The local company is eHealth Technologies, which employs about 275 people in Monroe County.
eHealth Technologies provides a way for doctors and hospitals to retrieve a patient’s medical records more quickly, when time is of the essence because of the treatment needed for a serious illness.
A Virginia-based investment company, Aldrich Capital Partners, is putting in $41 million into the local business, which eHealth Technologies CEO Jeff Markin says should help them continue their expansion. Aldrich Capital will now have majority control of the privately-held local company.
“We’ve increased employment every year that we’ve been in business, I anticipate that will continue, and especially as we make further investments on the technology side; those are IT and software development kind of roles, which are good paying opportunities,” Markin told WXXI News.
Although Aldrich is a private equity firm, an official with the company says they are not the kind of investor who is just trying to turn around a company for a quick profit. He says they in this investment for the long haul, and he says Aldrich can provide connections to other companies that can help e-health grow that business.
Sometimes, when a private equity firm invests in a business it can result in a quick sale of that company. But the founding partner of Aldrich Capital, Mirza Baig, says they are in this deal for the long term.
“We are not buyout folks, we don’t do structured deals nor are we at a very early stage where you’re just placing a bet. Rather, we are growth equity investors, our goal is to help businesses grow and we’ve done that very successfully with 30-plus businesses,” Baig said. Baig also notes that he has roots in Western New York. He grew up in Buffalo.