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.”
About Interactive Digital Solutions
Interactive Digital Solutions (IDS) engineers and delivers innovative video communication solutions maximizing user experiences across all industries and regions. Top brands nationwide rely on IDS to leverage the best of their AV catalog to transform the way they connect, communicate, and thrive. IDS’s portfolio of integrated video conferencing, enterprise collaboration, telehealth, and patented virtual patient observation solutions is supported by unmatched customer service, analytics and 24/7/365 monitoring. From consultation, design and implementation to installation, management and support, the team at IDS bring their decades of expertise to help clients address their most complex video and unified communication needs. To learn why IDS is the trusted video advisor for healthcare, education, government and enterprise entities nationwide, visit www.teamIDS.com.
About Berenson Capital
Berenson Capital is the principal investing business of Berenson & Company, a leading merchant banking firm founded in 1990. Based in New York, Berenson Capital is a sector-focused private equity practice investing exclusively in Software & Tech-Enabled Services businesses. For more information, please visit www.berensonco.com.