An Entrepreneur’s Bright Summer

Benchmarks at health IT startup Therapy Brands

It’s been a good summer for Shegun Otulana.

On July 11, the Birmingham founder and CEO of Therapy Brands was named by Ernst & Young as recipient of its Entrepreneur Of The Year 2019 Healthcare Technology Award.

Then, on July 25, the company announced it received a second round of private equity investment, from two funds — Lightyear Capital LLC, a New York-based private equity firm, and Oak HC/FT, a venture growth-equity fund.

Therapy Brands is a medical management software company that specializes in mental health and behavioral health practices.

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Medical management software is a crowded field, but Otulana has always maintained that the mental and behavioral segment has been neglected and comprises opportunities.

“We are engaged in a very significant period of expansion for the business, having added thousands of new customers organically since we entered the market,” said Otulana in a release. “We expect to continue this trend of customer growth as practitioners migrate from manual processes and inadequate solutions to our comprehensive software platforms.”

Lightyear Capital specializes in financial services companies. Oak HC/FT, based in Greenwich, Connecticut, invests in technology-improved health care and financial services.

Former lead investors in Therapy Brands — Providence Strategic Growth and Greater Sum Ventures — now retain minority investments in the company.

Otulana founded his company in 2013. Headquartered in Birmingham, it now employs more than 350 people nationally.

Otulana was born in Nigeria and settled in Birmingham in 1998. He studied engineering and management information systems at the University of Alabama at Birmingham. He has served as a mentor with Velocity Accelerator, the startup assistance program that is a partnership of UAB and Innovation Depot, the Birmingham business incubator.

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