Miami’s first major health-tech startup of the century has just been sold
CareCloud, the first major Miami-based health IT startup to garner significant venture capital this century, has been sold.
New Jersey-based MTBC, an electronic health-records group, announced the acquisition Friday. The terms include $17 million in cash and 760,000 in preferred Class A shares for a total valuation of at least $36 million. CareCloud had raised more than $150 million since its founding in 2009, according to Crunchbase.com, which tracks tech investments.
As part of the agreement, Ken Comée will step down as CareCloud CEO. CFO Noel Marsden has been named division president. No layoffs were immediately announced.
“The plan is for us to continue to operate as a high-tech, fast-paced company in Miami,” said CareCloud chief operating officer Juan Molina.
MTBC president A. Hadi Chaudhry said the acquisition “brings a Miami-based team of talented professionals with expertise in primary care and specialty physician-practice operations.”
“CareCloud’s cutting-edge cloud-based software, which, through its existing partnerships, leverages Amazon and Google cloud platforms, brings to MTBC exciting new technology integrations,” Chaudhry said in a statement.
CareCloud was founded in 2009 by Albert Santalo, now CEO of 8base, a software platform company. Santalo did not immediately respond to a request for comment.
