Health Care Cloud Firm Raises $18M
Southborough-based ikaSystems, which provides cloud computing services for the health care industry, announced that it raised $18 million in its latest round of Series C funding.
President and CEO Joseph Marabito said he expects the privately-held company's latest funding round, which closed Nov. 29, to be its last, saying ikaSystems is "doing very, very well" and will grow its top line by 30 percent this year.
Marabito said the 320-employee firm signed two new clients this year, has a letter of intent with a third and is about to sign another.
"I do think all the changes happening in health care are helping fuel interest," he said.
Marabito said the funding will go toward hardware and software, expanding customer offerings and strengthening infrastructure.
Funding was led by majority owner Providence Equity Partners, among other investors. Marabito said ikaSystems also added a new investor, New York-based Enhanced Capital.
Image credit: FreeDigitalPhotos.net.
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