Silicon Valley Bank increased MTBC’s secured line of credit, which is currently untapped, to $10 million to support future growth.
“In the year since we started working with MTBC, it has been great to watch them complete the integration of MediGain, double their adjusted EBITDA and strengthen their balance sheet,” said Tom Gordon, managing director of Silicon Valley Bank. “MTBC positioned themselves to be ready for another major acquisition, and they moved quickly when they saw an opportunity with Orion. We are privileged to be able to provide them the best financing, connections and global services to support the company’s mission of consolidating the healthcare IT business.”
“Our strong, virtually debt-free, balance sheet enabled us to pay cash for our recent Orion acquisition, which, in turn, allowed us to avoid diluting our common shareholders, while nearly doubling our annualized revenues,” said Bill Korn, chief financial officer of MTBC.
Somerset, NJ-based MTBC is a provider of revenue cycle and cloud-based healthcare IT solutions.
