Archive Systems: Archive Systems (Fairfield), a unified document management company, was acquired by Access Information Management (Livermore, Calif.). Serving global-technology and document-management customers, Archive Systems operates record centers in ten U.S. markets, as well as data centers in the U.S., Canada and Europe. In a statement, Gordon Rapkin, Archive Systems CEO said, “Archive has achieved a unique forward-thinking, technology-driven position in the records marketplace. Combining Archive’s strengths with an international industry leader of the scale of Access will deliver unified business capabilities that are second to none.”
On the sale of Archive, Edison Partners (Princeton) announced its exit from the company. Joe Allegra, general partner of Edison Partners said, “Archive Systems has been a pioneer in digital document management and the move to the paperless enterprise. Gordon Rapkin and the team have executed on their vision of changing the economics and workflow of digital and physical document management, achieving high-margin digital revenues that far exceed the rest of the records management industry.”
Allegra led Edison’s investment and served on the board, along with Edison Director Network member Jim Foster; co-investors Brian W. Hayhurst and Michael G. Gozycki, of The Carlyle Group; and Archive cofounder Rick Kushel. The NJTC Venture Fund also provided financial support to Archive Systems. No dollar amount for the deal was released.
DealCloud: DealCloud, which has moved from New York to Hoboken, received a $5.3 million growth equity investment in mid-December. The transaction was led by St. Louis-based Cultivation Capital, a fintech investor, with participation from Hamilton Lane, Holekamp Ventures, Holton Capital Group, Rick Kushel (former CEO of iLEVEL Solutions), and Joe Maxwell (former chairman and CEO of Shareholder Insite).
Rick Kushel became CEO of the company, and cofounders Ben Harrison and Rob Cummings remained in leadership roles. Mr. Kushel has over 10 years of experience leading and serving in senior roles at software-focused companies in the private markets space. In fact, one of the companies he cofounded, Archive Systems (Fairfield), was recently acquired by Access Information Management.
DealCloud, which has back-office operations in North Carolina, has been a pioneer in the merger and acquisition software space. The company was formed in 2010 by a team of former deal professionals with a deep knowledge of the private capital markets, according to a company statement. The startup provides deal-management, workflow, and technology solutions to all participants in the private capital markets, including private equity and growth capital firms, sell-side banks, publicly traded companies, and debt capital investors.
In an email interview, Kushel said that he was thrilled “to join the DealCloud team” and looked forward to “building on the success they have had to date.” He added, “The investment from Cultivation and the group will be used to scale the business and to further develop the technology for the growing private capital markets.”
Vidyo: Vidyo (Hackensack), a growth-stage startup specializing in high-quality visual communications, announced on December 14 that it would receive a $10 million strategic investment from Kaiser Permanente Ventures (Oakland, Calif.), the corporate venture capital arm of Kaiser Permanente, in addition to $5 million from existing investors, for a $15 million follow-on round of funding.
Vidyo has raised a total of $163 million to date from Kaiser Permanente Ventures, Menlo Ventures, Rho Ventures, Sevin Rosen Funds, QuestMark Partners, and others. The company will use the funds to accelerate growth in vertical markets.
Jordan Kramer, director of Kaiser Permanente Ventures, said, “We view our partnership with Vidyo, with its telehealth offerings that increase patient convenience and the overall quality of care, as advancing” Kaiser Permanente Ventures’ strategy of partnering with organizations that improve the health of patients.
Vidyo President and CEO Eran Westman said that his company’s VidyoWorks platform had been deployed by “top names in healthcare,” and that “the quality and experience delivered have played a key role in advancing the use of telemedicine across hospital systems and into patient’s homes.”
Vitals: Vitals (Lyndhurst), which is working to provide healthcare-price-transparency and consumer-engagement solutions on its website, announced in early December that it had secured $41 million in funding from the merchant banking division of Goldman Sachs and from existing investors. The capital will support the continued expansion of the company’s platform and products that will transform the way consumers shop for healthcare providers, according to a company statement.
Since its inception, in 2007, Vitals has expanded from its initial provider-search website for consumers into a full transparency and engagement platform that helps millions of consumers understand their healthcare choices and reduce overall spending. Vitals distributes its solutions through health plans, employers and its website (vitals.com).
“We chose to partner with Goldman because they have deep experience and understanding of the health care market and have a track record of being strategic partners for growth,” said Heyward Donigan, CEO of Vitals in a statement. “Their investment and guidance will help us advance our solutions and deliver on our mission to empower everyone to shop for health care like an expert.”