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PointClickCare raises $85 million from San Francisco’s Dragoneer Investment Group

Based out of Mississauga, PointClickCare which provides cloud-based software for long-term post-acute care and senior care has raised $85 million round of financing led by Dragoneer Investment Group based out of San Francisco.

Dragoneer has invested in tech giants like Airbnb, Uber, and Atlassian in the past. An existing investor since 2011, JMI Equity had also participated in the round.

PointClickCare which has long been anticipated to be one of Canada’s next IPOs; had filed for a $100 million IPO on the NASDAQ Stock Exchange and the Toronto Stock Exchange in September 2015. Also, the same year PointClickCare was recognized as one of  Deloitte’s Fast 50  Technology companies.

However, Mike Wessinger, founder, and CEO of PointClickCare suggested that the company is waiting for the right time, and has no worries about staying private for longer.

“We are not ruling out the public markets as a financing option to fuel future expansion,” said Wessinger. “But our track record of successfully delivering sustainable growth has put us in an enviable position for any private technology company – to execute an IPO only when the market conditions offer the most favorable opportunity for our business, our customers and our investors. In other words, we can afford to wait until the timing is right for us,” said Mike.

The firm plans to use the funding to accelerate product development. The multi-service platform of the company allows providers to manage the day-to-day operations of senior living, such as care delivery management and financial management.