Brightree: Fueling Growth Through Accretive Acquisitions
Sector: Application Software
Stages: Venture + Growth • Private Equity
Location: Atlanta, GA
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  • The founder had transitioned operations of business to new management team and wanted to sell his portion of the business.
  • Battery acquired the founder’s shares for a majority stake in the company.

The Battery Difference

  • Supported organic growth with investment in new product development and sales resources.
  • Recruited additional management to drive company growth, including six key executives.
  • Continued to act as in-house corporate-development arm, helped define acquisition strategy, researched targets and executed transactions.
  • Executed six tuck-in acquisitions.


  • The first acquisition closed within first six months of Battery’s investment; bought a complementary billing services business for $300K that has grown to $10 million in revenue.
  • Two legacy software competitors were acquired for <5X EBITDA; successfully transitioned the customer bases over to the Brightree platform at a higher revenue per customer.
  •  Annual revenue grew to $113M from $8M in 2008.
  • In early 2016, Brightree announced it would be acquired by publicly traded, medical-device company ResMed (NYSE: RMD) for $800M in cash.