Credible Announces Investment Deal with Martis Capital

Credible Behavioral Health, a provider of electronic health record and practice management software-as-a-service solutions for behavioral healthcare providers, announced it has closed a minority capitalization with Martis Capital, a healthcare-focused private equity firm based in Palo Alto, California, and Washington, D.C. Financials of the deal were not disclosed.

Credible co-founder Matthew Dorman will continue as the company’s CEO.

“We are excited to partner with a proven healthcare investment firm with deep IT experience, Martis Capital, while continuing our growth,” Dorman said in a news release announcing the deal.

Credible’s EHR is HIPAA-compliant and Meaningful Use Stage 3-certified, and it processes more than $4 billion in Medicaid, Medicare and insurance claims per year, the Rockville, Maryland-based firm said in its release. Credible currently has 460 partner agencies in 36 states.

Coinciding with the deal, Goldman Sachs’ Merchant Banking Division is exiting its investment in Credible.