Expanding Definitive Healthcare signs 56K-sq.-ft. lease in Framingham
Photo | Grant Welker
492 Old Connecticut Path in Framingham
Definitive Healthcare, a fast-growing Framingham healthcare data and analytics firm, has signed a lease for 56,000 square feet of additional office space it's now renovating.
The new office at 492 Old Connecticut Path in Framingham is a short distance from its current location at 550 Cochituate Road, where it will keep a presence.
Definitive Healthcare is renovating the space in its new building with plans to have it ready this summer once it's safer for employees to be back in the office in regards to the coronavirus pandemic. The company has about 500 employees now, with plans to hire about 100 more this year across all functions, according to Justin Steinman, the company's chief marketing officer.
Joining the company's offices will be employees from Monocl, a similar healthcare tech firm that has offices in Cambridge and Sweden. They're also due to move in this summer. Definitive Healthcare acquired Monocl in a deal announced in November.
That deal was the latest in the rapid growth of Definitive Healthcare, which serves pharmaceutical and medical device firms, care providers and others. The company said its data includes 8,800 hospitals and integrated delivery networks, and 135,000 physician groups.
In the past two years, Definitive Healthcare has bought two other similar firms: HIMSS Analytics of Vermont, and PatientFinder, a Florida software analytics firm. Definitive Healthcare is backed financially by 22C Capital, Advent International, and Spectrum Equity.
In 2020, Definitive Healthcare was named the 376th fastest-growing technology firm in the country by the international professional services firm Deloitte. Definitive Healthcare at that point had grown by 258% in the past year, placing it as the only Central Massachusetts firm on the Deloitte Technology Fast 500 list and one of 36 from Massachusetts. It has also made a succession of Inc. 5000 lists, which highlights the fastest-growing private companies: 611th nationally in 2017, 978th in 2018, 1,020th in 2019, and 1,670th in 2020.
Both of Definitive Healthcare's offices sold for high sums in 2019. TJX Cos., whose headquarters is just down the road, bought the Cochituate Road building for $120 million, and Campanelli, a Braintree real estate development and construction management firm, paid $29 million for the Old Connecticut Path building.
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