Philly EnterpriseTech Software Deals July 12

Tom Paine

Phreesia, a NY-based intake app for med patients accessed on a tablet or online, set pricing for its IPO at $15-$17 per share. Philly’s LLR Partners owns just under 24% pre-IPO.. See my previous article, LLR Partners-backed Phreesia files for $125 million IPO.

Phreesia is expected to begin trading on July 18.

Battery Ventures, a leading SaaS VC firm, acquired Ewing NJ-based 1WorldSync Holdings. 1WorldSync enables brands “to securely and continuously share critical product data with a community of retailers, operators and distributors across industries, including consumer goods, foodservice, electronics and healthcare”, the company says.

Of its 200+ employees, only a small fraction, mostly administrative staff, appear to be based in New Jersey. More US employees are based in Chicago, and the company also has established ops in Europe.

Analytical Graphics (Exton) spinout Cesium raised $5mm from Falcon Global Capital for a platform enabling software developers and data providers to build dynamic, interactive 3D geospatial applications. It is AGI’s first spinout; will there be more?

Indian and American investors are competing to buy Princeton-based Citius Tech, a provider of a range of clinical health technologies and services. Update: BPEA won, with a reported bid of over $1 billion.

The company posted $175 million in revenue with a 27-30% operating margin in fiscal 2019 and had estimated Ebitda of $55-60 million. 

BPEA (Baring Private Equity Asia) and KKR are the forerunners as of now, says Indian pub BusinessX. Citius could be valued at as much as $1 billion, according to the article.

Last year Citius made a “strategic investment” in Philadelphia-based FluidEdge Consulting, a national healthcare consultant.