Healthcare communications consultancy RelateCare has agreed a deal with MML Growth Capital Partners Ireland that will see the latter make a significant investment in the company.
The money will be used to support RelateCare’s continued expansion in the North American market.
The exact amount of the investment is not being disclosed, but it uis understood it could be up to €12 million and will make MML the largest single equity holder in the business.
The funding will come from MML Growth Capital Partners Ireland I Fund, a €125 million fund supported by Enterprise Ireland, AIB and a number of international institutional investors.
RelateCare was founded in 2014, a joint venture between US healthcare system Cleveland Clinic and Waterford based contact centre company Rigneydolphin. It provides a range of patient access consultancy and outsourcing solutions to hospitals and health systems to help improve how they communicate with patients. It now offers services around patient channels, appointment scheduling systems, telehealth and contact centre models through a combination of consultancy and outsourcing.
“We’re delighted to receive this backing from MML,” said Conor O’Byrne, chief executive of RelateCare. “It is a validation of our success in this growth market and our future expansion plans. With its experience of working with ambitious and focussed management teams, MML is the perfect partner for the next stage of our journey. This investment will give RelateCare the additional financial support to expand in its target markets.”
RelateCare employs 550 people at its contact centre in Waterford and at its operation in Cleveland, Ohio, with an additional US centre planned. The comany works with several leading health systems in the US including Cleveland Clinic, Stanford Children's Health, Lahey Health, Allina and Duke Health. The business is on track to achieve revenues of around $24 million in the year to December 31st 2019.
"RelateCare has developed a strong reputation in a very dynamic and growing market," said Rory Quirke, co-head of investments, MML Growth Capital Partners Ireland. "We are delighted to have partnered with the RelateCare management team and look forward to supporting their ambitious plans to further scale the business."
