NOBLESVILLE, Ind., October 20, 2021 (Newswire.com) - Interactive Digital Solutions, LLC (IDS), a leading provider of cloud-based video and unified communication solutions, announced today a substantial investment from Berenson Capital and subsequent spin-off of MedSitter, LLC. IDS will allocate its new capital to expedite market reach in next-generation communication solutions and launch MedSitter as an independent privately held company. Terms of the investment were not disclosed.
This is the first significant capital investment IDS has received since its inception. IDS chose Berenson Capital as their investment partner based on Berenson's experience in growing software and tech-enabled businesses in healthcare, government, and enterprise industries. Both IDS and Berenson Capital share a vision of growth rooted in the commitment to their teams as well as partners and customers.
In 2017, IDS developed MedSitter, a proprietary virtual patient observation platform designed to reduce patient falls in medical facilities. Since then, MedSitter has matured into a leading virtual patient observation solution, distinct in the market for its persistent two-way audio and video connection between patients and observers. After months of consideration, the IDS and MedSitter leadership team decided that separating the companies would enable both brands to prioritize the needs of their markets, respectively. IDS will continue to direct its focus on providing complete consulting, implementing, managing, and supporting services to enterprise, healthcare, government, and education entities, while MedSitter will focus on improving patient safety and satisfaction in the clinical setting.
Tracy Mills, CEO and Founder of IDS, commented: "MedSitter was first conceived to fill a need in the market and address the rising concerns of patient falls in hospitals. It has since developed into a complete patient observation solution. It only seemed fitting to accelerate its success by developing it into its own business to reach its full potential. During this endeavor, we look forward to partnering with Berenson Capital."
In conjunction with the investment, David Fetterolf has joined as Executive Chairman, serving both IDS and MedSitter boards. Fetterolf brings 27 years of experience as an executive leader for healthcare technology and services companies. He recently served as President of Stratus Video, a private-equity-backed healthcare video interpreting platform that sold for $475M to AMN Healthcare.
"We feel confident that the separation of IDS and MedSitter will yield new opportunities for both companies," states Fetterolf. "We look forward to the future growth of both brands as they independently deliver advantages to their customers."
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. From consultation and implementation to installation, management, and support, the team at IDS brings 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 organizations nationwide, please visit www.teamIDS.com.
MedSitter helps overburdened clinicians to remotely observe patients to meaningfully improve patient safety and satisfaction without straining staff resources. The remote patient observation system is being leveraged by top healthcare systems across the nation with fantastic results. From the first call all the way through account maturity, MedSitter provides exemplary customer support which helps clinicians to proactively meet patient needs. To learn more about MedSitter and the innovative patient safety program it supports, visit www.medsitter.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.
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Source: Interactive Digital Solutions, Inc.