Investor relations

We sell an outcome, not software. Here's the thesis.

applaud inc builds review acquisition for medical practices, priced on outcomes. This page is for current and prospective investors; the documents are available on request.

The market, in one number.

We analysed 15,061,473 Google reviews across 142,417 US medical practices. The median practice holds 19 reviews. Two thirds of the market sits at 4.8 stars or better, so the rating no longer separates anyone — the count does. The top decile of practices holds 61.5% of all reviews at a mean rating just 0.33 stars above the bottom half.

That gap is the business. A quarter of American medicine is excellent and invisible: 4.8 stars or better on ten reviews or fewer. They do not need better care. They need to be counted.

Read the full research report

How the model works.

  • Paid on outcome

    Practices are billed per review actually published — not a retainer, not a seat licence. The incentive is identical on both sides of the contract.

  • Owned infrastructure

    SMS and voice run on our own stack, including Ovation, the in-house real-time conversation engine. No per-seat third-party voice vendor sitting between us and margin.

  • Compliance as moat

    HIPAA-aware outreach, BAAs with vendors that touch data, and no review gating — the FTC banned it in 2024. The compliant path is the durable one.

  • Proprietary market data

    Our audit operations generate the dataset behind the research above. It powers the free audit that opens sales conversations, and it is an asset competitors do not have.

Data room

2 documents · access by request

Password required

Documents are shared under NDA with named parties. If you have been given an access code, enter it when prompted. Otherwise request access and tell us who you are.

Nothing on this page is an offer to sell or a solicitation of an offer to buy any security.