January 30, 2019
Cascadia Capital, an investment bank serving middle market clients globally, today announced it acted as the exclusive financial advisor to Concord III, LLC (“Concord Technologies”) on the sale of a minority interest to Excellere Partners, a Denver-based private equity firm.
Concord Technologies, based in Seattle, Washington, is a leading provider of interoperability and automation solutions to high-growth healthcare markets. With over 1,500 customers already utilizing its existing enterprise fax services, the Company recently launched an additional workflow platform called NEXTSTEP, focused on healthcare interoperability, to further enhance its product suite.
Cascadia ran a targeted process to help Concord Technologies’ Founder and CEO choose the ideal partner with which to expand the Company’s service offerings and footprint in the market. After a careful evaluation process, the Company chose to partner with Excellere Partners due to the investment firm’s deep healthcare industry expertise and strong relationships with companies in Concord Technologies’ targeted end markets.
“We are extremely excited to partner with Chris Moore and the entire Concord team, as we look to support their vision for building the leader in healthcare workflow and interoperability and automation solutions,” said Ryan Glaws, Partner with Excellere. “Concord’s unique service offering addresses several critical needs within the broader healthcare ecosystem, including information security and interoperability. With its AI-powered workflow, Concord’s solutions provide significant and tangible value to customers, enabling them to send, receive, ingest and direct large amounts of inbound and outbound unstructured data, which enables greater efficiency and ultimately enhances the timely and accurate delivery of care.”
“Cascadia did an excellent job helping Concord navigate the deal-making environment over the last two years. Their team was involved long before the Company was ready to bring on an institutional partner, by helping position Concord as the industry leader in healthcare interoperability and automation,” added Chris Moore, Founder and CEO of Concord Technologies. “Cascadia’s creativity, energy, and patience proved to be the difference-maker in aligning our goals and interests with Excellere Partners.”
“Concord is a highly profitable company that did not need cash but wanted a partner,” noted Kevin Cable, Managing Director, Cascadia Capital. “Excellere brings exactly the right market knowledge, operating experience, and team chemistry to the table to accelerate Concord’s already phenomenal growth in healthcare workflow.”
The minority sale represents another successful transaction for Cascadia Capital in the healthcare group. Recent transactions in the sector advised on by Cascadia include ADURO’s financing with Abry Partners, SonoSim’s financing with GE Healthcare, and DatStat’s acquisition by SCI Solutions.
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