Credible Behavioral Health Raises First Round of Institutional Capital from Goldman Sachs
Investment to accelerate momentum behind cloud-based electronic health record software for behavioral health market
June 2nd, 2015 | Rockville, MD - Credible Behavioral Health, Inc. ("Credible"), a leading provider of electronic health record ("EHR") and practice management Software-as-a-Service ("SaaS") solutions to the behavioral health market, today announced that it has secured a $30 million minority investment from Goldman Sachs. The investment will allow Credible to further pursue its mission of helping behavioral health agencies improve their quality of care by scaling its presence across the clinic, community, residential, and inpatient behavioral health market. Credible plans to accelerate product development, build out its sales and marketing team, and opportunistically pursue acquisitions.
"Over the years, Credible has emerged as a leader in cloud and mobile solutions for the behavioral health market by providing innovative, affordable and mission-critical solutions. As we further expand our offering and target markets, we are excited to welcome Goldman Sachs as a valuable partner," said Matthew M. Dorman, Founder & CEO of Credible.
Founded in 2000, Credible's integrated software suite is designed to help behavioral healthcare providers better manage the end-to-end clinical, financial and operational aspects of their agencies. The Company leverages the latest cloud and mobile technology to help behavioral health providers improve the quality of care while ensuring compliance with the regulatory and reporting needs of behavioral health. Credible delivers its affordable, secure, and proven technology platform in 22 states and the District of Columbia. The Company has been honored as one of the fastest growing companies in America by Deloitte & Touche while its leadership has been recognized as a finalist for Ernst & Young's 2015 Entrepreneur of the Year award.
"We have been very impressed by the scale, growth and profitability that Credible has achieved to date, particularly without the use of outside capital," said Jason Kreuziger, a Vice President in the Merchant Banking Division of Goldman Sachs. Goldman Sachs will gain one board seat as part of the investment. "We are very excited to support Matt and the entire Credible team as they leverage this investment to serve and expand Credible's strong footprint of customers."
Financial terms of the transaction were not disclosed. Goldman Sachs was advised by Goodwin Procter LLP. Credible was advised by Cooley LLP.
About Credible Behavioral Health, Inc.
Credible is a leader in providing electronic health record and practice management Software-as-a-Service ("SaaS") solutions to the behavioral health market. Credible's current product functionality includes fully integrated clinical, scheduling, employee management, treatment planning, security, ePrescribing, eLabs, mobile, reporting, and billing modules. Credible's HIPAA compliant, Meaningful Use Stage II certified electronic health record software is utilized by over 250 behavioral health agencies and processes over $2 billion in Medicaid, Medicare, and Insurance claims annually.