Dental Intelligence Acquires Modento
The acquisition supports continued expansion of Dental Intelligence's software platform and customer base
PLEASANT GROVE, Utah — Dental Intelligence (DI), a leading dentistry analytics and workflow automation platform, today announced the acquisition of Modento, a comprehensive solution for innovative patient communications and management. The transaction will expand Dental Intelligence's product suite and position the company for continued growth.
Modento handles all administrative interaction with patients before, during, and after their appointments, thereby providing a completely automated and touchless patient communication and management experience. Specific features include Two-Way Communication, Reminders & Confirmations, Recalls, Digital Forms and Consents,Virtual Check-In, Voicemail Drops, Treatment & Payment Plans, and Team Chat.
Modento's technology will further enhance the powerful insights available through the Dental Intelligence analytics solution. With it, Dental Intelligence will drive forward with one purpose in mind – to help practices grow, ensuring that no patient or practice growth opportunity slips through the cracks.
"We are thrilled with this acquisition and I couldn't be more excited about what this means, both for our customers and for this incredible industry," said Weston Lunsford, CEO of Dental Intelligence. "Our analytics and online scheduling technologies combined with Modento's patient engagement and communications will help practices provide more and better dentistry to their patients, especially to those who need it the most."
The dental industry is changing rapidly, largely thanks to the consolidation of practices into groups and DSO's. According to Mr. Lunsford, Dental Intelligence's analytics and AI platform was built to identify and address the challenges and needs specific to these groups while also providing the same benefits to single practices across the country.
"With this acquisition, we believe that our cloud-based tech and unparalleled user experience will ensure that each of our customers' locations are managed consistently and efficiently while maintaining the highest level of compliance," Mr. Lunsford continued. "That, in turn, will drive increased production and EBITDA. It's the final piece of the software puzzle for any practice or DSO."
Karol Jasik, CEO of Modento, and the entire team will be joining DI to help execute on the commitment to help dental practices grow. "We are beyond excited to join forces with the DI team as they embody the values that Modento holds dear," said Karol. "These shared values – technological innovation, stellar customer service, and the best possible user experience – have helped our company get where we are today. Combining forces with DI accelerates our trajectory to deliver the intelligent, intuitive, and robust software product that the dental industry has been waiting for."
This is the second acquisition for Dental Intelligence within the last 18 months, with LocalMed Online Scheduling having been acquired in August of 2019. The transaction is supported by Dental Intelligence's shareholders - PSG, a leading growth equity firm partnering with middle-market software and technology-enabled service companies, Blue Star Innovation Partners, a growth equity investment firm, and K1 Investment Management, a leading investment firm focusing on high-growth enterprise software companies.
Financial terms were not disclosed.
About Dental Intelligence
Dental Intelligence provides dental practices with cloud-based Data Analytics and Artificial Intelligence software that identifies patient care opportunities, team member performance opportunities, and practice performance opportunities. Their technology simultaneously acts on the opportunities through software automations and delivers prescriptive tasks to team members when software automation is not possible. To learn more, please visit http://www.dentalintel.com/.
Modento is an all-in-one, automated, and touchless patient engagement and management solution in the dental industry. It handles all of the administrative patient interaction before the appointment, during the appointment and after the appointment. To learn more, visit https://www.modento.io/
PSG is a growth equity firm that partners with middle-market software and technology-enabled services companies to help them navigate transformational growth, capitalize on strategic opportunities, and build strong teams. Having backed more than 65 companies and facilitated over 275 add-on acquisitions, PSG brings extensive investment experience, deep expertise in software and technology, and a firm commitment to collaborating with management teams. Founded in 2014, PSG operates out of offices in Boston, Kansas City and London*. To learn more about PSG, visit www.psgequity.com.
*Currently, the London team operates via an advisory agreement with Providence Equity LLP.
About Blue Star Innovation Partners
Blue Star Innovation Partners (Blue Star) is a growth equity investment fund firm led by hand-selected serial entrepreneurs who co-manage and invest alongside the Jones Family. Founded in 2016, Blue Star invests in highly innovative lower-middle market businesses with $10 million to $50 million in annual revenue and the potential for global reach. By providing efficient, direct funding and a unique formula of mentorship, Blue Star helps steer highly creative entrepreneurs and operators towards success. Blue Star focuses on opportunities within the fields of sports, financial services, entertainment, and technology, and operates out of the Dallas Cowboys World Headquarters at The Star in Frisco, Texas. For more information, visit www.bluestarinnovationpartners.com.
About K1 Investment Management
K1 builds category-leading enterprise software companies. As a global investment firm, K1 assists high-growth businesses to achieve successful outcomes, and invests alongside strong management teams that continue to guide their organizations on a day-to-day basis. With over 100 professionals, K1 changes industry landscapes by assisting with operationally-focused growth strategies designed to assist portfolio companies scale efficiently. Since inception of the firm, K1 has partnered with over 140 enterprise software companies including industry leaders such as Apttus, Buildium, Checkmarx, Clarizen, ControlUp, Emburse, FMG Suite, Granicus, Litera Microsystems, Onit, Rave Mobile Safety, RFPIO, Smarsh, WorkForce Software and Zapproved. For more information about K1, please visit k1capital.com or follow us at linkedin.com/company/k1im.