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gloStream Announces $7.5 Million Series B Financing Round Co-Led by Beringea and gloStream's Executive Management Team
Date:5/27/2009

Investment in Electronic Medical Record/Practice Management Software Company Aimed at Giving More Doctors Access to Latest, Microsoft-Based Healthcare Technology

BLOOMFIELD HILLS, Mich., May 27 /PRNewswire/ -- gloStream, a healthcare software company that develops and sells certified, Microsoft Office embedded electronic medical record ("EMR") and practice management ("PM") solutions, announced today that it has closed on a $7.5 million series B financing round co-led by Beringea and members of gloStream's Executive Management Team. Capital will be used to bolster virtually all areas of gloStream including development, marketing and sales, and deployed immediately as the company looks to hire for nearly all internal teams.

Beringea's investment was made through its InvestMichigan! Growth Capital Fund (the "Fund"), which is part of the $300 million InvestMichigan! Fund created by Governor Jennifer Granholm. The Fund targets a broad range of sectors and is charged with generating strong returns for investors and growing the next generation of Michigan companies.

"gloStream has demonstrated that they are one of Michigan's most innovative healthcare companies and have the capability to spur job growth locally while also transforming healthcare nationally," said Beringea director Michael Gross. "gloStream offers the only integrated EMR/PM solution on the market embedded with Microsoft Office, it is easy to deploy and use, and it is already helping more than a thousand users nationwide improve the efficiency of healthcare delivery."

The series B financing round comes after passage of the American Recovery & Reinvestment Act ("ARRA"), which was signed into law by President Obama on February 17, 2009. The ARRA allocates $20 billion toward healthcare IT, including up to $64,000 per doctor - through the Centers for Medicare and Medicaid Services - for implementing EMR technology. With the stimu
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