Wednesday, July 16, 2008

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

BUSINESS WIRE--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.

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