SalemNews.com, Salem, MA

Business

September 5, 2012

Danvers' Eliza Corp. sends health-related messages with heart

Eliza Corp. wants you to be understood

(Continued)

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 eforman@salemnews.com or on Twitter at @DanverSalemNews.

Text Only | Photo Reprints
Business

AP Video
Six Indicted in StubHub Hacking Scheme Trump: DC Hotel Will Be Among World's Best AP Review: Amazon Fire Adds Spark to Smartphones All Aboard! LIRR Strike Averted Microsoft to Cut Up to 18,000 Jobs Time Warner Rejects Murdoch's Takeover Bid Yellen Says Economy Still Needs Fed Support Cleveland Expects Economic Boom From Lebron Justice Dept. Fines Citigroup $7 Billion Justice Dept. Fines Citigroup $7 Billion Downside of Low Mortgage Rates? Less Selling Cupcake Shop Crumbs Shuttering All Its Stores San Francisco Prepares for Soda Battle Dow Breaks Record 17,000 GM Crash Compensation Could Top $1 Billion GM Won't Limit Crash Compensation Funds Justices Rule for Broadcasters in Aereo Fight
NDN Video
What's Got Jack Black Freaking Out at Comic-Con? Doctors Remove 232 Teeth From Teen's Mouth Bradley Cooper Explains His Voice in 'Guardians of the Galaxy' Deja vu: Another NYPD officer choke-holding a suspect Chapter Two: Becoming a first-time director 'Fifty Shades of Grey': Watch the Super Sexy First Trailer Now! Reports: Ravens RB Ray Rice Suspended For 1st 2 Games Of The Season Air Algerie plane with 119 on board missing over Mali Diamond Stone, Malik Newman, Josh Jackson and others showcase talent Free Arturo - The World's Saddest Polar Bear A Look Back at Batman On Film Through The Years LeBron James -- Dropped $2k On Cupcake Apology ... Proceeds To Benefit Charity Snoop Dogg Says He Smoked Weed at the White House Raw: Fight Breaks Out in Ukraine Parliament Chris Pratt Interrupts Interview To French Braid Intern's Hair Shirtless Super Mario Balotelli Dances While Ironing - @TheBuzzeronFOX Whoa! Watch "Housewives" Star Do the Unthinkable LeBron apologizes to neighbors with cupcakes Justin Bieber In Calvin Klein Underwear Shoot Samsung Pre-Trolls The IPhone 6 With New Ad
Comments Trcker