Cascadia Capital, an investment bank serving middle market clients globally, today announced it acted as the exclusive financial advisor to DatStat, a leading provider of patient engagement and digital health tools, in its acquisition by SCI Solutions, a prominent patient access and care coordination software company.
Founded in 1996, DatStat provides integrated survey, patient engagement solutions, and data management software for healthcare and research institutions. SCI Solutions builds, implements and operates healthcare business process software for a network of hospitals, diagnostic imaging centers, physician groups and post-acute care organizations. The Company has the most widely adopted cloud workflow platform for referrals, orders, messaging, results and scheduling.
DatStat’s consumer-ready tools function on any device, so patients can securely message providers, easily complete pre-visit forms and surveys online, confirm adherence to care plans and receive important reminders for appointment follow-up. Providers can work more easily with their patients to develop self-care management plans and track adherence to these plans, while monitoring progress for earlier intervention. These capabilities work in conjunction with health system websites and patient portals, marketing automation technologies, and any electronic health record to ensure a unified brand experience.
Additionally, DatStat’s patient-centric capabilities extend into the clinical research field by offering a next generation software solution for clinical trial management and electronic data capture. DatStat solutions have been trusted for use by more than one-hundred of America’s foremost care delivery and research institutions, including UCSF Medical Center, University of Washington, Dana Farber Cancer Center, St. Jude Children’s Research Hospital and Seattle Children’s Hospital.
“The combination of SCI and DatStat demonstrates the power of a platform in today’s changing, consumer-driven healthcare landscape,” said Kevin Cable, Managing Director at Cascadia Capital. “By adding patient engagement and data collection technology, SCI will eliminate the divide between today’s complex health enterprises and individuals wanting to be personally engaged and involved in their care. SCI customers are now armed with the necessary technology to close the loop on measuring outcomes, improving health and satisfaction for participating patients.”
“Cascadia recognized the synergies between DatStat and SCI and brought our two companies together,” added Lizza Miller, PhD, Co-Founder & CEO of DatStat. “Given their extensive knowledge of the patient engagement space, they were able to articulate a differentiated strategy, which caught our attention. We are grateful for the vision and value they saw in our businesses.”
The sale of DatStat is another successful transaction for the Healthcare practice group and represents the second transaction Cascadia Capital has completed with SCI Solutions. In 2015, Cascadia advised SCI Solutions in establishing its credit facility with ORIX Growth Capital coincident with SCI’s acquisition of Clarity Health. Other notable transactions include Vera Whole Health’s Series D financing, Integra’s acquisition by JM Smith, and GoHealth’s strategic investment from TPG.