GPB Capital Holdings, LLC (GPB), a New York-based private equity firm, today announced that it has closed an investment in ITelagen®, LLC, a healthcare IT company that provides electronic health records (EHR) solutions and support to physicians and medical practices. ITelagen will use the growth capital investment to broaden its suite of software and services, expand into new customer segments and grow its platform.
Headquartered in Jersey City, NJ, ITelagen helps small, medium and large physician groups and medical practices in the U.S. meet requirements mandated by the American Recovery and Reinvestment Act of 2009. ITelagen provides medical practices and leading EHR platforms with certified technology support and hosting services that ensures both maximum system availability and security in a cost effective way.
“As ITelagen prepares for the next phase of growth, we couldn’t be more enthusiastic to be partnering with GPB,” said John O’Keefe, Chief Executive Officer of ITelagen. “GPB is a firm that shares our vision and commitment to our customers, and provides exceptional financial and industry expertise to our leadership team.”
Providing unlimited onsite and remote technical support for businesses, the ITelagen platform monitors the activity of servers around the clock to ensure the security of client applications. Its cloud-based system supports and manages patient’s EHRs, as well as assists with coding and billing records, medical and insurance claims, and categorizing insurance collections. The investment comes as healthcare providers face mandates via the American Recovery and Reinvestment Act of 2009 to adopt electronic health records practices or face financial penalties beginning in 2015.
“ITelagen provides a well-defined offering of value-added IT and EHR solutions that not only help demonstrate meaningful use, but protect patient data by duplicating the rigorous security standards used in the financial services industry,” said Mike Frost, Director, Managed IT Services, at GPB. “With increased regulatory pressure and a growing number of healthcare facilities implementing new EHR systems, we see a market poised for tremendous growth and ITelagen is well-positioned to becoming an industry leader.”
Dave Gentile, CEO of GPB added: “The team at ITelagen has built an outstanding company with a well-deserved reputation for quality, innovation, and customer service. It has demonstrated a track record of robust growth, innovation and has consistently developed strong partnerships with its customers. This is precisely the type of company and management team we look to partner with at GPB, and we are pleased to have this opportunity to be a part of their next expansion phase.”
About GPB Capital Holdings, LLC:
GPB Capital Holdings is a New York-based private equity firm with an exclusive focus on partnering with income-producing, middle-market, portfolio companies across three broad sectors: Automotive Retail, Managed IT Services and Life Sciences. GPB’s principals are experienced financial, management and accounting professionals with over 70 years of collective experience working with privately-held companies and their management teams. GPB does not rely on leverage to boost returns. They partner with successful businesses and provide their portfolio company management partners with the strategic planning, managerial insight, and capital needed to enable strong businesses to achieve a new level of growth and profitability. GPB Capital Holdings, LLC is a SEC Registered Investment Advisor
