Provider of cloud-based solutions for independent medical practices Kareo raised $55.4 million in additional funding. Montreux Equity Partners led the round, with participation from Silver Lake Partners and all of Kareo’s existing investors, including OpenView Venture Partners, Greenspring Associates, Stripes Group, Silicon Valley Bank and Western Technology Investments. The new funds will allow the company to keep developing its product line, as well as expand its market access.

“With this new investment from Montreux, Silver Lake and our current investors, we’ll be able to accelerate the development of our comprehensive, cloud-based, medical office management platform for independent practices,” said Dan Rodrigues, founder and CEO of Kareo. “Concurrently, we will further expand our market reach, helping even greater numbers of physicians meet their care delivery and practice growth objectives.”

As part of the deal, Montreux Principal, Michael Matly, MD, will join the Kareo Board of Directors and will provide consultative guidance around the company’s market strategy. Dr. Matly previously represented Montreux on the board of MINDBODY Online and currently serves on the board of Pure Life Renal. Before joining Montreux, he led Business Development and New Ventures at the Mayo Clinic Center for Innovation.

Earlier this year, Kareo was named the leading vendor for integrated health records, practice management and physician billing solutions for the third consecutive year by Black Book and was identified by KLAS as a top-three practice management provider for practices with 1-10 physicians. In March, the company announced the acquisition of DoctorBase.