Framingham, MA - Definitive Healthcare, the leading provider of data, intelligence, and analytics on the healthcare provider market, announced today that it has received a significant investment from Spectrum Equity, a leading growth equity firm. The equity investment positions Definitive, which has more than doubled its revenue in each of the last three years and quadrupled its customer base in the last two years, to continue its rapid growth while further extending its comprehensive product offering. In connection with the transaction, Jeff Haywood, a Principal of Spectrum Equity, and Chris Mitchell, a Managing Director of Spectrum Equity, have joined Definitive's Board of Directors.
"We've been laser-focused on developing the most current, comprehensive and integrated database on hospitals, physicians, and other healthcare providers in the U.S. and Canada to enable sales and marketing teams, research, and clinical functions to efficiently analyze healthcare providers across a broad but integrated spectrum of actionable measures," said Definitive CEO Jason Krantz. "Our clients include the most prestigious companies across the entire healthcare continuum including leading healthcare IT and services providers, consulting firms, pharmaceutical and medical device manufacturers, equipment and supply companies, and the healthcare providers themselves. We are excited about our partnership with Spectrum as we accelerate our growth and the expansion of our product offerings to take advantage of a tremendous market opportunity within healthcare provider data."
"Definitive's online subscription-based product suite combines proprietary data and sophisticated analytics to provide its customers with valuable insights into key patient trends, detailed provider and network affiliations, executive and IT-level contact information and other in-depth news and intelligence on healthcare providers," said Haywood. "As the company's financial partner, we are focused on helping Jason and his team execute on their growth plan and are excited to include Definitive Healthcare among Spectrum's portfolio of healthcare-related investments."
"Definitive Healthcare sits at the intersection of two key segments for Spectrum Equity - Healthcare IT and Information Services," said Mitchell. "Healthcare data is evolving rapidly and the importance of Definitive's tightly integrated information on healthcare providers has been validated by the company's impressive customer and revenue growth. We look forward to helping the company build on its leadership as a standalone, single source for data and intelligence on the entire healthcare market."
Financial terms of the transaction were not disclosed.
About Definitive Healthcare
Definitive Healthcare is the leading provider of data and intelligence on hospitals, physicians and other healthcare providers. Their product suite provides the most comprehensive data available anywhere on over 8,000 hospitals and IDNs, 800 ACOs and HIEs, 180,000 physician groups, 7,250 ambulatory surgery centers, 15,000+ Skilled Nursing Facilities, over 1 million physicians, and 750 Canadian hospitals. Definitive Healthcare's data provides clients with the analytics and insight needed to effectively segment and research the healthcare provider market. For more information or to trial the service, please visit www.definitivehc.com.
About Spectrum Equity
Founded in 1994 with offices in Boston and San Francisco, Spectrum is a leading growth equity firm that provides capital and strategic support to its portfolio companies. Spectrum has invested in over 120 companies in the last 20 years - representative investments include Ancestry.com, BATS, GrubHub, Lynda.com, Passport Health, RiskMetrics Group, SurveyMonkey and World-Check. For more information about Spectrum, including a complete list of investments, visit www.spectrumequity.com.
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