WebPT is a provider of rehab-therapy management software, offering its clients a SaaS-based application to manage their practices, including patient documentation, scheduling and billing.
At the time of Battery’s initial investment, WebPT sold electronic medical record (“EMR”), scheduling and compliance software to roughly 5,500 physical therapy clinics in the United States. The company’s founders wanted to accelerate sales momentum in the U.S. by augmenting the senior executive team and scaling go-to-market operations more aggressively. In 2014, Battery partnered with the company, acquiring a portion of the founders’ shares for a majority stake in the business, while the founders maintained a significant, minority share.
- When Battery invested in 2014, WebPT’s executive leadership included only one non-founder executive. Battery helped recruit 11 executives to the management team including its CTO, CFO, VP of sales, VP of product, VP of marketing and the VP of operations.
- Battery served as WebPT’s corporate-development arm, helping to define the company’s acquisition strategy, research potential targets and execute transactions. During its partnership with Battery, WebPT executed four acquisitions to expand the company’s product offerings and market share.
- WebPT grew the number of products it sold from one to more than 10 over that five-year period, expanding its potential ARR (annual recurring revenue) per customer over 20 times.
- The company also further expanded its customer base from serving small practices all the way up to large enterprises.
In 2019, Warburg Pincus acquired Battery’s majority interest in WebPT. At that time WebPT had grown to serve over 15,000 clients.
The presented case study investment was made in particular economic and market conditions. There can be no assurance that Battery Venture would elect, or be able, to exploit similar opportunities in a similar manner under similar or different economic and market conditions. More generally, there can be no assurances that the Battery vehicles will have comparable investment opportunities in the future. No assumptions should be made that any investments identified above were profitable. It should not be assumed that recommendations made in the future will be profitable or comparable to the portfolio company described in this case study. For a full list of all Battery Ventures investments, please click here.
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