TrackMy exit: KC startup’s sale secures team’s jobs, stronger position for its health compliance solutions

The acquisition of Kansas City-based TrackMy is expected to help its team focus on hyper-growth and deliver award-winning technology solutions, said Jeremy Elias, noting the deal limits some financial pressure by building a more strategically-capitalized business.

Banyan Software and TrackMy Solutions Inc. announced the acquisition this week.

The purchase price for the startup — an innovative player in the employee and student health immunization verification and compliance sector — was not disclosed, although Elias, founder and CEO of TrackMy, indicated the deal closed more than an estimated five times ARR (SaaS Annual Recurring Revenue) in what is still considered a very tough/down market.

“This event was a major success for TrackMy and the team, to keep jobs in Kansas City, and further create new ones ongoing — a personal goal of mine as a leader in the Midwest, the best place to be,” Elias told Startland News.

TrackMy currently has 22 team members.

Atlanta-based Banyan Software focuses on acquiring, building, and growing great enterprise software businesses, the company said.

TrackMy’s primary revenue generating assets — excluding its implantable device tracking platform (formerly known as TrackMy Implants; now in the process of being renamed) — were sold to Banyan. The assets are now owned and operated under TrackMy Solutions LLC, a Delaware company.

The team at TrackMy all have transitioned to the new LLC. Elias remains at the helm of TrackMy Solutions as CEO, working in collaboration with Banyan Software to further expand and refine the company’s operations.

“Choosing the right partner for the future was a critical decision for me,” Elias said. “Banyan Software’s long-term outlook, industry relationships, and commitment to supporting the team and our customers stood out to us. I’m excited to see what we can do together to foster our growth within the healthcare and education sectors, and beyond.”

TrackMy Solutions team at Made in KC Marketplace in Lenexa; photo courtesy of TrackMy

Founded by Elias in 2021, TrackMy is a regulatory compliance tool that helps streamline the process for healthcare systems, higher education institutions, and private employers to accurately and efficiently verify and manage vaccination data in order to meet various compliance standards.

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Various federal and state laws mandate immunization compliance reporting for healthcare employees and students, but the verification process can be tedious, the company explained. TrackMy’s VeriVax solution addresses this administrative burden by leveraging a nationwide clinical network, as part of care coordination, to automate much of the verification process. This approach enables TrackMy’s clients to meaningfully reduce vaccine verification time, improve data accuracy, streamline mandatory reporting, and improve employee satisfaction.

“We are very excited to continue to deliver best-in-class solutions to our healthcare, education, state/local government, and employer markets, along with not only focusing on the now, but positioned to make strategic financial bets on the next,” Elias said. 

Part of that “next” is to implement the TrackMy platform across a large state in the Midwest after recently winning a competitive RFP as the prime technology vendor (more details to come in the following weeks, Elias said), and rolling out the TrackMy Member Portal target by year-end. The portal is a one-of-a-kind immunization history tracking application for individuals and families to make meeting compliance requirements (work, school, summer camp, travel) easier and increase health and safety.

“Based on feedback from our business/employee users — this application takes the best of what we have learned in streamlining immunization compliance for the B2B market, and delivers it for individual users in a B2C fashion (for a small annual recurring fee),” Elias said. “We feel it has the potential to become a household application for parents/guardians who struggle to compile and wrangle up their children’s/dependents immunization history on an annual enrollment basis for school.”

The hope is that the application reduces the number of frantic phone calls to a primary care/pediatric provider’s office requesting a copy of immunization records, and reduces an administration task for an already overloaded medical office, he added.

Banyan leaders look forward to working closely with Elias and the TrackMy team on revolutionizing the way organizations manage their immunization and broader occupational health programs, said Adam Cole, operating partner for Banyan Software.

“We see an opportunity to enhance employee and student safety while also helping employers and educational institutions more easily fulfill their federal and state mandated reporting requirements,” Cole said.