February 2020 – Calder Capital, LLC is pleased to announce that Spectrum Health Ventures has invested in Interactive Patient TV provider eVideon of Grand Rapids, MI.
Founded in 1997, Spectrum Health is one of the nation’s top 15 health systems according to Truven Health Analytics. Based in West Michigan, Spectrum Health is comprised of 12 hospitals and 183 ambulatory and service sites with more than 3,400 physicians and advanced practice providers.
Spectrum Health Ventures was formed in 2017 to invest up to $100 million in healthcare-related companies. The fund allows Spectrum to share its vast knowledge base and staff of clinicians and professionals in the industry who can contribute to vetting innovations, judging their potential, and advising companies in which the fund invests.
Spectrum Health Ventures engaged with Calder Capital in late November of 2017, with the Company’s strategy to invest in established healthcare-related companies. While Calder provided many attractive acquisition targets over the next several months, ultimately, SHV decided to pursue a number of venture opportunities. After much deliberation and time, Spectrum Health re-evaluated its strategic opinion on eVideon, a business Calder had introduced previously. After reigniting conversations, SHV and other partner hospital systems invested in the all-inclusive, patient experience platform.
According to Scott McLean, Executive Director of Spectrum Health Ventures, “Spectrum and our network partners see a lot of opportunity in the eVideon platform and we are excited to partner with management as they pursue aggressive growth.”
eVideon, originally founded in 1993, is a converged network provider. Essentially, the Company combines a patient experience platform, and software and systems to provide patients with a blended media experience integrating educational resources, entertainment, and access to care providers, wherever the point of care may be.
Founder and President of eVideon Jeff Engle explained how the business came to be, “Originally, we were working with Metro Hospital, who was really looking for a converged network system. Our intent was to try and find a product, at first, but we weren’t able to find anything that they were looking for. After scouring the existing market and coming up empty, we had no choice but to custom build the optimal solution. And we are so glad we did!”
Director of Corporate Acquisitions, Patrick Robey was excited about the great fit, stating, “We knew right off the bat that eVideon would be a great fit for Spectrum Health Ventures. Careful deliberation and due diligence by all parties verified that eVideon was a worthy candidate for investment and growth and that Spectrum Health Ventures, et al, were solid investment partners. I’m happy that we were able to make this investment a reality! It has been great to work with Scott and the rest of the team, and we hope to work with them on several more investments and acquisitions in the future.”
Calder Capital represented Spectrum Health Ventures as its Buy-Side Mergers and Acquisitions Advisory firm. The terms of the transaction were not disclosed.