Sandata Closes Minority Investment with Stripes Group
PORT WASHINGTON, N.Y., March 25 Sandata, LLC, a leading nationwide provider of information technology solutions to the home healthcare industry, announced today that Stripes Group has completed a minority investment in the Company. Ken Fox, Founder and Managing Partner of Stripes Group, will become a member of the Board of Sandata. In connection with the Stripes investment, TD Bank has provided new senior debt financing to retire existing debt and to fund future growth.
Bert E. Brodsky, Chairman and Founder of Sandata said, "I am excited to have Stripes as my new partner who can help us manage the next stage of our evolution and growth. We have spent a great deal of time evaluating potential investment partners, especially groups with experience in fragmented market spaces. Stripes stood out among others in terms of their knowledge, technology focus and track record of success."
Ken Fox added, "Stripes is thrilled to have the opportunity to work with Sandata, the market leading provider of technology solutions to the home healthcare industry, with a long track record of growth and profitability. The Company is well positioned to take advantage of what we believe will be a period of hyper-growth as the home healthcare market continues to implement technology to improve quality of care, efficiency in operations, and reduce fraud and abuse. Sandata fits perfectly with Stripes' investment strategy of partnering with superior companies in high growth niches, to which we can bring our operating experience and help drive success."
Harold S. Blue, CEO of Sandata, acknowledged, "The team at Stripes brings tremendous experience with rapidly growing technology companies and expertise in penetrating fragmented markets. Sandata will benefit greatly from their insight as we seek to accelerate our growth and execute on a sales and marketing strategy designed to increase adoption of our leading technology solutions among home healthcare agencies and payors."
About Sandata, LLC
Sandata provides a complete package of information technology solutions, which includes scheduling, time and attendance, billing, payroll, compliance and clinical applications, for the home healthcare industry. Sandata's suite of products includes Santrax, the market leading time and attendance product, web-based software solutions, voice biometrics to perform speaker verification, and a jurisdictional view dashboard solution for states, municipalities and the home healthcare agency market.
Sandata's solutions enable home healthcare agencies, whether Medicare, Medicaid or Private Duty, government or managed care payors as well as any organization with a remote workforce to realize administrative cost savings, streamlined operational procedures, and significantly reduced paperwork burdens. Sandata has over 1,500 customers in 47 states using its products in more than 300,000 homes on a daily basis, and processes over 100 million telephone calls annually. Four data centers are strategically located across the country with state-of-the-art redundancy and disaster recovery capabilities. For additional information about Sandata, please visit: www.sandata.com.
About Stripes Group
Stripes Group, founded in 2003 and based in New York, is a private investment firm focused on growth-stage minority and majority investments in rapidly growing and profitable Internet, software-as-a-service (SaaS), technology-enabled services and branded consumer products companies. Stripes Group typically partners with founder-owned and operated companies that have had no prior institutional investors.
For more information on Stripes Group, visit www.stripesgroup.com.
SOURCE Sandata Technologies, Inc.
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