Kareo, a provider of cloud-based practice management and medical billing software for physicians, announced the closing of a $10 million equity investment led by Greenspring Associates with participation from OpenView Venture Partners, Western Technology Investment and angel investor Travis Kalanick.

According to a release, Kareo will use the new capital to aggressively expand its sales and marketing initiatives targeting small physician practices, enhance its product offering, and support its channel partnerships.

“Kareo is at the forefront of helping physicians transition from clunky and expensive legacy software to friendly and affordable cloud-based solutions,” said Dan Rodrigues, founder and CEO of Kareo.

“We’re excited to use this new investment to capitalize on our growth and help even more physicians discover that Kareo offers them a better way to manage their practice and get paid.” “We’re very excited to invest in Dan and the Kareo team,” said Jim Lim, Partner at Greenspring Associates. “Kareo is achieving impressive revenue growth and offers a solution that hits the sweet spot for small practices. Physicians need simple, elegant solutions that will help them get paid more, reduce administrative costs, and adapt to industry changes in the years ahead, including 5010, ICD-10, increased patient responsibility, and new insurance payment models. We believe Kareo is well positioned to benefit from these changes and capture a significant share of the small practice segment.” Kareo delivers subscription-based software over the Internet. The service lets medical professionals schedule appointments, verify insurance eligibility, send electronic claims and receive insurance payments, bill patients and collect payments online, manage accounts receivables, store documents, generate reports, integrate with electronic health record solutions.

Kareo is a provider of cloud-based practice management and medical billing software.

Greenspring Associates manages five venture capital funds-of-funds.

NextDocs has probably quadrupled in the last two years, according to CEO and co-founder Zikria Syed, who says the company, a Microsoft SharePointpartner, is now in a period of 60 percent year over year growth. “We have 100 people now. In 12 months we’ll employ 160.”

As a result, King of Prussia based NextDocs is in a hiring way, and jobs are available throughout the entire organization, from technology and customer support to sales and marketing. NextDocs is also growing geographically, with a new office in Portland, Oregon to cover west coast operations. The company already has a presence in Western Europe and Canada, and in the next few weeks, will open another office in Japan.

When asked how many people NextDocs is hiring, Syed responds, “We’re hiring nonstop. It’s hard to tell. New people start literally every day. We are only limited by our ability to find people quickly enough.”

In the past three years, the company has grown more than 3,000 percent; at the end of fiscal year 2010, it reported $9.8 million in revenue, and it projects 2011 annual figures at $15 million. NextDocs just received $10.3 million in Series A financing from OpenView Venture Partners.

The company, which has garnered best in class status in just five years, was founded by Syed and CTO Matt Walz in 2006. Both had been at Microsoft. “Essentially we are a technology company. We’re focused on document quality management.” When NextDocs began in the basement of Syed’s home, it was in response to a lack of existing solutions for compliance and quality management.

Syed defines NextDoc’s relationship with Microsoft as the software giant’s go to market partner for life sciences, pharma, medical devices and biotech. He says that the recent $10.3 million injection will go to three areas: first, further investment in solutions and products; second, geographical expansion, and third, a deeper investment in customer support.

Exinda, a global provider of WAN Optimization solutions incorporating Unified Performance Management, will educate IP Expo 2011 visitors on the network performance challenges associated with running today’s mission critical business applications and how to resolve them.

As video, VoIP and other collaborative applications become must-haves, so businesses need to be able to run them without suffering any network performance issues. At IP Expo, Exinda will demonstrate to visitors how to do this through the latest innovations in WAN Optimization techniques via two key seminars.

On Wednesday 19th October between 13:50-14:20 within the Data Center Optimization theatre, Exinda will discuss its ‘Next Generation WAN Optimization’ solution. Visitors will be able to learn how to improve ROI through overcoming network challenges when accessing cloud applications by implementing a Unified Performance Management solution. The presentation will also address the three requirements of application performance management: visibility, control and optimization in a single unified platform.

On Thursday 20th October between 10:30-11:00 within the Network Optimization theatre, Exinda will explain the intricacies of how it can help businesses make the most of the new Web 2.0 and video driven applications required by today’s enterprises. With VoIP, SaaS, video delivery and hosted cloud traffic all needed on today’s business networks, it is critical that the network continues to perform seamlessly even under the scrutiny of these intensive applications. Visitors will be able to learn how implementing Exinda’s next generation WAN Optimization solution with policy-based Layer 7 application, visibility, control and dynamic video delivery can improve network performance, and therefore ROI.

