Mississauga-based PointClickCare, which provides cloud-based software for long-term post-acute care and senior care, has raised a $111 million CAD ($85 million USD) round of financing led by San Francisco-based Dragoneer Investment Group.
In the past, Dragoneer has invested in tech giants like Uber, Airbnb, and Atlassian. JMI Equity, an existing investor since 2011, also participated in the round.
PointClickCare has long been anticipated to be one of Canada’s next IPOs; in September 2015, the company filed for a $100 million IPO on the NASDAQ Stock Exchange and the Toronto Stock Exchange. That same year, it was recognized as one of Deloitte’s Fast 50 Technology companies.
However, PointClickCare founder and CEO Mike Wessinger suggested the company is waiting for the right time, and has no qualms about staying private for longer.
“We are not ruling out the public markets as a financing option to fuel future expansion,” said Wessinger. “But our track record of successfully delivering sustainable growth has put us in an enviable position for any private technology company – to execute an IPO only when the market conditions offer the most favourable opportunity for our business, our customers and our investors. In other words, we can afford to wait until the timing is right for us.”
The company plans to use the funding to accelerate product development. Its multi-service platform allows providers to manage the day-to-day operations of senior living, such as financial management and care delivery management.
“The macro demographics of the aging population, combined with a market-wide shift in payment models, is placing new demands on providers of senior care and services while opening up new opportunities for PointClickCare to help serve these needs in the years to come,” said Wessinger. “Dragoneer is an investment partner with significant experience investing in technology companies around the world. This partnership will enable us to more quickly take advantage of ways to help our customers thrive given the unique challenges facing the global healthcare industry.”