Healthcare collaboration software maker TigerConnect nabbed a $300 million growth investment from Vista Equity Partners to build out its health collaboration platform, the company confirmed Tuesday.
TigerConnect provides a suite of HIPAA-compliant software tools to more than 7,000 health organizations. The solutions help improve care team communication to allow providers to deliver better patient care while decreasing costs.
Vista Equity Partners, a firm that invests in enterprise software and tech-enabled companies, has a track record of helping businesses like Allocate Software Group and Relias Learning to scale, skills that TigerConnect hopes to leverage through the new partnership.
“At TigerConnect, we are laser-focused on improving the care experience for providers and patients, beginning with access to real-time and contextual communication and collaboration throughout every step of the care journey,” said Brad Brooks, co-founder and CEO of TigerConnect, in a statement. “We believe that Vista’s expertise in partnering with founder-led and market-leading enterprise software businesses, coupled with our shared values, align strongly with our mission to provide advanced collaboration technologies that improve care delivery."
Founded in 2010, TigerConnect facilitated more than 3 billion clinical messages exchanged on its platform in 2021 as well as over 1 million exchanges with patients and their families.
The company last landed a $45 million series D funding round in October 2020.
The software maker has also added tools for nurse alarm management, event notification, physician scheduling and patient engagement.
“This investment underscores our firm’s conviction in clinical collaboration and communication as a mission-critical element of the patient care process and a market in which we expect to see increased demand and growth over the next few years,” said Ryan Atlas, managing director at Vista Equity Partners, in a statement. “We look forward to our partnership with TigerConnect and its team, who are at the forefront of a revolutionary shift in how healthcare professionals communicate with each other and with patients to optimize experiences and outcomes.”
Healthcare providers have been stuck using outdated technologies like pagers and fax machines for years.
But these tools aren’t just clunky—they can create dangerous circumstances for the patient. Communication failures between providers can lead to key clinical information being lost in translation or never documented, which can result in improper diagnoses or treatments.
The COVID-19 pandemic created an urgent need for improved clinical communication, which TigerConnect has capitalized on.
Provider operations tools dominated healthcare venture fundraising in 2021, along with alternative care, creating a record-breaking year for health tech companies.
Cohere Health, one of Fierce Healthcare’s Fierce 15 winners of 2022, also offers a platform that helps health plans, providers and patients communicate.
"In 2010, the notion of a universal communication and workflow platform for healthcare did not exist, and TigerConnect transformed that,” said Andrew Brooks, M.D., co-founder and chief medical officer of TigerConnect, in a statement. “Together with Vista, TigerConnect’s vision remains to improve outcomes for patients and enhance the daily lives of physicians, nurses and everyone involved within the healthcare system."