Brightree Secures Significant Investment from Battery Ventures to Finance Growth and Extend Leadership Position

2008-07-15 08:00:00

Market leader in business management solutions for medical industries

secures strategic financing to fuel organic growth and acquisition

strategy

DULUTH, Ga.–(EMWPresswire)–Brightree LLC, developer of the

fastest growing business management solution for the Home Medical

Equipment (HME), Durable Medical Equipment (DME), Orthotics &

Prosthetics (O&P) and Sleep Therapy markets, today announced that it has

received a significant investment from Battery

Ventures. Brightree intends to use the new capital to accelerate its

growth, consolidate the markets it serves, and expand into new markets.

Brightree has all of the elements we look for

in our later stage investments: a profitable, fast growth business, a

market-leading product with happy customers, and an experienced

management team at the helm, said Neeraj

Agrawal, general partner at Battery. The

company is in an excellent position to continue to grow organically as

well as to acquire complementary companies to extend their leadership

position.

Brightree was the first Software as a Service

(SaaS) solution

developed specifically for the HME/DME market, fully automating the

unique workflows and complex requirements of the industry. The

combination of its intuitive, easy-to-use Internet-hosted software and

its superior customer service has driven it to a market-leading

position. Since 2005, the company has enjoyed rapid growth, doubling

revenues each year. In the last 3 years, Brightree has contracted with

over 700 new customers and has systematically expanded into the O&P and

Sleep markets.

While we could continue our growth without

outside investment, we see an opportunity to consolidate the markets we

serve today by investing more in our customers

success than our competitors do, and taking our successful business

model into complementary markets such as Home Health, Retail Pharmacy,

and Long Term Care, said Dave Cormack,

Brightree president and CEO. We could not

have picked a better partner than Battery to embark upon this next

phase. Their investment is a ringing endorsement of what we have

accomplished. My team and I are very excited and fully engaged to build

upon the phenomenal success weve achieved.

Independent surveys in 2006 and 2007 established Brightree as the

fastest growing business management solution in the industry, outpacing

all competitive products combined. Brightree is now the 2nd largest

filer of Medicare claims in the USA. This year, Brightree users will

process over 13 million claims totaling over $2.4 billion. As part of

Brightrees growth strategy, the company

signed an exclusive 10-year partnership in 2008 with VGM Group, the

preeminent member service organization in the industry, to deliver an

array of revolutionary Internet-centric services to providers via a

virtual ecosystem.

Brightree was advised by Croft &

Bender LLC in Atlanta, GA and Siavage Law Group in Atlanta, GA on

the transaction. Other details of the transaction were not disclosed. In

conjunction with the financing, Battery Ventures General Partner Neeraj

Agrawal and Senior Associate Chelsea Stoner have joined existing

Chairman Rick Chitty and Dave Cormack on Brightrees

Board of Directors.

About Brightree

Brightree LLC is headquartered in Duluth, GA and delivers an integrated

suite of online Internet-based business management software solutions to

Home Medical Equipment (HME) providers, Durable Medical Equipment (DME)

providers, Orthotics & Prosthetics (O&P) practitioners, Sleep Labs, and

Pharmacies. For more information, please visit www.brightree.com

or call 1.888.598.7797 ext. 5. Brightrees

headquarters location is 2763 Meadow Church Road, Suite 205, Duluth, GA

30097.

About Battery Ventures

Since 1983, Battery has been investing in technology and innovation

worldwide. The firm partners with entrepreneurs and management teams

across technology sectors, geographies and stages of a companys

life, from start-up and expansion financing, to growth equity and

buyouts. Battery has supported many breakthrough companies around the

world, including: Airespace (acquired by Cisco), Akamai Technologies

(NASDAQ: AKAM), BladeLogic (acquired by BMC Software), Cbeyond (NASDAQ:

CBEY), LIFFE (acquired by Euronext), Neoteris (acquired by Netscreen),

and Omniture (NASDAQ: OMTR). Its current portfolio includes emerging

firms such as Angies List, Bazaarvoice, Spot

Runner, Tejas Networks, and TradeKing as well as more established

companies such as Consona Software, ITA Software, and MetroPCS (NYSE:

PCS). From offices in Boston, Silicon Valley and Israel, Battery manages

nearly $3B in committed capital. For more information, visit www.battery.com.

About Croft & Bender and C&B Capital

Croft & Bender LLC, based in Atlanta, Georgia, is an investment banking

firm focused on providing M&A, private equity and financial advisory

services to middle-market and emerging growth companies in the

Southeast. The firm also sponsors the C&B Capital private equity funds,

with $44 million under management. For more information on Croft &

Bender, visit www.croft-bender.com

or contact the firm at (404) 841-3131.

Brightree LLC
Mark Blount, 1 888-598-7797 ext. 818
mblount@brightree.com
or
Battery

Ventures
Karen Bommart, 781-478-6600
kbommart@battery.com

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