Blume and Montane-backed Hybrent combines with Procurement Partners
E-procurement solution providerhas announced that it is is combining with Procurement Partners, a provider of procure-to-pay (P2P) solutions for post-acute care and senior living communities.
The combination of the two companies yields one of the largest procure-to-pay organisations in healthcare.
The acquisition is backed by Serent Capital, a growth-focused firm that invests in technology and tech-enabled services companies. Terms of the deal were undisclosed
"We are thrilled that such a reputable partner recognised Hybrent's efforts to help our customers better manage their procurement," said Ken Tighe, CEO of Hybrent.
The combined company will collaborate on opportunities to improve their customer experience and maximise growth. Hybrent will operate as an independent company and continue to focus on ambulatory surgery centres, physician offices, and post-acute sectors.
Navneet Gosal, CTO and Co-founder of Hybrent, said, "We are confident that our future with Procurement Partners will help take what we have created to the next level, and we are excited to deliver even more value to our customers in this next chapter."
Hybrent provides ambulatory surgery centres, physician offices, and post-acute providers nationwide. It helps healthcare organisations lower costs and save time with its easy-to-use purchasing, inventory management, and invoicing software.
Karthik Reddy, Co-founder and Partner, Blume Ventures, said Hybrent was a Blume Fund II and Montane Fund I investment. "Both firms supported the company equally through two rounds of financing and the company grew to a few million dollars of ARR, serving the US market alone.
"Aided by the pandemic tailwinds, the company grew over 2X, spurring interest from several strategic buyers. In Procurement Partners (backed by Serent), we found the most forward thinking partner for the firm, its founders, and investors. We are delighted with the exit and the handsome returns that Ken, Nav, and Micah, the founders , have provided for Blume and Montane in less than five years."
The Procurement Partners platform improves savings through its 100 percent invoice digitisation, removing the need for manual and paper keying. The platform also offers a compliance audit feature to help reduce bottom-line vendor spend for its customers.
"We are incredibly excited to welcome Hybrent into the Procurement Partners family and look forward to leveraging their strong product expertise and knowledge of the ambulatory surgery centre, physician office, and other healthcare sectors," said Rusty Zosel, CEO of Procurement Partners.
"Our shared values of a strong customer focus and developing best-in-class technology solutions will be the foundations of a great partnership and shared future."