MADISON, Wis. – Nordic is pleased to announce that it has completed a minority recapitalization with Silversmith Capital Partners and a group of banks led by current lender Square 1 Bank. By successfully raising this growth capital, Nordic reaffirms its position as the nation’s largest independent EHR/IT advisory consulting firm and positions itself as an industry leader well into the future.
The influx of capital will provide Nordic the resources to continue to expand and diversify, both organically and via Nordic's potential acquisition of other firms, the services it provides to healthcare provider organizations. Those offerings include advisory, EHR implementation, optimization, affiliate solutions (including mergers and acquisitions), revenue cycle, managed services, data & analytics, and population health.
Another important reason for the recapitalization is to enable investors and nearly 300 of Nordic’s employees to monetize a portion of their holdings as a return on investment for their hard work and commitment to Nordic since its initial recapitalization in 2012. It also allows Nordic to expand its equity participation program to all employees starting in 2017.
“We’re excited to be able to maintain our growth trajectory on our own terms while many of our competitors are being bought and sold,” Nordic CEO Bruce Cerullo said. “It’s extremely important to us that we continue to focus on outstanding service to our consultants and excellent results for our clients as this will allow us to continue to grow without compromising the special culture we’ve created.”
Since its inception in 2010, Nordic has produced exceptional growth with three straight appearances on the Inc. 5000, recognizing the fastest-growing privately held companies in the U.S. In addition, Nordic has been listed on the HCI 100 in each of the past three years as one of the highest-grossing healthcare IT companies in the nation.
Watch a 2-minute video of Nordic CEO Bruce Cerullo discussing the reasons for recapitalization.
Throughout its rapid growth Nordic’s stellar reputation for quality continues to expand. In 2016, KLAS has recognized Nordic as a top performer in Epic IT Advisory Services, Comprehensive Healthcare IT Advisory Services, and Optimization Services. Such growth and quality has been made possible with Nordic’s unique culture and focus on employees, as evidenced by Nordic’s inclusion on “best places to work” lists compiled by Becker’s Health, Madison Magazine, and Modern Healthcare.
About Silversmith Capital Partners
Founded in 2015, Silversmith Capital Partners is a Boston-based growth equity firm with $460 million of capital under management. Silversmith’s mission is to partner with and support the best entrepreneurs in growing, profitable technology and healthcare companies. The founders have over four decades of collective investing experience and have served on the boards of numerous successful growth companies including Ability Networks, Accelecare Wound Centers, Dealer.com, Liazon, Liberty Dialysis, MedeAnalytics, MedHOK, National Cardiovascular Partners, Net Health, Passport Health, SurveyMonkey, Wrike and Yapstone. For more information, visit www.silversmithcapital.com.