Interactive Digital Solutions Announces Investment From Berenson Capital Along With a Plan to Separate Into Two Independent Companies
Interactive Digital Solutions and MedSitter to Become Standalone Companies
Interactive Digital Solutions, LLC (IDS), a leading provider of cloud-based video and unified communication solutions, announced a substantial investment from Berenson Capital and subsequent spin-off of MedSitter, LLC. IDS will allocate its new capital to expedite market reach in next-generation communication solutions and launch MedSitter as an independent privately held company. Terms of the investment were not disclosed.
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This is the first significant capital investment IDS has received since its inception. IDS chose Berenson Capital as their investment partner based on Berenson’s experience in growing software and tech-enabled businesses in healthcare, government, and enterprise industries. Both IDS and Berenson Capital share a vision of growth rooted in the commitment to their teams as well as partners and customers.
In 2017, IDS developed MedSitter, a proprietary virtual patient observation platform designed to reduce patient falls in medical facilities. Since then, MedSitter has matured into a leading virtual patient observation solution, distinct in the market for its persistent two-way audio and video connection between patients and observers. After months of consideration, the IDS and MedSitter leadership team decided that separating the companies would enable both brands to prioritize the needs of their markets, respectively. IDS will continue to direct its focus on providing complete consulting, implementing, managing, and supporting services to enterprise, healthcare, government, and education entities, while MedSitter will focus on improving patient safety and satisfaction in the clinical setting.
Tracy Mills, CEO and Founder of IDS, commented: “MedSitter was first conceived to fill a need in the market and address the rising concerns of patient falls in hospitals. It has since developed into a complete patient observation solution. It only seemed fitting to accelerate its success by developing it into its own business to reach its full potential. During this endeavor, we look forward to partnering with Berenson Capital.”
In conjunction with the investment, David Fetterolf has joined as Executive Chairman, serving both IDS and MedSitter boards. Fetterolf brings 27 years of experience as an executive leader for healthcare technology and services companies. He recently served as President of Stratus Video, a private-equity-backed healthcare video interpreting platform that sold for $475M to AMN Healthcare.
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“We feel confident that the separation of IDS and MedSitter will yield new opportunities for both companies,” states Fetterolf. “We look forward to the future growth of both brands as they independently deliver advantages to their customers.”