January 3, 2013 - AMHERST, MA: Long River Ventures announced today the completion of an acquisition of its portfolio company GetWellNetwork, Inc., the leading provider of Interactive Patient Care solutions, by Welsh, Carson, Anderson & Stowe (“WCAS”), a private equity firm focused on information/business services and healthcare. The GetWellNetwork solution is deployed in over 30,000 hospital beds nationwide and facilitates over seven million patient interactions per year.
GetWellNetwork was founded in 2000 and raised a Series A round in 2003 co-led by Long River Ventures. At the time, GetWellNetwork had pilot installations at three hospitals. Today GetWellNetwork is installed at over 130 hospitals nationwide, employs over 190 people, and is the clear leader in the rapidly growing interactive Patient Care market. For a third consecutive year, GetWellNetwork was recognized by KLAS as the #1 vendor in the Interactive Patient Systems category. The company is also exclusively endorsed by the American Hospital Association.
“Founder and Chief Executive Officer Michael O’Neil envisioned a novel system that would directly engage patients in their treatment and recovery,” said Will Cowen, Managing Partner of Long River Ventures. “Today this system allows patients, their families, and their care givers to interact on a unified platform, both during a hospitalization and post-discharge. It has been extremely gratifying to work with Michael and his team, and to see how they have fundamentally changed the hospital experience for millions of patients each year. We are confident the company will continue to grow and prosper with the backing of Welsh, Carson, Anderson & Stowe.”
“GetWellNetwork is the most innovative and rapidly growing company delivering patient engagement solutions to healthcare providers,” said Michael Donovan, General Partner of WCAS. “Patient engagement and satisfaction has emerged as a business imperative and critical area of focus for the healthcare industry, and as a result, we are excited about the future opportunities that lie ahead for GetWellNetwork.”
GetWellNetwork’s solutions help healthcare providers engage, educate, and empower patients along the care continuum. The Company’s patient-centered platform, delivered across multiple technology platforms including mobile devices, computers and televisions, enables providers to implement a revolutionary care delivery model called Interactive Patient Care to improve performance and patient outcomes. The Company further extends the value of existing IT investments by integrating seamlessly with electronic medical record and patient portal applications.
“Working with our early investors like Long River Ventures, we were able to define the Interactive Patient Care market and build a company that became an industry leader,” said Michael O’Neil, Founder and Chief Executive Officer of GetWellNetwork. “We are now extremely proud to partner with Welsh, Carson, Anderson & Stowe on the next chapter of our journey, he added.
The sale of GetWellNetwork represents the second healthcare IT transaction for the Long River Ventures portfolio in the fourth quarter. In early October, portfolio company Medventive was acquired by McKesson.
About Welsh, Carson, Anderson & Stowe
Welsh, Carson, Anderson & Stowe focuses its investment activity in two target industries, information/business services and healthcare. Since its founding in 1979, the Firm has organized 15 limited partnerships with total capital of $20 billion. The Firm is currently investing an equity fund, Welsh, Carson, Anderson & Stowe XI, L.P.