Morgan Stanley leads $32M financing round for EHR vendor Medsphere

Medsphere Systems Corp., a health IT solutions provider, closed $32 million in financing led by Morgan Stanley Expansion Capital.

Morgan Stanley Expansion Capital is a private investment arm of Morgan Stanley Investment Management focused on growth companies. East West Bank, a Pasadena, Calif.-based independent bank and subsidiary of East West Bancorp, also participated in the financing round.

Medsphere offers a suite of subscription-based health IT solutions for inpatient and ambulatory healthcare facilities, including an EHR and revenue cycle management tools.

"Medsphere's breadth of offering combined with their depth of functionality and overall affordability differentiates it from the rest of the industry," said Bill Reiland, managing director of Morgan Stanley Expansion Capital. "The company is a true innovator, giving hospitals and clinics the workflow and technology they need at prices they can pay."

Medsphere plans to use the $32 million in financing to hire additional team members and engage in "strategic acquisitions," according to a company news release.

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