecode is pleased to be among the select NGS specialized diagnostic laboratories to have received full accreditation from the College of American Pathologists,” said Dr. Tim Triche, Laboratory Director for Lifecode. “CAP accreditation represents the highest benchmark in the industry, ensuring reliable, reproducible test results that meet the most stringent quality assurance standards.”

CAP is the world’s largest association composed of exclusively of board-certified pathologists and is the worldwide leader in laboratory quality assurance. To date there are a total of ~7,000 CAP Accredited facilities in the United States, all of which go through a rigorous review process.

About Lifecode, Inc.
Lifecode is a specialized CLIA and CAP certified clinical laboratory focused on the genetic basis of human disease. With an initial focus on oncology, we are committed to improving the lives of patients through molecular information that is concise, accurate and actionable. The long-term vision of Lifecode is to revolutionize the world of genomic medicine: better care through better code. Lifecode is based in Foster City, California, in the heart of Silicon Valley.

Urban Airship raises $21 million

Urban Airship Logo
Urban Airship is a company that enables brands to build relationships with their connect customers through their mobile relationship management technology. Investors in this round include August Capital, Foundry Group, Franklin Park Associates, QuestMark Partners, True Ventures and Verizon Ventures. More details below:

PRESS RELEASE

PORTLAND, OR–(Marketwired – Feb 20, 2015) – On the heels of doubling its customer base in 2014, Urban Airship, the global leader in Mobile Relationship Management, today announced appointments for three new executive roles and the completion of its $21 million Series D follow-on financing. This financing round brings the total raised by Urban Airship to $67.6 million, and included new and existing investors: August Capital, Foundry Group, Franklin Park Associates, QuestMark Partners, True Ventures and Verizon Ventures.

New executives joining Urban Airship include Erin Hintz as CMO and Mike Musson as SVP of strategy & business development. Brent Hieggelke, whose three-year tenure as CMO helped Urban Airship become the market and mind share leader in mobile app engagement, is now the company’s chief mobile evangelist. In this role, Hieggelke will be responsible for uncovering and inspiring innovation with customers, app development and agency partners, mobile platform providers and the industry-at-large.

Erin Hintz brings a wealth of enterprise, SMB and consumer marketing experience to Urban Airship, where as CMO she will be responsible for the company’s market growth strategy, demand-generation, communications and product marketing. Previously, Hintz served as the vice president and general manager of global marketing and ecommerce for the Citrix SaaS Division, driving all global marketing activities to grow revenues from $350M to $700M. Prior to Citrix, Erin led the worldwide marketing organization of Symantec’s Norton consumer business, growing revenues from $350M to more than $2B dollars during her tenure.

As senior vice president of strategy & business development for Urban Airship, Mike Musson will utilize more than 25 years’ experience in assessing technology markets, developing strategic points of view and identifying and executing partnerships and acquisitions. Previously, Mike was vice president of business development at the Citrix SaaS Division where he led teams responsible for strategic partnerships and M&A activity, completing eight acquisitions and expanding the division’s addressable market opportunity by $10B over eight years through solution expansions and new market entry into China and Japan. Prior to Citrix, Musson was the co-founder and CEO of Tournabout, Inc. (sold to Novint Technologies) and held executive-level positions at Oracle, Applied Materials, Software.com and Openwave.

“With today’s executive appointments we’re expanding our leadership capacity to focus more deeply on our customers and the market as we scale our business globally,” said Brett Caine, CEO and president, Urban Airship. “We’re bringing on executives with strong, proven leadership to drive mobile-first innovations that re-imagine consumers’ mobile experiences and the business results they achieve for our customers.”

Analysis of SDKs embedded in App Store apps in January 2015, shows Urban Airship’s market penetration to be four times higher than all of its primary competitors combined. In addition, VB Insights estimates the mobile marketing automation industry to double or even triple in size in 2015, stating: “From an enterprise standpoint, there is almost certainly no better-penetrated mobile marketing software than Urban Airship … Urban Airship developers utilize mobile marketing automation features to a greater degree than just about any other solution on the market” (“Mobile Marketing Automation: How the most successful apps drive massive engagement & monetization,” VB Insights, February 5, 2015).

