Feb 11 Private equity firm Warburg Pincus LLC said on Tuesday it had invested $32 million in Specialists On Call Inc (SOC), a provider of specialty physician services via video conferencing that seeks to address the shortage of on-call coverage.
Founded in 2007 and based in Reston, Virginia, SOC taps a $3 billion market by delivering tele-consultations by physicians to supplement the care provided by staff in community hospitals, Warburg Pincus said in a statement.
"As telemedicine becomes a more mainstream medium for care delivery, we believe SOC's focus on addressing the shortage of specialty physicians at suburban hospitals positions the company for continued success," Elizabeth Weatherman, who heads Warburg Pincus' healthcare investments, said in the statement.
Warburg Pincus said the investment would fund SOC's growth.
New York-based Warburg Pincus has more than $35 billion in assets under management. It raised its latest $11.2 billion global flagship fund last year for growth equity investments and leveraged buyouts.