NewSpring Industry Disruptors Fueling our Virtual Communities through Technology
April 16, 2020
As COVID-19 continues to impact nearly every aspect of our daily lives, the world is leaning on technology to function more than ever before.
Businesses are seeking technology that allows them to bring in revenue in an environment where face-to-face interaction is no longer possible. Web-based services and platforms are dealing with massive surges in demand as businesses of all types race to create virtual environments that can form new connections, maintain old connections, do business entirely online, and remain not only productive but profitable.
Behind many of these technology applications are growing companies looking to provide the market with new solutions that facilitate commerce and can even save lives by reinforcing our necessary separation. At NewSpring, we’re fortunate to work with many companies doing just that. These businesses are disruptors in their industries who continue to innovate and think outside the box.
We recently covered several NewSpring portfolio companies in the healthcare space that have risen to the challenge of fighting against this global pandemic. Today, we want to share a few examples of our portfolio companies behind the technologies needed to meet the demands of supporting our new “virtual” communities in the same ways:
As the physical business world shuts down, the entire globe has moved online to operate and make transactions. This has led to a massive spike in web traffic that’s overwhelming traditional websites. Machine data intelligence company Circonus was built exactly for this purpose. Circonus is keeping businesses afloat by ramping up its suite of IT infrastructure services that enable companies to handle massive volume increases on their platforms. IT infrastructure services provider TenFour is also taking extra precautions by expanding its remote monitoring, maintenance, and operations capabilities to ensure its users do not experience any disruptions.
With social distancing measures almost entirely shutting down physical storefronts, industry conferences, and buyer-brand interactions, NuORDER has pledged its support to the global retail and brand community at large by making a complimentary version of its B2B e-commerce wholesale platform available to any company that needs it. With this tool, brands and retailers will be able to collaborate and transact with one another in the absence of face-to-face meetings. NuORDER has also made itself a resource for information by surveying small retailers around the U.S. and releasing data around their response to the coronavirus pandemic.
A completely remote workforce has become a reality many businesses are facing for the very first time. Both business leaders, as well as their employees, must now adjust and find new ways to communicate, collaborate, and stay on task while working from home. Cloud communications platform Star2Star has responded to this need by enhancing its remote work solution set and providing cost reductions to all of its customers. Similarly, OS33, a cloud security and compliance platform for investment advisors, has turned its website into a resource for clients adjusting to remote work for the first time. Employee engagement platform Energage created a series of surveys to help organizations quickly gather actionable feedback from employees as more workers go remote. The company has also produced a podcast series that provides tips for business leaders seeking to maintain a connection with their employees as the COVID-19 pandemic evolves.
The COVID-19 outbreak affects everyone, including those taking care of their loved ones from the comforts of their own homes. Seniorlink is a provider of services, support, and technology for family caregivers looking after loved ones from home. In this new remote environment, the company was facing challenges in getting caregivers set up in their homes without being able to help in person. However, by working with regulators and payers to loosen program standards to allow for remote assessment and onboarding, Seniorlink is now able to conduct 100% of its home visits virtually. Another company in the health-tech space, Verisma, a health information technology provider focused on delivering unparalleled Disclosure Management solutions to the healthcare industry, continues to help the facilitation of care by remotely providing electronic medical records to the healthcare community while delivering comprehensive release audit capabilities with integrated HIPAA guidance and compliance review support.
Ready to support recovery efforts
We continue to hope that the near future will bring the opportunity to interact face-to-face with our investors, our peers, our management teams, and coworkers. Until then, we recognize how fortunate we are to work with some of the brightest minds in technology that are stepping up to solve new challenges as a result of this public health crisis. We can’t wait to see what they do next. In the meantime, we stand ready to aid in the recovery efforts of the lower-middle market in support of the small businesses that are so crucial to our economy, and to our personal and professional lives. We hope you all stay healthy and safe.