An RBC Royal Bank KBI Success Story: Triple G Systems Group, Inc.
Triple G and a Unique Idea
In 1991, software developer Lee Green saw the health care sector undergo tremendous change as public pressure mounted to reduce costs, increase efficiency and improve services. Hospitals and other healthcare providers started joining forces to consolidate essential support services, such as local medical laboratories.
"Clinical labs are responsible for 60%-70% of the data in a person's medical record," says Green. "Huge amounts of data are generated in the lab." While merged facilities often saved money, they were a logistical nightmare for multiple health care providers needing quick access to centralized records and test results. Software applications at the time were not created to handle such large and complex data flows.
However, Lee Green had an idea.
Triple G and RBC Royal Bank
Working out of his home, Green launched Triple G Systems Group, Inc. and began as a distributor of an Australian software application specifically for consolidated lab facilities. "We were first-to-market with something like this," says Green, now Triple G's chairman & CEO.
Triple G's flagship product, ULTRA Laboratory Information System (LIS), tracks specimens through every step of a testing process, as well as managing back-office functions such as reporting, billing, accounts receivable, and database administration.
By the mid-90s, Triple G's markets were growing rapidly to include Canada, U.S., U.K. and Asia. It also began developing solutions to match new health care business models and needs, such as managing the mass of data from the worldwide human genome project.
Meanwhile, the company's financial needs were also growing - bigger lines of credit, venture capital, and an initial public offering were all ahead. Enter RBC Royal Bank's Information Technology team: "we got involved with RBC's IT team around 1995," says Green. "We got to know them and they got to know us. They invested time with us and made a real effort to stay in touch as we grew."
Key to their strong relationship was the bank's understanding of the software business and the opportunities ahead for Triple G. "In the earlier days when times were rough," he says, "the bank went beyond the call and stood behind the company."
Triple G and Success
Today, based in Markham, Ont., Triple G's annual revenues exceed $20 million and, since going public in 2001. "We have had a share value appreciation of over 100%," says Green. Much of Triple G's business is in foreign markets as more labs streamline operations.
"RBC Royal Bank has been a major contributor to the success of our company," says Green. "Most bankers have no clue that our biggest asset - intellectual property - isn't reflected in our balance sheet. RBC Royal Bank knows that and put together a products and services package that met our needs."
For more information on how RBC Royal Bank can help your Information Technology business, contact us.