Health care software and cloud solutions company Recondo Technology has received a $20 million investment from Bregal Sagemount to accelerate its growth in the booming medical sector.

Greenwood Village, Co.-based Recondo Technology provides all kinds of software and services, including payments, insurance verification, and revenue recovery, to more than 450 U.S. hospitals. During its fiscal year 2012, the company claimed to increase revenue by 94 percent.

“This investment will be used to significantly expand our sales and marketing efforts, take client service to a new level, and broaden our product offerings through internal development and strategic merger and acquisition (M&A) opportunities,” Recondo CEO Rick Adam said in a statement.

Phil Yates, a founding partner of Bregal Sagemount, and Pavan Tripathi, a senior associate, will join the Recondo’s board of directors.

Hospital reception via Monkey Business Images/Shutterstock