Kevin Suitor, Vice President of Marketing at Exinda, explains, “Exinda’s technology continues to lead the way, thanks to our complete range of WAN Optimisation solutions designed for businesses of tomorrow. The demands on organisations to offer the latest technologies that will give them a competitive advantage, both from employees and customers, is constantly increasing. What we at Exinda are offering is a way to maximise the use of these technologies through network optimisation techniques that will ultimately not break the bank.”

Suitor continues, “Through the two seminars at IP Expo, we are giving visitors the chance to see what can be achieved with the latest in WAN Optimisation techniques. And if this isn’t enough, we will also be available on our stand to discuss visitors’ specific issues and problems.”

Exinda will be available at IP Expo on stand number B28 from 19th-20th October at the Earls Court 2 centre in London.

About Exinda

Exinda is a proven global supplier of WAN Optimisation and Application Acceleration products. The company has helped over 2,000 organizations in over 80 countries worldwide improve the end user experience, manage application performance, manage congestion over the WAN and reduce network operating costs for the IT executive. For more information, please visit http://www.exinda.com.

A press release titled “Faith Community Hospital Joins Meaningful Use Trailblazers,” dated August 29, 2011, incorrectly referred to Prognosis Health Information Systems as Prognosis.

The company should always be referred to as Prognosis Health Information Systems, Prognosis HIS or PHIS. Integrated Research Ltd. (“IR”), a company that develops and distributes performance monitoring and diagnostics software for business-critical IT infrastructure, is the maker of PROGNOSIS, a software product that is used to manage large-scale telephony networks, and also provides detailed financial transaction management for ATM, POS, phone, internet or mobile banking, stock trading and other financial transaction applications.

About Prognosis Health Information Systems

Prognosis Health Information Systems (PHIS), Houston, is committed to utilizing advanced 21st-Century technologies to help healthcare providers significantly improve the quality, safety and efficiency of patient care while also achieving better financial results. PHIS enables rural and community hospitals to utilize pure browser-based electronic health record (EHR) and financial systems designed to be fully operational in less than six months at a predictable, affordable cost. For more information, visitwww.prognosisHIS.com. Follow us on Twitter (@PrognosisHIS).

Kareo, Inc., the leading provider of easy and affordable cloud-based practice management and medical billing software for physicians in the United States, announced today the closing of a $10 million equity investment led by Greenspring Associates with participation from OpenView Venture Partners, Western Technology Investment (WTI) and angel investor Travis Kalanick.

Kareo will use the new capital to aggressively expand its sales and marketing initiatives targeting small physician practices, enhance its product offering, and support its channel partnerships.

“Kareo is at the forefront of helping physicians transition from clunky and expensive legacy software to intuitive and affordable cloud-based solutions,” said Dan Rodrigues, founder and CEO of Kareo. “We’re excited to use this new investment to capitalize on our growth and help even more physicians discover that Kareo offers them a better way to manage their practice and get paid.”

Over the past three years, Kareo has experienced explosive growth fueled by an affordable cloud-based solution that enables physicians to save time and money while increasing their reimbursement rates. Kareo is already used by thousands of small physician practices that each pay an average $200 per physician per month, and the company is adding hundreds of new paying physicians to the service every month. Kareo has grown by more than 100% a year for the past three years and is generating double-digit millions in annual recurring revenue. The company plans to increase its staff from 71 to more than 100 employees by the end of 2011 as it uses this capital to expand sales, marketing, support, and product teams at its Irvine and Indianapolis offices.

“We’re very excited to invest in Dan and the Kareo team,” said Jim Lim, Partner at Greenspring Associates. “Kareo is achieving impressive revenue growth and offers a solution that hits the sweet spot for small practices. Physicians need simple, elegant solutions that will help them get paid more, reduce administrative costs, and adapt to industry changes in the years ahead, including 5010, ICD-10, increased patient responsibility, and new insurance payment models. We believe Kareo is well positioned to benefit from these changes and capture a significant share of the small practice segment.”

Kareo delivers subscription-based software over the Internet that helps physicians in small practices manage their business and get paid by insurance companies and patients. The service lets medical professionals schedule appointments, verify insurance eligibility, send electronic claims and receive insurance payments, bill patients and collect payments online, manage accounts receivables, store documents, generate reports, integrate with leading electronic health record (EHR) solutions, and more. By delivering a cloud-based solution that is remarkably easy to buy, learn and use, Kareo eliminates the headaches of medical billing so physicians can spend less time running their business and more time caring for patients.

