Orthodontic specialty-focused software and technology-enabled service platform OrthoFi, Inc., announced this week that technology-focused private equity firm has provided it with a growth investment. This new collaboration is designed to provide OrthoFi with the capital and resources required to continue investing in its own technology and to expand its go-to-market initiatives in order to both serve current customers better and grow its client base. The exact amount of the investment remains undisclosed.
Founded in 2013, the Denver-based OrthoFi offers a technology-based service platform aimed at allowing users to leverage customer relationship management software as well as revenue cycle management services in order to fuel growth and simplify operations for orthodontic providers.
Many of OrthoFi’s users sing the praises of its services. Existing OrthoFi client and well-known practitioner Dr. Doug Depew noted that “we were very early adopters of OrthoFi, and have been thrilled at the results we've seen…not only have we doubled the size of our practice, but we've also enjoyed the service and partnership we've experienced. We couldn't imagine operating our growing business without it."
OrthoFi’s management team is equally excited about the results that they’ve realized over the past five years. “We've seen encouraging growth and compelling results for our customers over the last five years by delivering a true end-to-end platform that enables practices to start more patients and leverage our revenue cycle services and analytics to run their businesses more effectively,” said OrthoFi CEO Dave Ternan. “We are thrilled about the opportunity ahead, and we believe this partnership with Accel-KKR will help us accelerate our development to grow our market share and amplify our portfolio of offerings as we enter our next stage of growth."
For Accel-KKR, this capital investment in OrthoFi is in line with its overall investment strategy. The private equity firm currently has more than $5 billion in capital commitments across the technology sector. Specifically, the firm believes in creating close partnerships with management teams in order to help leverage their experience and build value.
As Accel-KKR’s managing director Park Durrett noted, “OrthoFi has built an impressive brand, customer base, and a strong platform for enabling elective healthcare practice development.” Accel-KKR’s vice president Andrew Zbella concurred, stating “we are excited to partner with OrthoFi and to support their vision as they continue to grow, evolve their solution and provide value to their customers.”