Leading provider of integrated clinical EMR and management solutions for the growing physical, occupational and speech therapy markets.
Leader in software solutions for outpatient specialty care, serving wound care, urgent care, occupational medicine, employee health and workplace medicine facilities. Portfolio company of Spectrum Equity.
ReDoc was in the midst of a management, technology and financial performance transition. A new CEO had been brought in two years prior to migrate the Company’s technology and business model from license/maintenance to a more robust, cloud-based SaaS solution with greater recurring revenue.
New management had significantly improved financial performance, new customer wins and prospect pipeline visibility and had nearly completed its conversion to a SaaS-based solution.
The Board was planning to consider sale alternatives in another nine to twelve months when Spectrum Equity-backed Net Health, who was consolidating software vendors to outpatient specialty care providers, made an offer to buy the Company. The Board believed Net Health’s offer valued the Company based on its year-end projected results and signed a Letter of Intent.
Based upon BCA’s application software and healthcare expertise, knowledge of ReDoc and strong relationship and transaction history with Spectrum Equity, the Board engaged BCA to prepare and manage responses to diligence, advise on document negotiations and ensure that there was sufficient competitive tension to ensure the transaction closed on the price and terms outlined in the Letter of Intent.
Leveraged longstanding relationship with Spectrum Equity to evaluate the integrity of the offer and assess the likelihood of closing the transaction.
Analyzed the monthly recurring revenue, new customer wins and pipeline to build a comprehensive revenue waterfall to determine and present the amount of “go get” revenue required to substantiate the Company’s forward financial projections and Net Health’s valuation.
Guided shareholders through complex document negotiations and provided financial analysis in support of business issues.
ReDoc was acquired by Net Health at 100% of the valuation indicated in the original Letter of Intent.
Shareholders received 100% liquidity.
“Brentwood Capital Advisors, our investment banker, played an important role in negotiating, structuring and closing this transaction. We were impressed by Brentwood Capital’s expertise and thoughtfulness in positioning the Company’s strong market position in rehabilitation therapy software and in helping us navigate complex transaction document negotiations and the comprehensive diligence process.”
- Bill Southwick