CHICAGO, IL - Capstone Headwaters advised Medsphere Systems Corporation (“Medsphere” or the “Company”), a leading healthcare IT solutions provider, on a $30 million financing from Hercules Capital.
Medsphere’s OpenVista® is an acute and inpatient behavioral health-oriented portfolio of clinical products and services that leverages the VistA electronic health record (EHR) system developed by the Department of Veterans Affairs (VA) and the Indian Health Service (IHS). Medsphere’s Government Services Division also applies that VistA expertise to development and testing projects for both VA and IHS. Medsphere’s Phoenix Health Systems division provides a host of healthcare IT services, including systems implementation, compliance project management, service desk, end-user device management, infrastructure support, application management and IT leadership.
“It was a pleasure working with Capstone Headwaters in our financing of Medsphere and the follow-on acquisition of Stockell. The team at Capstone Headwaters played a key role in shepherding the deal from start to finish, and we look forward working together in the future,” said Shant Sood, Managing Director at Hercules Capital.
“Medsphere required this fresh infusion of capital to meet the increased customer demand and expansion of product offerings”, said David Baker, Managing Director in the Healthcare Group at Capstone Headwaters. “By combining full-functionality with affordability, Medsphere offers the epitome of value to its customers”.
Gaurav Bhasin, Managing Director in the Technology, Media & Telecom Group at Capstone Headwaters, commented, “The management teams at Medsphere and Hercules are top shelf. With their recent acquisition of Stockell, a provider of Revenue Cycle Management, and 45% growth in subscription revenues it is clear that they have allocated the funding efficiently and we look forward to watching their continued growth.”