Procurement Partners, a Brookfield-based company that provides procurement and invoice automation technology to over 100 health care organizations across the U.S., is planning to grow its customer base after receiving a "significant" growth investment from Serent Capital, a private equity firm located in San Francisco, the firm recently announced.
Procurement Partners also provides its services to more than 200 vendors that provide equipment to roughly 2,000 health care facilities across the country. The company's technology offers a compliance audit feature, which the company says helps reduce vendor spend.
Terms of the investment were not disclosed. Serent Capital typically invests in companies with $5 million in recurring revenue. The firm has 44 companies in its portfolio and $1.95 billion in capital under management.
The technology developed by Procurement Partners, which was founded in 2010, also includes budget tracking, order placement, order processing, and shipping and receiving processing.
“When we met the Serent team, we found a true partner who shares our values, has deep healthcare and technology experience, and supports Procurement Partners with the tools and resources to accelerate our growth while still allowing us to deliver best in class service to our buyer customers and vendor partners," said Rusty Zosel, CEO of Procurement Partners, in a statement. "With Serent’s partnership, we look forward to delivering efficient procurement automation solutions and cost savings to even more customers.”
Serent Capital invests in companies that have between $15 million and $250 million in enterprise value.
"Rusty and the Procurement Partners team have built a solution that is well-loved and delivers tremendous value to its customers,” said Kevin Frick, co-founder and partner at Serent Capital in a statement. Frick said Serent brings its health care experience and resources, including Serent's growth and human capital teams, to help Procurement Partners scale its reach and grow its team.
