Sramana Mitra: The story that you described from 1995 to 2008 is not Perigen? Emily Hamilton: Correct. Perigen acquired all of the assets of that company. Sramana Mitra: Who’s Perigen? Matthew Sappern: Perigen is actually the combination of a company called E&C Medical, which was based in Tel Aviv that was trying to do pretty
Sramana Mitra: How many hospitals, for instance, were you able to sell your product to in that early phase right after getting the prototype? Emily Hamilton: Almost all of the hospitals in Montreal. We have two medical schools here. I had colleagues in many of the hospitals who were former students or colleagues for many
Ernie Bray: The challenge we found with virtual workforce was that some people just don’t fit well in that model because they get distracted too much. They don’t focus on what they’re doing. Because we’re a results-oriented company, we have our computer technology in our platform, we can monitor pretty much whether they’re getting the
Sramana Mitra: When you talk about timing, what year are we talking about? Emily Hamilton: Back in mid-1990s. Sramana Mitra: So you got a bunch of grants to get this thing off the ground. Emily Hamilton: It wasn’t exactly a grant in the traditional sense. This was money which was intended to foster research, which
Sramana Mitra: In 2005, you were at about $1.2 million in revenue. In 2009, you were already on Inc. 5000. What was the revenue ramp? Ernie Bray: In 2009, we went to $8 million. Sramana Mitra: Where are you now? Ernie Bray: We’re pushing towards $15 million. We also made Deloitte’s Technology Fast 500. We
Perigen is an amalgamation of a couple of different companies. This story relates how the entrepreneurs navigated a long journey. Sramana Mitra: Let’s start by telling us a little bit about your personal background. I’d like to do that with both of you since you are co-founders. Matthew Sappern: Just for clarity’s sake, Emily developed
Sramana Mitra: Essentially, the $400,000 in the first year was from about 8 to 10 deals? Ernie Bray: Yes. We had about 8 to 10 clients. Sramana Mitra: These were clients that would remain as recurring revenue clients, because they would continue to use your system and the pricing model is based on number of
Sramana Mitra: When you were actually processing claims, what did you see that triggered this idea? Ernie Bray: What I saw was that claims technology systems were outdated. They were just green screen technologies at that time. I’ll give you an example. When I was looking at AAA, appraisers would go out and take photographs of