Blue Heron Capital, a Richmond, Virginia-based growth equity fund, announced today its participation in a $10 million Series C financing round in Verato, Inc. ("Verato" or the "Company") alongside existing investors, Bessemer Venture Partners and Columbia Capital.
Headquartered in McLean, Virginia, Verato is a leading provider of cloud-based patient matching and master patient index (MPI) solutions. The Company's products are powered by Referential Matching, a novel approach to identity matching that is more accurate than conventional matching approaches.
"We are excited about Blue Heron's participation in Verato's continued growth," said Mark LaRow, CEO of Verato. "Over the past six months, we have developed a strong relationship with the Blue Heron team, and we believe their operating partner network will benefit the Company as we continue to provide the market with leading solutions to improve identity resolution."
In the healthcare industry, patient matching has historically been served by legacy MPI solutions that have grown stagnant in their innovation. These solutions are costly to implement and maintain and they can't offer the same benefits of Verato's cloud-based SaaS technologies. Verato represents the next generation of MPI solutions. It is HITRUST-certified, easy to implement, cost-effective, and uses the new gold standard in matching technology, Referential Matching.
"Verato represents an attractive opportunity for Blue Heron," said Tom Benedetti, Blue Heron Co-Founder and Managing Partner. "We believe our network will bring additional healthcare operating expertise to help the Company continue its impressive growth. We are excited to partner with Mark and the rest of the Verato team."
Blue Heron operating advisor, Todd Stottlemyer, will join the Verato Board of Directors.
About Verato
Verato offers a cloud-based matching platform that links and matches identities across disparate sources with the highest accuracy rates in the industry. Verato leverages an extensive self-learning database of U.S. identities as a reference, or universal answer key. And because it is cloud-based, the Verato platform is less expensive, faster to implement, and more scalable than traditional matching technology.
About Blue Heron Capital
Blue Heron Capital is an operationally-focused private equity firm investing in healthcare and technology-enabled business service companies. Blue Heron supports portfolio companies with a team of industry experts, including C-level executives and successful entrepreneurs with decades of experience building and managing vibrant businesses.