Curt Monash, an independent research analyst in Acton, Mass., said that Cache's "advantages are, in most markets, nice to have, not must-haves."

"In health care, there is a greater need to build or buy applications from scratch. If you're going that route, Cache is an attractive option," Monash said. But even with Cache's latest updates, he said, "I expect their customer profile to remain fairly similar, which is somewhat less broad than it deserves to be."