Focused on health care
The company has taken its software and tailored it solely to the health care field.
“One of the interesting things about Eliza is we specialize. We took a core technology and specialized in a field where we thought there was a big need,” Merrow said, “and thankfully there was a big need and, due to luck and a lot of hard work and scars and perseverance, proved it out along the way.”
The company counts about 120 customers, including leading health insurers and large provider networks. Fallon Clinic and Harvard Pilgrim were early adopters, Merrow and Drane said.
Eliza had some initial angel investors and was financed at first with help from MassDevelopment, Merrow said. It was self-financed for much of its existence, he said.
Merrow declined to give revenues for the privately held company, but said the company is profitable and has enjoyed a double-digit growth rate in the past several years.
In June 2011, the company announced an investment from Parthenon Capital Partners, a growth-oriented private equity firm with offices in Boston and San Francisco. Merrow and Drane declined to give the size of the investment.
It’s the first time the company took on institutional capital since becoming profitable in 2002.
“It’s a functioning market,” Merrow said. “We are a big company, there’s other segments we want to go into, just having a good financial partner, it’s just the right time.”
Staff writer Ethan Forman can be reached at 978-338-2673, by email at email@example.com or on Twitter at @DanverSalemNews.