With $42M Deal, Evariant Goes Big in Health Marketing, Analytics

Hospitals worry about patient care, but they also worry about making money. Now one health IT company has more money of its own to bring to bear on the problem.

Evariant, a Farmington, CT-based maker of healthcare marketing and analytics software, says today it has raised a $42.3 million Series C round. The deal was led by Goldman Sachs, and previous investors Health Enterprise Partners and Lightspeed Venture Partners also participated. The company has raised roughly $70 million to date.

Evariant, which also has offices in Massachusetts and Texas, got started in 2008. The company uses a Salesforce-based software platform to help 600-plus hospitals and healthcare systems manage customer relationships and interact with patients and doctors. The approach fits with some big trends in the industry: namely, healthcare providers are moving to cloud-based services and are starting to use big data and analytics tools to help manage workflows and engage with patients.

Bill Moschella, Evariant’s CEO and co-founder, says in an e-mail that his company is helping hospitals and health systems “grow revenue through strategic patient acquisition and physician alignment.” He adds that his customers are facing challenges that include “a heightened regulatory environment, increasing healthcare consumerism, and a shift to value-based care.”

Gregory T. Huang is Xconomy's Editor in chief. E-mail him at gthuang [at] xconomy.com. Follow @gthuang

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