About Urban Airship

Urban Airship enables brands to build relationships with their constantly connected customers through Mobile Relationship Management. Its solutions streamline the creation, delivery and management of highly targeted cross-platform mobile push messages, in-app messages, rich app pages, Apple Passbook passes and Google Wallet cards. With billions of messages and tens of thousands of passes delivered each month, Urban Airship’s technology sparks exceptional consumer experiences, drives app engagement and increases customer loyalty and lifetime value for the world’s largest retail, media & entertainment, sports and travel & hospitality brands. For more information, visit www.urbanairship.com and follow us on Twitter @urbanairship.

Betterment raises $60 million in funding

Screen Shot 2015-02-20 at 1.21.18 AM
Betterment is an automated investing service that has raised $60 million in funding. Francisco Partners led this round of funding with participation from Bessemer Venture Partners, Menlo Ventures and Northwestern Mutual Capital. More details below:

PRESS RELEASE

NEW YORK – February 19, 2015 – Betterment, the largest and fastest growing automated investing service, today announced the close of a $60 million round of growth funding. Global private equity firm Francisco Partners led the financing, which includes participation from previous investors Bessemer Venture Partners, Menlo Ventures, and Northwestern Mutual Capital.

“Our growth has continued to accelerate,” said Jon Stein, Betterment Founder and CEO. “More people are becoming Betterment customers every day, and our existing customers continue to invest more with us. This new capital will allow us to grow even faster and increase the development of new products that will continue to reinvent investing around what customers want: a seamless, personalized experience that is aligned with their best interest and optimized for the highest expected returns net of all costs.”

Launched in 2010, Betterment manages more than $1.4B of assets in tax-efficient, personalized portfolios for more than 65,000 customers, by far the largest customer base of any automated investing service. The company offers a seamless, technology-enabled platform that helps people better manage, protect, and grow their wealth.

“We’ve created a new product category over the last five years,” Stein added. “While we’re excited with where we are today, we’re really just getting started. There are millions of people in need of better financial advice and services, and we’re building the smartest technology and making it accessible to anyone.”

In addition to raising the new round of funding, Betterment is welcoming Peter Christodoulo of Francisco Partners to its Board of Directors. Francisco Partners brings significant experience in financial technology, with previous investments that include Prosper Marketplace, eFront, PayLease, Paymetric, Avangate and Hypercom among others.

“We have long felt that the wealth management space was overdue for a solution that could better serve the majority of Americans through smarter technology,” Christodoulo said. “Betterment’s unique, vertically integrated architecture allows its platform to be lightning fast, which is proving to be compelling with customers as thousands fund new accounts each month.”

In the past year, Betterment has unveiled a variety of new features to help improve investor returns, including Tax Loss Harvesting+TM and Tax Impact Preview. The company also recently unveiled Betterment Institutional, a digital solution that allows financial advisors to better serve their clients and make their practices more efficient.

For more information, please visit www.Betterment.com and follow @Betterment on twitter.

About Betterment

Betterment is the largest automated investing service, helping people to better manage, protect, and grow their wealth through smarter technology. The service offers a personalized, goal-based, globally diversified portfolio of ETFs, designed to help provide you with the best possible expected returns for retirement planning, building wealth, and other savings goals. Betterment is a CNBC Disruptor 50 and Webby award winner and has been featured in the New York Times, Forbes, and the Wall Street Journal. Betterment helps people to achieve a smarter financial future with minimal effort and for a fraction of the cost of traditional financial services. Learn more here.

About Francisco Partners

Francisco Partners is a global private equity firm that specializes in investments in technology companies. Since its launch fifteen years ago, FP has raised approximately $10 billion and invested in more than 150 technology companies, making it one of the most active investors in the industry. The firm invests in transaction values ranging from $50 million to over $2 billion, where the firm’s deep sub-sector knowledge and operational expertise can help a company realize its full potential. For further information, visit www.franciscopartners.com.