The healthcare industry is one of the fastest-growing verticals in the US. The healthcare IT software market is forecast to grow at a compound annual growth rate of more than 30% from 2012 through 2014. The significant growth is being driven by demographic trends and technology innovations that are helping doctors cope with declining insurance reimbursements, greater patient responsibility and the increased role of government in healthcare. Kareo seeks to capitalize on these opportunities with a solution that increases reimbursements and cuts administrative costs for small physician practices, the segment that represents the largest share of the physician market and the backbone of the American health care system.

About Kareo

Kareo is a leading provider of easy and affordable cloud-based practice management and medical billing software to thousands of physicians and hundreds of medical billing companies.  Kareo’s elegant and quick-to-implement solution enables physicians to save time and money while increasing reimbursements.  The service helps medical professionals with the essential tasks of their practice including scheduling, electronic insurance billing, patient billing and online payments, financial reporting, online document storage, electronic health record (EHR) integration, and much more.  For more information on Kareo, please visit www.kareo.com.

About Greenspring Associates

Greenspring Associates, founded in 2000, manages five venture capital funds-of-funds with a combined total of over $2.0 billion in committed capital. Investors in these partnerships, which include family offices, corporate pension funds, endowments, foundations and other venture capitalists, are provided access to diversified portfolios of top-tier venture capital funds, such as Benchmark Capital and Kleiner Perkins Caufield & Byers, and also, a select number of high quality, later-stage, direct venture capital investments, in various segments including SaaS companies, such as ExactTarget and AtTask.  For more information on Greenspring Associates, please visit www.greenspringassociates.com.

Intronis, a world-class online backup and recovery solution provider, was awarded the ASCII Cup in Las Vegas this October.

Intronis is a first time recipient of the ASCII Cup, but has been recognized five out of five times at regional ASCII events as the “Best Revenue Generator” technology solution in the channel.

The ASCII Cup is bestowed annually to a technology company that has shown outstanding channel goodwill and a commitment to helping ASCII members grow their revenue and more effective serve their customers. The winner is voted upon by the ASCII membership at regional ASCII Success Summit meetings.

ASCII members chose Intronis as the winner of the 2011 award based on the quality of its product, commitment to customer service, dedication to the channel and ways they can bring more revenue to their businesses.

Vice President of Channel Development Ted Roller stated, “To even be considered the best channel vendor by the ASCII community, Intronis needed to perform exceedingly well on all fronts. The quality of our solution, the professionalism of our sales and marketing teams, the dedication of customer success and customer support, and the daily efforts of the finance and HR teams have earned this win for Intronis. In short, I am honored to be a part of the Intronis team and to be able to take part in the ASCII community, as it is a community of individuals and companies who are dedicated to their role in the IT channel and its continued success.”

“On behalf of the ASCII Group community, congratulations to Intronis as this year’s ASCII Cup recipient and to each of the top contenders for building well received channel friendly solutions that resonate with our community.” Jerry Koutavas, President, The ASCII Group.

Success Summit attendees vote for the vendors in 7 different categories: ‘Best Software Solution’, ‘Best Hardware Solution’, ‘Best New Product’, ‘Best Revenue Generator’, ‘Best Channel Incentive’, ‘Best Channel Program’ and ‘Best in Show’. The winners at each show are selected based on the votes of the solution providers, and at the end of the year the winner of the ASCII Cup is chosen based on the results at all the shows.

Intronis has won five awards this year during the Success Summits: In Newport Beach, Washington, DC, Chicago, Orlando and Boston they won ‘Best Revenue Generator.’ Intronis was the only vendor who won the same category at every Success Summit.

About Intronis

Intronis is a provider of cloud backup and disaster recovery services for the IT channel. Intronis utilizes 256-bit AES security and multiple data centers located on opposite coasts to ensure data protection and availability. Intronis offers IT service providers a secure data solution combined with a robust partner program, the efficiencies of full web-based account management, and an industry leading technical support team. http://www.intronis.com.

