Brightree: Fueling Growth Through Accretive Acquisitions
Private Equity • Venture + Growth
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 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
Acted as in-house corporate-development arm: helped define acquisition strategy, research targets and execute transactions. Executed six “tuck-in” acquisitions.
Strong organic growth of 50%
Closed first acquisition within first six months of Battery investment: bought a complementary billing services business.
Acquired two legacy software competitors for <5X EBITDA; successfully transitioned the customer bases over to the Brightree platform at a higher revenue per customer
Grew annual revenue from approximately $8 million in 2008 to $113 million in 2015, and EBITDA to roughly $43 million
In February 2016, Brightree announced it would be acquired by publicly traded, medical-device company ResMed (NYSE: RMD) for $800 million in cash. Close is expected in Q2 2016.