ALBUQUERQUE, N.M. — Santa Fe-based Seamless Medical System, a venture-backed startup with an iPad-based patient engagement system, has been acquired by Maryland-based GetWellNetwork for an undisclosed price.
The sale will allow Seamless, which launched in 2012 with homegrown software, to greatly expand its customer base at medical clinics nationwide, thanks to the marketing might of GetWellNetwork, said Seamless founder and now former CEO David Perez.
“I’m very pleased that I accomplished what I set out to do five years ago, which was to build a company and then get it into the hands of a larger, established firm that can really expand the customer base,” Perez said. “It shows that you can start a software company here in New Mexico and attract a national customer base.”
The sale is good news for New Mexico, since Sun Mountain Capital, which manages the State Investment Council’s private equity program for direct investments in local startups, put money into Seamless that will now generate returns for one of the state’s permanent funds.
Seamless approached GetWellNetwork because the two companies seemed like a perfect fit, Perez said. The sale was made in January.
Seamless created a software system for patients to fill out all medical information and forms on iPads in clinics and doctor’s offices while waiting to see physicians. Consent and insurance forms, for example, use digital signatures, and all information gets automatically added to patients’ electronic medical records. Patients can access educational information, magazines and more on the iPads, and then carry them into examination rooms to take notes to email to themselves.
GetWellNetwork has built software systems for similar interactive patient care at hospital bedsides, plus networked connections with patients in their homes. But it still needed a way to integrate individual clinics and doctor’s offices into its network, making Seamless an attractive acquisition, said GetWellNetwork founder and CEO Michael O’Neil.
“We’ve been missing one leg of a three-legged stool,” O’Neil told the Journal. “We have a large client base of hospitals and systems to track people in their homes, but we were missing the connection with clinics. Seamless will help us integrate that third leg of the stool.”
Seamless raised nearly $10 million in private equity and debt capital before it was acquired. That included money from angels, Sun Mountain Capital and New England Development Investments of Boston.
Seamless Medical’s success bodes well for other local startups, said Sun Mountain managing director Brian Birk.
“It shows we have very interesting companies here that are using cutting-edge technology to solve problems,” Birk said. “It’s another validation for the efforts of our local entrepreneurs.”
Seamless built a customer base of more than 200 clinics nationwide before being acquired. It employed nearly 30 people, but most them were out-of-state sales staff and support personnel, all of whom will now be absorbed into GetWellNetwork’s operations outside New Mexico.