Nextech, a company in Palm Beach, FL, that develops software used to manage physicians’ medical practices, has acquired San Diego-based Supramed, which specializes in medical practice management software for plastic surgeons. Financial terms were not disclosed.
Supramed CEO Bob Nascenzi was upbeat about the deal yesterday, saying Nextech plans to expand Supramed’s development team in San Diego as it expands its cloud-based software. By hiring six software developers over the next six months, Nascenzi said Supramed would double its current headcount—and he counts that as a victory.
“Here’s a tech company that’s being bought in San Diego, but rather than closing us down, they want to build the company in San Diego,” Nascenzi said. “I see so often that we’re like a farm club city here. As soon as something gets bought, [the buyers] want to move it out of town.”
Nascenzi said he also is encouraged by the fact that Nextech is a portfolio company of San Francisco-based Francisco Partners, a private equity firm focused solely on technology and technology-enabled service businesses. It has $10 billion in total assets. “Nextech was the buyer, but all our negotiations were with Francisco Partners,” Nascenzi said.
Nextech, founded in Dayton, OH, in 1997, says it has accumulated a worldwide client base of more than 7,000 physicians, managing an excess of 40,000 office staff members across three main specialties: plastic surgery, dermatology, and ophthalmology. Nextech moved its headquarters to Florida in 2006.
Supramed was founded in 2011 by two San Diego plastic surgeons, Robert Pollock and Raluan (Ron) Soltero, who realized the specialized nature of their practice required a more customized software management system than what was available. Nascenzi said he joined as CEO in 2014, and set out to raise capital, develop a go-to-market plan, and recruit a chief technology officer.
The company has raised about $1.6 million over the past five years, Nascenzi said.
“Going forward, the team here is going to be focused on the practice management system for all specialties,” Nascenzi said.