CareCloud has a new CEO with a 25-year history as “a Silicon Valley tech guy” who says the company will be staying put.
“I’m a California guy but I am moving to Miami. I am excited to be coming in here to work with some very talented people in a space that is white hot,” Ken Comée said in an interview Tuesday. He is moving in the next couple of weeks. As for CareCloud, “we aren’t going anywhere.”
Ken Comée is the new CEO of CareCloud. Photo by GARY WAGNER.
The home-grown, fast-growing Miami healthcare technology company last week announced that Comée would replace Albert Santalo as CEO, but that Santalo would stay with the company as chairman and chief strategy officer. The company also announced its existing investors injected another $15 million in funding into the venture-backed company.
CareCloud was founded by Santalo, a tech serial entrepreneur, in 2009 and now has 240 employees and offices in Miami and Boston. The company provides cloud-based practice management, electronic health record and medical billing software and services for medical groups. CareCloud said last week it signed seven of its largest deals to date in the first quarter of 2015, and average contract value tripled over the prior year.
Comée said he brings a diverse background in software, hardware, healthcare, business analytics, big data and other areas. In the last 15 years, he has been running software companies for a handful of investors in Silicon Valley, including Norwest Venture Partners, CareCloud’s largest investor.
About three years ago, Norwest asked him to join the CareCloud board. Since then, he has advised the company on product-market fit, building pipeline, hiring and other aspects of sales and operations, he said.
“During this time, I’ve had a terrific working relationship with Albert and his team, as we’ve built this from an early, early stage company with early product into a company today doing quite well in revenue and customer capture,” said Comée. “Now it’s about the scalability. Albert and his team have done a terrific job getting to that first plateau of growth. This is a move focused specifically on accelerating that growth.”
Previously, Comée was CEO at Cast Iron Systems, a cloud integration company acquired by IBM. He was also CEO of PowerReviews, a leader in product ratings and reviews, which was also acquired by a bigger player. Most recently, he was CEO of Badgeville, a gamification startup and “a Norwest company I came into on an interim basis; that was a little of a turnaround there.” He said CareCloud is not an interim appointment.
“CareCloud is in the right space at the right time,” he said. “The mission of the company is to make software that is easy to use and elegant in design … meeting the needs of small and large medical practices. What I am looking to do is operationally make this company excellent.”
He said that means “digging into the operational issues that are critical if you are going from say a $30 million company to a $100 million company.”
Since its founding in 2009, CareCloud has raised $71.4 million in equity financing and $25.5 million in venture debt. Investors include Norwest, Tenya Capital, Adams Street Partners and Intel Capital.
Comée said he is not now raising another round: “The financing we just closed gives me a good runway through the end of 2016.”
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