Briefly: Petra Capital invests in med transcription company
By Venture Nashville Staff Updated 5:30 p.m.
Nashville-based Petra Capital Partners has invested $6 million in sub-debt and preferred stock in Plano, Texas-based Superior Global Solutions Inc.
According to a Petra release, SGS "used a portion of the proceeds to buyout a minority shareholder and to make a strategic technology acquisition."
SGS says it provides medical documentation, coding and technology enabled services to some of the largest hospitals and health systems in the country.
The news marks Petra's fourth investment in 2009 and its sixth investment from Petra Growth Fund II, L.P., which has about $160 million of capital available. During its current fiscal year, Petra's deals have included, in addition to SGS, Hospital Clinical Services (Nashville); NuView Systems (Boston) and York Telecom (Eatontown, NJ). Petra's current portfolio has recently included HealthTeacher (formerly ConnectivHealth) and American Hometown Publishing.
Petra Managing Partner Mike Blackburn and Venture Partner David Fitzgerald will join the SGS board of directors. Blackburn provided VNC a copy of the Petra GF II fact sheet (does not show SGS), and that pdf is here.
SGS CEO Greg Hackey said in today's release, "We're excited about Petra Capital Partners' deep experience working with healthcare services and technology companies and the opportunity to work with their talented team of professionals. "
Fitzgerald was quoted saying, in part, "Hospitals and health systems are searching for technology enabled solutions that lower costs, improve workflows and accelerate the revenue cycle.