The growth capital will be used to meet rapid growth requirements of the company’s expanding health care services business.
Deerfield Beach, FL -- (ReleaseWire) -- 04/24/2019 --Tellus, a leading provider of Electronic Visit Verification (EVV) technology solutions, announced today that it has closed a transaction with Carroll Capital LLC and additional investors in a $9 million Series B growth capital financing. The proceeds will be used to fuel its contracts from States, Managed Care Organizations (Payers) and thousands of providers as Tellus expands its Electronic Visit Verification (EVV) business nationally.
The partners in the capital raise of just over $9 million were identified by Tellus' exclusive financial and strategic advisor, Bailey Southwell & Co.
CIBC Bank USA provided the debt capital financing through its CIBC Innovation Banking team.
"We are extremely pleased to partner with Tellus and to support its continued growth with funding at a pivotal stage in its development as a leading EVV technology provider," said Brian F. Carroll, Managing Partner of Carroll Capital LLC, the lead investor in the round.
"We believe this successful capital round accurately reflects our past performance as we scale our EVV technology platform across the country," said Tellus CEO Brad Levine. "Carroll Capital, CIBC and health industry strategist Bailey Southwell & Co. took a collaborative approach to help us meet our goals, providing an efficient mix of debt and equity financing that satisfies our business needs and rapid growth trajectory."
Tellus' end-to-end EVV solution includes a point-of-care mobile app, Administrator Console, Claims Console, Business Intelligence and Reporting and powerful Data Aggregation. Tellus allows all third-party software tools that meet the company's standards to seamlessly integrate with its open platform. Tellus' client portfolio includes state Medicaid departments, managed care organizations and health care provider agencies along with Agency Management Systems, third-party EVV vendors, financial management and other health care information technology providers.
The company is the founding member of the National Electronic Visit Verification Association (NEVVA), an industry resource for EVV whose core mission is to establish industry standards and best practices for EVV delivery.
Tellus is a leading health care technology provider focused on Electronic Visit Verification (EVV) solutions. Tellus is proud to be the provider of choice among a variety of states, managed care organizations and provider agencies. The company's comprehensive, cloud-based solutions work to simplify, streamline and quickly and easily verify care delivery tasks and process claim data right at the point of care. That means agencies, caregivers and patients can focus their time and attention on what matters most — improved patient care with better outcomes, greater efficiency and cost reduction.
For more information about Tellus, visit http://4tellus.com or call 954-719-0004, ext. 2014.
About Bailey Southwell & Co
Headquartered in Nashville, Tennessee, Bailey Southwell & Co. is a partner-owned investment bank focused on small and mid-size healthcare and tech-enabled services businesses. We provide customized M&A advisory solutions for middle-market change of control transactions and growth capital raises from $10-$50mm. Since our founding in 2005, our senior bankers have closed over 200 transactions representing more than $15B in value. We also manage Bailey Southwell Capital Partners, a co-investment fund supporting high-growth healthcare and technology companies with flexible capital and strategic insights to accelerate growth. View our website for further information: www.baileysouthwell.com.
About Carroll Capital LLC
Carroll Capital LLC is a private, family investment office established by Brian F. Carroll, a former Partner and Investment Committee Member of Kohlberg Kravis Roberts & Co., to build a concentrated portfolio of market-leading businesses. Carroll Capital LLC invests in highly differentiated businesses with strong market positions, attractive growth potential and the opportunity to scale organically and through accretive acquisitions.
With over two decades of experience building world-class businesses, from the Board level as well as from within organizations, Carroll Capital works in partnership with management to accelerate growth and efficiency of companies in order to maximize long-term value.
CIBC is a leading North American financial institution with 10 million personal banking, business, public sector and institutional clients. CIBC offers a full range of advice, solutions and services in the United States, across Canada and around the world. In the U.S., CIBC Bank USA provides commercial banking, private and personal banking and small business banking solutions and CIBC Private Wealth offers investment management, wealth strategies and legacy planning. CIBC Innovation Banking is a full-service practice delivering strategic advice and funding to North American innovation clients at all stages of development. Visit cibc.com/US to learn more.