Berenson Capital Acquires Interactive Digital Solutions
Berenson Capital, a sector-focused private equity practice investing in Software and Technology-enabled Services businesses, announced today that it has acquired video collaboration and telehealth solutions provider Interactive Digital Solutions (IDS). Terms of the transaction were not disclosed.
IDS is a leading provider of cloud-based video communications solutions to enterprises, healthcare systems and government entities. For more than 20 years, IDS has been helping their customers leverage next-generation solutions to facilitate communication and collaboration between all stakeholders. A premier element of IDS’s portfolio of solutions is their proprietary virtual patient observation platform, MedSitter.
IDS developed the MedSitter platform in 2017 to help healthcare systems address a significant pain point: patient falls. Since then, MedSitter has become a leading solution for reducing patient falls by utilizing two-way video and audio observation tools and virtual patient-monitoring technology.
Tracy Mills, CEO and Founder of IDS commented: “More so than ever before, this past year has highlighted the importance of strategically leveraging best-of-breed video solutions to foster communication and collaboration both internally and externally across organizations. IDS has thrived by continuously helping clients across all segments overcome a variety of challenges. We look forward to the partnership with Berenson Capital as we continue to invest in our portfolio of next-generation solutions."
In conjunction with the acquisition, David Fetterolf has joined IDS as Executive Chairman. Fetterolf comes to IDS with more than 27 years of experience in executive leadership for healthcare technology and service companies. Most recently he served as President of Stratus Video, a private-equity-backed healthcare video interpreting platform that was sold to AMN Healthcare (NYSE: AMN) for $475 million.
Incoming Executive Chairman David Fetterolf stated: “IDS’s portfolio of solutions is driving incredible value for their clients across all segments of the market. In healthcare specifically, their proprietary MedSitter solution is revolutionizing how healthcare facilities address reducing patient falls within their facilities. I look forward to supporting the company as it continues providing best-in-class solutions into all markets.”
Mohammed Ansari, Managing Director and Head of Private Equity for Berenson Capital, added: “Within the past year, the COVID-19 pandemic has driven significant interest in and spurred widespread acceptance of telehealth solutions. IDS plays a key role in meeting the needs of this rapidly expanding market through its telehealth communications solutions and the MedSitter patient monitoring tool. We look forward to working with IDS as the company continues to grow in this market.”
Brendyn Grimaldi, Principal at Berenson Capital, commented: “Berenson Capital is committed to partnering with technology companies that have built compelling, differentiated products in large and growing markets. We are excited to partner with Tracy, David and the entire IDS team to continue to expand the Company’s portfolio of leading solutions and drive penetration of its industry leading MedSitter product.”