COMS Interactive Secures $21 Million from Summit Partners Growth Equity Investment to Accelerate Market Penetration
CLEVELAND, June 18, 2013 /PRNewswire/ -- COMS Interactive, LLC (also known as "Clinical Outcomes Management Systems" or "COMS"), announced today that it has secured a minority investment of $21 million from Summit Partners, a global growth equity firm. The investment will be used for company expansion and adjacent market product offerings. In addition, a portion of the capital will be used for redemption of COMS common stock holdings. Current investors in COMS include Zapis Capital Group; Next Sparc, LLC; and Portal Capital, LLC.
The COMS flagship product, Daylight IQ™, is a Software as a Service (SaaS) product suite that focuses on managing health and disease profiles of elderly residents requiring post-acute care. The company's robust post-acute software aligns with two of Summit Partner's preferred investment sectors: healthcare and technology. Collectively, these two disciplines account for more than 250 companies in which Summit has invested to date.
"The additional capital resources provided by Summit Partners will support a further expansion of the COMS products and service offerings in the skilled nursing, assisted living and home care markets," noted Edward J. Tromczynski, Chief Executive Officer, COMS Interactive, LLC. "We are particularly pleased to welcome Summit Partners to the COMS initiative and look forward to the additional business expertise Summit provides."
The deployment of Daylight IQ™ enhances the quality of care provided to residents in long-term care facilities, while simultaneously improving revenue opportunities. This is accomplished by closely tracking changes in the resident's condition and initiating appropriate clinical interventions at the point of care. This, in turn, reduces avoidable hospital readmissions and equates to improved clinical and financial outcomes. To date, COMS' customers enjoy a 50% reduction in return to hospital and a 60% reduction in premature mortality rates.
"COMS delivers an innovative SaaS offering that provides nursing homes and assisted living facilities with an affordable platform to better manage and improve the quality of care," said Mark deLaar, a Managing Director with Summit Partners, who will join the COMS Board of Directors. "We are impressed by the strong ROI guarantee that COMS is able to demonstrate to its clients."
As part of the financing package and progressive strategy already in place, COMS will use the investment to expand its post-acute care products and services throughout North America. In addition, the company plans to advance its clinical quality assurance and performance improvement initiatives.
About COMS Interactive, LLC
COMS Interactive has partnered with twelve state health care associations in deploying processes and systems that stabilize and improve resident health while improving financial outcomes for skilled nursing facilities. The Daylight IQ™ Software as a Service (SaaS) product combines business administration, disease management and long-term healthcare knowledge to empower the nursing team, reduce medical errors, more efficiently address resident healthcare needs and increase facility revenues. With customers in 38 states, COMS offers a combination of clinical and technical processes which saves millions of dollars a year in preventable hospital re-admissions. Additional information regarding COMS Interactive and Daylight IQ™ is available at www.comsllc.com or by contacting COMS at 330.650.9900.
About Summit Partners
Summit Partners is a growth equity firm that invests in rapidly growing companies. Founded in 1984, Summit has raised nearly $15 billion in capital, and provides equity and credit for growth, recapitalizations, and management buyouts. Summit has invested in more than 365 companies globally in technology, healthcare and other growth industries. These companies have completed 130 public offerings, and more than 135 have been acquired through strategic mergers and sales. Notable investments in the healthcare and software sectors include: Diagnostic Hybrids, GoldenGate Software, HealthCare Partners, Heart to Heart Hospice, Hyperion Software, McAfee, MDVIP, Postini, RightNow Technologies and Solutionreach. Summit Partners maintains offices in Boston, Menlo Park, London and Mumbai. For additional information, visit www.summitpartners.com.
In the United States of America, Summit Partners operates as an SEC-registered investment advisor. In the United Kingdom, this document is issued by Summit Partners Limited, a firm authorized and regulated by the Financial Conduct Authority. Summit Partners Limited is a limited company registered in England and Wales with company number 4141197, and its registered office is at 20–22 Bedford Row, London, WC1R 4JS, UK. This document is intended solely to provide information regarding Summit Partners' potential financing capabilities for prospective portfolio companies.
SOURCE COMS Interactive, LLC