January 18, 2016
Nashville Business Journal
by Eleanor Kennedy
Fresh off a multimillion-dollar investment from Nashville health care giant HCA Holdings Inc., Franklin-based tech company Digital Reasoning has bought one of Nashville’s most-discussed health-tech startups: Shareable.
Formerly known as Shareable Ink, the clinical documentation company relocated from Boston to Nashville in 2010. Wooed in part by state-backed investment dollars and a deep pool of potential health care clients in the Nashville area, Shareable earned significant buzz (and millions of dollars in investments) in the years that followed.
But the past year has brought with it plenty of transition for the company, whose first product was a pen that could digitally transcribe and store doctors’ notes. Last spring, Shareable brought in well-known Nashville health care executive Hal Andrews as its new CEO, around the same time founder Stephen Hau, then CTO, left the company. Late last summer, Shareable relocated from Cummins Station to the OneCity development and undertook the aforementioned rebranding.
The Digital Reasoning acquisition gives Shareable — whose backers include the Nashville Capital Network, also a Digital Reasoning investor — a permanent home with a direct connection to the company at the heart of Nashville’s $40 billion health care industry: HCA. Terms of the deal were not disclosed.
Digital Reasoning provides cognitive computing tools (they teach computers how to process data) to the intelligence, financial and health care industries. In addition to HCA’s recent investment, Digital Reasoning has earned investment dollars from global players like Goldman Sachs and Credit Suisse, among other notable backers. Although the company has now embraced its opportunity in health care, it long stood as the best example of a technology company with no health care tie that’s raised significant venture capital in the Nashville market.
Andrews, who has led several health care firms to exits in recent years, either as CEO or as a board member, will join Digital Reasoning as the president of its health care business.
“Shareable’s focus on capture of structured and unstructured clinical data, easily extracted or exchanged for analysis, is valuable for clinicians, mobile health companies and [electronic health record] providers,“ Andrews said in a news release. “Together with Digital Reasoning we will be be able to analyze and understand vast amounts of electronic patient data such as doctor’s notes, lab results as well as pathology and radiology reports to provide meaningful clinical insights via intelligent assistants.”
“Digital health is a strategic market for Digital Reasoning as we pursue our mission to use cognitive computing to create a better world,” Tim Estes, CEO of Digital Reasoning, said in the release. “There’s a tremendous demand for disruptive technology in health care to optimize care, improve research and find waste and fraud. By acquiring Shareable, we are able to accelerate the development and delivery of new health care solutions. I am proud to welcome the Shareable team, and excited about [Andrews] taking a leadership role at Digital Reasoning to thoughtfully apply our combined technology assets to solve valuable problems for our customers and partners.”