Brightree Signs with Battery Ventures

Brightree LLC, Duluth, Georgia, announced on July 15 that it has received a "significant investment" from the venture-capital firm Battery Ventures, Boston, Massachusetts. According to a company statement, Brightree intends to use the new capital to "accelerate its growth, consolidate the markets it serves, and expand into new markets." As part of the financing arrangement, Battery Ventures General Partner Neeraj Agrawal and Senior Associate Chelsea Stoner have joined Brightree's board of directors. Brightree was advised by Croft & Bender LLC in Atlanta, Georgia, and Siavage Law Group, Atlanta, on the agreement.

Dave Cormack, Brightree president and CEO, stated, "While we could continue our growth without outside investment, we see an opportunity to consolidate the markets we serve today...taking our successful business model into complementary markets such as home health, retail pharmacy, and long-term care."

Agrawal added, "[Brightree] is in an excellent position to continue to grow organically as well as to acquire complementary companies to extend their leadership position."