Medical company receives capital injection

Choice Legal, a Tampa-based medical records firm that assists the legal community, has received a seven-figure capital infusion from Stonehenge Growth Equity Partners.

Financial terms were not disclosed, but the investment followed Tampa-based Stonehenge's pattern of injecting between $1 million and $5 million into businesses typically in Florida that generate annual revenues of more than $3 million, the company says in a statement.

“Choice Legal is a leading innovator in the space, and a perfect match, as we look for companies with solid business models that leverage technology and proprietary methods to provide a differentiated product or service in the market,” says Travis Milks, a Stonehenge principal, in the statement.

The deal marks the 21st investment by Stonehenge in a Florida firm, and its eighth of a Tampa area company since its formation in 1999, a sign of the state's “fruitful environment for high-growth and technology-enabled companies,” Stonehenge notes.

Milks adds that Choice Legal has numerous “blue chip customers” and is largely insulated from economic cycles.

Choice Legal uses technology to retrieve and organize an array of health care-related documents to help insurers or legal counsel in discovery, litigation and other cases.

The company, formed by Alexa Jessee and her husband, Paul Jessee, now employs more than 80 people. The company expects to use at least a portion of the proceeds from Stonehenge's investment to add to its senior leadership ranks.

“Stonehenge was an ideal partner for us,” Alexa Jessee says in the statement. “Stonehenge has a well-established track record of partnering with companies to successfully growth their businesses. We know and trust this team and see the value they can bring.”