Brightree: Fueling Growth Through Accretive Acquisitions
Venture + Growth • Private Equity
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.