Young software firm to get $250,000 loan

MARYLAND WATCH

February 09, 1996

The Enterprise Development Fund of the Baltimore Development Corp. will invest $250,000 in AssurQual, a company developing software for nursing homes, the city announced yesterday.

The investment is a convertible debenture, a loan that can be converted to stock, BDC said. The Enterprise Development Fund is a venture capital effort of the BDC.

AssurQual, founded in 1989, moved to Baltimore a year ago from Columbus, Ohio, and leases space in the South Harbor Business Incubator, a facility that houses 11 start-up and early-stage technology companies.

The company has 15 employees and plans to add 10 more this year. It sells clinical and financial management software to nursing homes and other long-term care facilities, according to Joseph Sanderell, executive vice president.

AssurQual currently has about 30 software clients "from Maryland to Anchorage, Alaska," Mr. Sanderell said.

AssurQual also offers management consulting to long-term care facilities. Mr. Sanderell said it has two consulting clients and did consulting work last year in about 15 states.

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