This story has been edited to reflect the company's name change from CareWorx to Fully Managed.
An Ottawa-based provider of managed IT services and senior care technology has landed $25 million in new financing as it sets the stage for a major expansion into the United States.
Fully Managed said Tuesday it has secured the funds from Dallas-based Comerica, one of the largest banks in the U.S., and BDC Capital. The company said it plans to use the latest cash infusion to “accelerate organic growth and strategic acquisitions across North America.”
In a statement, Fully Managed CEO Mark Scott said the firm needed the capital to keep pace with “rapid growth,” adding that the company will continue to seek out M&A partners “with a focus on U.S. major market expansion in the next two years.”
Founded in 2006, the company now has more than 300 employees in Canada and the U.S. and maintains offices in Ottawa, the Greater Toronto Area, Vancouver, Edmonton, London, Ont., and Summerside, P.E.I.
Fully Managed is a leader in the field of managed IT, which uses cloud-based software and remote monitoring technology to assist customers without requiring support workers to be physically on site. It says it plans to use the new funding to expand its network of regional offices and build out its staff of on-site support technicians as well as add to its product lines.
In a statement, Comerica’s Canada group manager, Bryce Aikman, hailed the firm’s “aggressive growth strategy.”
Originally known as TUC, the Ottawa company is no stranger to mergers and acquisitions.
In early 2016, it combined with senior care technology provider CareWorx, which produces touch-screen devices and mobile workstations that allow health-care professionals to access patient records at their fingertips. Three years later, the firm – then known as CareWorx – acquired Vancouver-based Fully Managed Technology in a bid to further grow its market base and expand its offerings.
It’s also not the first time the company has landed a major round of financing to fund its ambitious growth plans.
Nearly two years ago, it received $17 million from California-based venture capital firm Kayne Partners, a move Scott said then was designed to bolster its sales and marketing teams and beef up its M&A “war chest.”
At the time, Scott told OBJ the senior care division represented 40 per cent of the company’s revenues – a share he expected to keep growing as North America’s population ages.
“This next decade, with the baby boomers hitting retirement years, there will be a lot of pressure on the healthcare system overall to be able to deliver services in a more effective way,” he said. “Technology is a key enabler, we believe, for that.”