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TigerConnect, the Santa Monica, CA-based cloud-based clinical communication and collaboration platform provider has confirmed it has raised an additional $300 million in funding from the private equity firm Vista Equity Partners. Vista Equity Partners specializes in investing in enterprise software, data, and technology firms, and manages over $86 billion in assets. Under the investment deal, some of TigerConnect’s earlier investors have exited.
The TigerConnect platform is primarily a text-message-based solution that allows healthcare organizations to bring their communication systems into the 21st century and replace outdated methods of communication such as pagers, faxes, and email. The platform also supports voice and video calls and has proven invaluable during the pandemic to support the massive increase in telehealth services, while ensuring all communications are fully HIPAA-compliant.
When TigerConnect was formed in 2010 (as TigerText) there was no such thing as a universal communication and workflow platform for healthcare. “There had really been a dramatic lack of efforts around clinical workflow communication,” said Brad Brooks, TigerConnect co-founder, and chief executive. TigerConnect has solved that problem. “We’re almost like a Slack for healthcare, putting in a common communication network so that everyone can reach everyone,” said Brooks.
TigerConnect’s last round of funding in September 2020 resulted in an additional $45 million in investment being raised and in 2021, TigerConnect announced the acquisition of Call Scheduler and Critical Alert, which has helped the company enhance the platform and release new communication and collaboration solutions.
TigerConnect now offers physician scheduling and patient engagement solutions and has also expanded its middleware capabilities with a nurse alarm management and event notification solution. During the past year, TigerConnect doubled the number of users and now supports more than 700,000 caregivers across over 7,000 healthcare organizations. Last year, more than three billion clinical collaboration messages were exchanged and there were more than one million interactions with patients and their families using the platform.
Brooks confirmed the latest investment will be used for further product development to support the growing need for clinical collaborations. The company will also be exploring acquisition opportunities. “We believe that Vista’s expertise in partnering with founder-led and market-leading enterprise software businesses, coupled with our shared values, align strongly with our mission to provide advanced collaboration technologies that improve care delivery, said Brooks.”