US-based medical software provider MediQuant has secured growth investment from Boston-based growth equity firm Silversmith Capital Partners.

Financial details about the transaction were not disclosed. The company plans to use the new capital to develop new software solutions.

MediQuant chairman and founder Tony Paparella said: “We are thrilled to partner with the team at Silversmith for the next chapter of the MediQuant story.

“This investment will allow us to continue delivering market-leading archiving solutions with a clear focus on long-term customer success and satisfaction.”

As part of the deal, MediQuant has promoted its president and chief operating officer Jim Jacobs to the role of CEO.

In addition, Silversmith managing partner Jeff Crisan and vice-president Nikhil Marathe joined MediQuant’s board alongside Paparella and Jacobs.

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Jacobs said: “I am excited to continue building upon the rapid growth trajectory that we have experienced at MediQuant to-date.

“The market opportunity is large and growing, and our partnership with Silversmith will help us effectively scale our organisation and develop new and innovative products to continue serving the market need.”

Headquartered in Brecksville, Ohio, MediQuant offers enterprise active archiving solutions to approximately 200 individual health systems representing over 1,000 hospital and physician practice customers.

The company’s DataArk solution replaces legacy clinical and administrative software platforms of hospitals. The solution has been used to migrate more than 100 software applications such as EMR, patient accounting, ERP, ambulatory and ancillary clinical systems since its inception in 2001.