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Brightree


Brightree: Fueling Growth Through Accretive Acquisitions
Sector: Software & Services
Stage: Growth
Location: Duluth, GA
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Situation

  • Founder had transitioned operations of business to new management team and wanted to sell his portion of the business
  • Battery acquired the founder shares for 70% ownership stake;Management team rolled its 30%

The Battery Difference

  • Supported organic growth with investment in new product development and sales resources
  • Recruited additional management to drive company growth, including 6 key executives
  • Continue to act as in-house Corporate Development arm:  define acquisition strategy, research targets and execute transactions; To-date have executed multiple accretive acquisitions

Results

  • Strong organic growth of 50%
  • Closed first acquisition within first 6 months of Battery investment:  bought a complementary billing services business for $300k that has grown to $10M in revenue
  • Acquired two legacy software competitors for <5X EBITDA;  Successfully transitioned the customer bases over to the Brightree platform at a higher revenue per customer
  • Have grown revenue 5X and EBITDA 10X since initial investment