Milwaukee-based Tricast Inc. plans to double its employment to 70 with a $3.3 million equity investment.
The investment was made recently by Wakefield, Mass.-based Brook Venture Partners and Richmond, Va.-based Blue Heron Capital, giving the firms a 33 percent stake in Tricast. The owners and founders of Tricast continue to hold the majority interest in the company, which develops pharmacy benefit analytics software.
The company will use the funds to develop its Reveal auditing and surveillance software tool to become a real-time Software as a Service model, which will require a larger staff, said Greg Rucinski, chief executive officer. Clients use Reveal to manage fraud and waste, particularly in Medicaid and Medicare settings. Tricast will expand its marketing efforts to bring on a wider audience of users for Reveal.
As a result of the hiring push, which will occur over the next 18 months, Tricast will expand its existing space within the same building from 6,000 to 9,000 square feet.
Tricast will also add a board of directors comprised of national industry experts to provide guidance and oversight.
“This is an exciting next step in the evolution of TRICAST,” Rucinski said. “The support of our investors will enable us to increase our pace of growth, accelerate our Reveal development efforts, and devote more resources to providing an outstanding customer experience.
“One of our primary areas of focus is healthcare IT, and TRICAST’s blend of pharmacy benefits industry expertise and pioneering technology is one of the more creative and exciting opportunities we’ve encountered,” said Fred Morris, partner at Brook Venture.