About The ASCII Group, Inc. (ASCII)

The ASCII Group, Inc., headquartered in Bethesda, Maryland, was established in 1984, with additional offices in Canada and the UK. ASCII is the largest paying community of independent computer resellers in the world with over 2,000 members and system wide end-user sales of approximately $10.5 billion. ASCII provides technology tools, products and services to assist independent information technology resellers increase profits, reduce costs, and grow their respective businesses. The Company can be reached at (800) 394-2724, or athttp://www.ascii.com.

“We’re not social media investors,” says Scott Maxwell. And I like him already.

Maxwell is the founder of OpenView Venture Partners.

The Boston-based VC firm is different from a lot of its peers in that it doesn’t typically invest in early-stage startups or late-stage growth companies. Instead it specializes in something in between, what it calls “expansion stage” deals: OpenView’s sweet spot is investing $5-15 million in tech companies that are making $2-20 million in annual sales and are wanting to get to $100 million in revenue, he says.

As Maxwell suggests, OpenView’s sector focus is less on social technologies, and more on the less flashy but highly lucrative fields of business software, cloud computing, and software as a service. The firm does look at consumer technologies, he says, but so far it has invested only in business-to-business companies. “You can invest in aspirin, vitamins, or endorphins,” Maxwell says. “A lot of [social media] is investing in endorphins. We’re much better at aspirin.”

OpenView has been around since 2006 and focuses on companies that are building their customer base in North America. The firm grew out of Maxwell’s experience at Insight Venture Partners, which he joined in 2000. Long before that, he was an MIT PhD in mechanical engineering and an MIT Sloan School MBA. He spent the ‘80s doing technology development at a couple of California startups, and the ‘90s working in financial services.

As he explains with his VC hat on, the expansion stage is the “best risk-return investment. It’s a really good point to invest. The expertise you need is unique compared to early stage or later growth stage.” The great majority of companies OpenView invests in are already “successful, chugging along, and growing nicely,” he says. (It’s still a bit early to talk about the payoff though—more on that below.)

Back in the summer, I talked with Maxwell (see photo, left) in depth about OpenView’s approach to investing in and supporting mid-stage tech companies—a stage that seems sorely lacking in capital, given the glut of seed- and early-stage investments being made out there. We also talked about broader trends in cloud computing, mobile software, and the Boston-area technology ecosystem. I wanted to relay some highlights here that have stayed with me.

But first, let’s address the b-word. When we spoke, in early August, there was a lot of talk about a new tech bubble, especially around early-stage companies. Maxwell was prescient in his response to my query.

“I haven’t take a bubble bath in a long time,” he said. “There are lots of [kinds of] formations of bubbles. Sometimes they get bigger and slowly dissipate, or they get really big and pop. I think bubbles pop when everyone is all-in. When all the money is in, it has to come out.”

Read the rest of the article at Xcomony.com.

Exinda, a global provider of WAN optimization solutions incorporating Unified Performance Management, today announced that Michael Sharma, CEO for Exinda, will speak about next-generation WAN Optimization requirements and solutions at an executive seminar in Washington.

Sharma will discuss Enterprise CIO challenges to requirements such as reducing bandwidth costs, managing application demand, ensuring adequate bandwidth for mission-critical applications, and managing the end-to-end user experience.

Sharma will be joined by industry expert, Jack Nash, formerly Kraft Foods Chief Global Architect, who will speak plainly about how this was done at Kraft. He will expose some of the thinking about MPLS that kept Kraft locked into an overpriced solution that under-delivered on their needs. Jack will also debunk some of the myths that keep enterprises from making more use of the Internet. He will show how next-generation WAN Optimization technologies pull this all together. Finally, he will answer questions about how this can work in your organization.

DATE: Thursday, October 13, 2011
TIME: 08:00 AM
LOCATION: Hyatt Regency OHare

Join Exinda if you are:

•     Looking for dramatic ways to cut network spending, while at the same time improving performance and the ability to scale in the future?
•     Ready to debunk the myths that MPLS offers useful differentiated service and meaningful SLAs?
•     Interested in learning how Kraft Foods reduced their global network spending by half?

 

If interested, register at: http://exinda-chicago-breakfast-oct-13-11.eventbrite.com/

About Exinda®

Exinda is a proven global supplier of next generation WAN Optimization and Application Acceleration products. The company has helped over 2,000 organizations in over 80 countries worldwide improve the end user experience, manage application performance, manage congestion over the WAN and reduce network operating costs for the IT executive. For more information, please visithttp://www.exinda.com.