MIAMI & BOSTON–(BUSINESS WIRE)–CareCloud, the fastest-growing provider of cloud-based practice management, electronic health records (EHR), and medical billing software and services, today announced it has secured an additional $9 million from Adams Street Partners as part of the Company’s Series B financing round. On June 18, 2013, CareCloud announced it had secured $20 million in Series B funding, led by Tenaya Capital and included existing investors Intel Capital and Norwest Venture Partners. This additional funding was the result of continued interest from investors to participate in CareCloud’s latest round, which is now closed at $29 million, and brings CareCloud’s total funding to $55 million. Adams Street Partners is one of the world’s largest managers of private equity for institutional investors and currently manages over $25 billion of committed capital for institutional investors.
“We are very excited to have Adams Street Partners invest in CareCloud as part of our Series B funding raise, which received tremendous interest from the investment community. This oversubscription of this round only further validates our business model and opportunity,” said Albert Santalo. “We will deploy this capital in an aggressive fashion in order to support our continuing efforts to disrupt the legacy players in healthcare IT. We will continue ramping our investments in R&D to further accelerate the realization of our mission to re-platform healthcare using modern, cloud-based technology.”