EO Advises Diagnotes on its Sale to DrFirst
EO Advisors, LLC (“EO”) is pleased to announce that it served as exclusive financial advisor to Diagnotes, Inc. (“Diagnotes), in its recently completed sale to DrFirst.com, Inc. (“DrFirst”). As part of Backline by DrFirst, Diagnotes will help expand the functionality and deepen the technical capabilities of DrFirst’s proprietary clinical communications offering.
“We've tracked the Diagnotes story for many years so were excited to work with the management team, board of directors, and institutional investor group to find an ideal partner committed to furthering the mission of Diagnotes while supporting the existing team and technology roadmap,” said Alex Shortle, Partner at EO.
Diagnotes is a modern healthcare communication solution empowering essential clinical and administrative collaboration. Developed in coordination with one of the largest health systems in the U.S., the company’s comprehensive clinical communication and coordination platform improves response time and service quality to increase patient throughput, lower costs, and drive improved clinical outcomes through a modern, mobile communication protocol.
Diagnotes was conceived in 2011 to solve for the inadequacy of analog clinical communication and collaboration solutions adversely impacting patient safety and outcomes, physician well-being, staffing utilization, patient transitions, operational costs, and patient satisfaction. The Diagnotes enterprise platform combines secure, HIPAA-compliant texting, phone, and video chat communications in a unified mobile platform that accelerates clinical communications and gives care teams the power to collaborate seamlessly in real time.
“DrFirst and Diagnotes have similar visions about improving patient outcomes with secure real-time connections among clinicians as well as their patients,” said G. Cameron Deemer, CEO of DrFirst. “This acquisition allows us to add complementary functionality, grow our market share with top-tier customers, and accelerate our speed to market in today’s increasingly complex healthcare environment. Backline is already well appreciated by its users throughout a wide variety of healthcare settings, and we expect this acquisition to make our platform even stronger in a competitive market.”
“As a customer of Diagnotes, as well as DrFirst for other products, I appreciate how DrFirst will strengthen and enhance our secure, clinical communication with an expanded suite of tools to continue improving collaboration, efficiency, and outcomes,” said Michael Fletcher, M.D., former chief medical officer of Hancock Health and now the health system’s SVP for employer & brand strategies.
Alongside EO in advising Diagnotes was the mergers and acquisitions team at Ice Miller LLP, led by Partner Scott Snively.
About EO Advisors
EO Advisors is a boutique investment banking firm specializing in mergers and acquisitions, capital raising, and strategic advisory assignments for middle-market and emerging growth companies.
EO Advisors was established in 2021 to deliver the sophistication and perspective of a full-service investment bank to traditionally underserved clients. Our connected and experienced advisors uncover unique business stories, inform strategic direction, and maximize shareholder value by positioning our clients in a creative and defensible manner, making EO Advisors the trusted partner for discerning owners and entrepreneurs. For more information, please visit: www.eoadv.com.