VirMedica has acquired TransEngen

Screen Shot 2015-02-19 at 4.57.36 PM
VirMedica has announced today that it has acquired TransEngen. VirMedica is a provider of technology solutions to optimize the commercialization of specialty pharmaceutical products. The $15 million financing behind the deal was led by Petra Capital Partners with participation from HealthQuest Capital. More details below:

PRESS RELEASE

PHILADELPHIA, Feb. 19, 2015 /PRNewswire/ — VirMedica, a leading provider of technology solutions designed to optimize the commercialization of specialty pharmaceutical products, announced today that VirMedica, Inc. (“VirMedica”) has acquired the assets of TransEngen, Inc. The $15 million dollar financing was led by Nashville-based Petra Capital Partners along with Menlo Park-based HealthQuest Capital. This transaction follows the acquisition by VirMedica of Tallahassee-based BioMed Intelligence in November, 2013. Following the financing, David Fitzgerald, Partner at Petra Capital Partners, Dr. Garheng Kong, MD, PhD, Managing Partner at HealthQuest Capital, David Golding, former President of CVS Specialty Pharmacy and Dean Erhardt, CEO at D2 Pharma Consulting have joined VirMedica’s Board of Directors.

TransEngen’s core technology platform, called TIER4, automates the benefits verification process for specialty products and is currently deployed by several of the world’s largest pharmaceutical companies.

“With this acquisition, VirMedica has acquired the industry’s clear leader in electronic benefits verifications,” stated Mark Barnes, Chairman and Chief Executive Officer of VirMedica. “The benefits verification process is a critical step in nearly all Patient Access Services Programs and is typically completed over a period of days by a manufacturer’s hub services company via phone, fax and manual workflows. By automating this process, we help patients get on therapy faster, improve customer service to providers and lower overall program support costs for manufacturers.”

Gregory Morris, TransEngen’s founder, believes VirMedica is an ideal partner given its complementary technology portfolio. “Currently, VirMedica offers a leading specialty pharmacy management solution that provides customized patient in-take, robust case management and pharmacy dispensing capabilities,” said Morris. “Strategically — by combing this with the TIER4 solution — we have created a game-changer for manufacturers seeking a single, integrated platform that can be customized to automate end-to-end HUB services performed internally or externally.” Morris will serve as VirMedica’s Chief Commercial Officer with responsibilities for revenue creation, marketing and product strategy.

By acquiring TransEngen’s TIER4 technology, VirMedica expands its customer reach to include contractual relationships with 5 of the top 10 pharmaceutical organizations worldwide. The company’s integrated offering, called TIER4 Enterprise, enables a true, end-to-end enterprise platform offering that will automate, connect and coordinate all stakeholder workflows necessary for getting (and keeping) a patient on therapy.

TransEngen’s current President and Chief Executive Officer sees immediate and tangible benefits for the company’s existing customer base. “I’m excited about our new services footprint as it expands our ability to help manufacturers achieve better business outcomes,” said Buck Rogers. “The combination of VirMedica’s financial positioning and technology assets allows us to deliver a broader, more integrated services offering.” In his new role with the company, Rogers will spearhead efforts to bring the two technology platforms together.

Petra Capital Partners believes VirMedica’s unique value proposition will deliver significant and rapid revenue growth. “By acquiring TransEngen’s TIER4 technology platform, VirMedica now offers the industry’s leading single-source solution that automates the benefits investigation process, enables dynamic, customized case management and provides the backbone for robust specialty pharmacy operations,” said David Fitzgerald, Partner.

“We believe that VirMedica’s technology and capabilities will streamline the benefits process, decreasing the labor and time required for patients to receive prescribed therapeutics,” said Garheng Kong, of HealthQuest. “VirMedica’s offering will drive costs out of the benefits administration process, while ultimately offering better service to providers and patients.”

For more information about VirMedica, please visit www.VirMedica.com.

About VirMedica

VirMedica is an innovative holding company bringing together complimentary businesses for the specific purpose of redefining the market access landscape for specialty pharmaceutical products.

About HealthQuest Capital

HealthQuest Capital makes go-to-market and early growth investments in innovative healthcare companies that are improving both patient outcomes and healthcare economics. Investments focus on the medical device, diagnostics, patient care products, consumer health/OTC and healthcare IT fields. The HealthQuest investing team includes deep operational, clinical and scientific expertise and worldwide relationships throughout the healthcare industry that can be leveraged to add value to portfolio companies. HealthQuest Capital is headquartered in Menlo Park, CA with offices in Southern CA, Florida, and Georgia. www.healthquestcapital.com.

About Petra Capital Partners

Petra Capital Partners, LLC is a private equity firm based in Nashville, Tennessee. Licensed as a Small Business Investment Company, Petra provides capital to high growth companies for expansion, acquisition, buyout, refinancing or recapitalization in partnership with management teams. The fund targets business services, healthcare and information technology services companies.