Digital Assent Secures $2.5 Million Debt Financing from Silicon Valley Bank Financing Supports Purchase of PatientPad Hardware
ATLANTA, Oct. 14, 2011 /PRNewswire/ -- Digital Assent, provider of the award-winning PatientPad® self-service patient check-in and patient education solution, has secured $2.5 million in debt financing from Silicon Valley Bank. The financing provides Digital Assent with additional resources to purchase the hardware needed to meet customer demand for its flagship product.
"Our goal is to achieve nationwide coverage by year's end," said Andrew Ibbotson, president and CEO of Digital Assent. "This financing helps us increase production of the PatientPad to meet the significant demand we are experiencing."
PatientPad is a wireless touch-screen solution that automates the patient check-in process and delivers targeted educational health information and advertising to patients while they sit in their healthcare provider's waiting and treatment rooms. Year-to-date, the company has sold more than 2,000 PatientPads to 350 practices in 35 states.
"Digital Assent is an exciting company given the tremendous growth we are seeing in healthcare IT, wireless and digital marketing," said Dale Kirkland, senior relationship manager for Silicon Valley Bank. "The PatientPad is expected to deliver an immediate return on investment for participating healthcare practitioners and advertisers, and we are pleased to be able to contribute the appropriate financing and banking solutions for this stage in the company's growth."
Silicon Valley Bank's financing follows Digital Assent's recent $7.5 million Series B equity funding, which has allowed the company to focus on expanding its sales, marketing and product development efforts.
Earlier this year Georgia Governor Nathan Deal praised the state's reputation as a healthcare technology hub by having more than 186 health IT companies in the state generating more than $4 billion in annual revenue. Headquartered in Atlanta, Digital Assent is proud to be a technology company contributing to Georgia's leadership in health IT. To learn more about where Georgia leads, search #whereGAleads on www.twitter.com or visit www.wheregeorgialeads.com.
About Digital Assent
Founded in 2009, Digital Assent is a fast-growing healthcare technology company based in Atlanta. The company's wireless touch-screen PatientPad® solution streamlines the patient check-in process and delivers targeted health information to interested patients while they sit in their healthcare providers' waiting and exam rooms. By providing patient-friendly tablets designed to educate and entertain, PatientPad eliminates the most common causes of boredom and frustration to deliver a positive waiting room experience. For more information about Digital Assent and the company's rapidly growing PatientPad point-of-care network, please visit www.digitalassent.com or www.patient-pad.com.
About Silicon Valley Bank
Silicon Valley Bank is the premier bank for technology, life science, cleantech, venture capital, private equity and premium wine businesses. SVB provides industry knowledge and connections, financing, treasury management, corporate investment and international banking services to its clients worldwide through 26 U.S. offices and seven international operations. (Nasdaq: SIVB) www.svb.com.
Silicon Valley Bank is the California bank subsidiary and the commercial banking operation of SVB Financial Group. Banking services are provided by Silicon Valley Bank, a member of the FDIC and the Federal Reserve System. SVB Private Bank is a division of Silicon Valley Bank. SVB Financial Group is also a member of the Federal Reserve System.
SOURCE Digital Assent