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Epotec Receives $20 Million Investment to Build Behavioral Healthcare Industry Internet Utility
BUSINESS WIRE - June 05, 2000 13:36
WILMINGTON, Del., Jun 5, 2000 (BW HEALTHWIRE) --
Texas Pacific Group Leads Financing That Includes Sprout Group, MTS Partners, and Svoboda, Collins L.L.C.
Epotec, Inc., the leading provider of Internet-based behavioral health services, announced today that it has received a $20 million second round of venture capital financing. Texas Pacific Group (TPG) led a group of four investment firms, including MTS Partners and existing investors, the Sprout Group, the venture capital affiliate of Donaldson, Lufkin & Jenrette, and Svoboda, Collins L.L.C. In November of last year, the Sprout Group led a $12.5 million round of venture financing that included Svoboda, Collins L.L.C.
"Behavioral healthcare is a $100 billion business in the United States. We believe there is a real opportunity for a broadly-defined Internet company focused on supporting the way the entire behavioral healthcare community operates and interacts," said Jonathan Coslet, a senior partner at Texas Pacific Group. "Epotec is the ideal platform from which to develop, acquire, and partner to attain the capabilities required to meet the full-spectrum of behavioral health-related Internet needs of consumers, payors, providers and vendors."
"These funds will enable us to continue the development of a broad, independent, Internet-based behavioral health industry utility," said Hayes Batson, President and CEO of Wilmington-based Epotec. "Our intent is to partner with a number of leading behavioral health organizations and provider groups to build an independent portal and exchange that provides services in a number of areas."
The service areas include:
- Professional services and practice management systems for
providers
- Connectivity for behavioral health organizations, employee
assistance programs (EAPs), providers, and individuals
- Behavioral health content, products, and services for
consumers and their families
- Workplace services for behavioral health organizations and
their members
- Care delivery tools to support providers and behavioral health
organizations
- E-commerce services and tools for vendors
- Custom technology and Web site development, maintenance, and
support for behavioral health organizations, providers, and |
