February 2nd, 2017. Canadian health-care software firm PointClickCare Technologies Inc. delayed its plans to go public and instead raised $85-million (U.S.) in a private financing led by San Francisco fund Dragoneer Investment Group.
Mike Wessinger, CEO stated that investor uncertainty about the U.S. health-care industry given new U.S. President Donald Trump’s pledge to undo predecessor Barack Obama’s Affordable Health Care Act made this a good time to hold off on an IPO.
PointClickCare currently provides cloud-based health-care record and revenue-management software tools to more than 13,000 North American institutions that provide care for seniors. The company earned an operating profit on revenue of $160-million last year – up from $82.1-million in 2013 – and according to Report on Business reporter Sean Silcoff, the Company expects to be profitable this year and increase revenue by more than 20%
PointClickCare’s venture financing is the latest in a string of significant private capital injections into scaling Canadian tech firms; there were eight deals for $75-million or more by Canadian firms in 2016, up from one in 2015.
Source: Report on Business