But the deal marks the latest move in government technology by private equity — a trend stemming from the relative stability of the gov tech market, among other factors.
The amount of the investment was not disclosed.
ImageTrend sells software, data analysis and other services to EMS and fire operations, hospitals, community health-care programs and similar organizations. The company’s products, according to a statement about the investment, “facilitate a fully connected, patient-centric health-care and public safety continuum.”
The new investment will go toward creating new products, according to that statement.
“We are excited to partner with WCAS to collectively bring our connected vision to health care and public safety,” said Joe Graw, ImageTrend's president and CEO, in the statement.
ImageTrend, which has been selling technology for some 25 years, has some 3,000 customers across more than 40 states and internationally, the statement said.
“ImageTrend sits at the intersection of the technology and health-care industries, the two industries in which WCAS focuses on building durable, innovative and market-leading companies,” said WCAS General Partner Ed Sobol in the statement. “Given the increasing importance surrounding pre-hospital data access in improving patient outcomes across the health-care continuum, we look forward to partnering with ImageTrend to continue the advancement of their vision to connect life’s most important data.”
With this investment from WCAS, Sobol, Ryan Harper, Sanjay Palakshappa and Betty Vo will join the ImageTrend board of directors alongside ImageTrend Founder Mike McBrady and Graw.
Baird acted as the financial adviser to ImageTrend. Kirkland & Ellis served as legal counsel and Shea & Co. served as financial adviser to WCAS.
