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Edison Venture Completes $1.4M Follow-On Investment in Health Market Science
Posted July 29, 2010
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LAWRENCEVILLE, NJ, July 29, 2010 -- Edison Venture Fund announced completion of $1.4 million follow-on investment in Health Market Science headquartered in King of Prussia, PA. Cross Atlantic Capital Partners of Radnor, PA, led $6.1 million financing with three Edison Limited Partners co-investing. Edison's cumulative HMS investment reached $18.5 million.
HMS maintains industry leading healthcare database of over four million providers and one million healthcare organizations. HMS delivers claims information, master data management solutions and advanced analytics to drug companies, biotechs, medical device manufacturers, payers, providers and pharmacy chains.
"Expanded sales force accelerated revenue growth," stated John Martinson, Edison Managing Partner. "Customers rave about innovative new products and physician data sources," continued Rob Finn, Edison Analysis Associate.
John Martinson and Steve Wray, Cadient CEO, serve on the HMS Board of Directors. Wray is a member of the Edison Director Network. Darry Oliver, Edison CFO, serves as BOD observer. Rob Finn conducted Edison's due diligence.
Edison has been investing in software companies serving the drug industry since 1988. Edison's exits include Dendrite, InnaPhase, Marcam, POMS and Taratec which averaged 9X return. Current HCIT portfolio companies include Cadient, CambridgeSoft, Clearpoint, DiagnosisONE, iContracts, Octagon, Portico, Sela2, Sentrx, SmartAnalyst, Systech and Verilogue.
Edison has been the sole or lead investor in most of 44 Pennsylvania-based companies. Assessment Systems, Eastern Telelogic, E-Transport, Insoft, Liberty Technologies, Neutronics, Nobel Learning, Submicron Systems, Thermacore and VirtualEdge all returned over 5X Edison's investment. Active Pennsylvania investments include Fiberlink, Neat, Satori, True Commerce, and WAM.
About Edison Venture Fund
Established in 1986, Edison partners with entrepreneurs, service providers and other financing sources to build successful companies. Edison provides capital and value-added services to late stage ($5 to 20 million revenue), information technology businesses. Initial investments range from $5 to 10 million. Edison typically serves as the sole or lead investor in financings up to $10 million. In addition to providing expansion capital, Edison funds management buyouts, recapitalizations, spinouts and secondary stock purchases.
Edison's investment professionals are based in Lawrenceville, NJ, New York, NY, Needham, MA and McLean, VA. Industry specialties include application software, communications, financial technology, interactive marketing, and healthcare IT. Edison's successes include Act!, Axent, Best Software, Liberty Tax, MAPICS, Princeton Financial, Visual Networks, Vocus and many other information technology leaders, which have a combined market value exceeding $5 billion. Edison Venture currently has $600 million under management and is actively making new investments. www. edisonventure.com
About Health Market Science
Health Market Science is the leading source for healthcare provider data, software and advanced analytics in the United States. Health Market Science has developed proprietary technology and expertise to continuously acquire, analyze and integrate more than 2,000 distinct data sources. Using this technology, the company maintains the single most comprehensive and accurate source of healthcare provider information available today, the HMS MasterFile. The company serves all segments of healthcare, including pharmaceutical, medical device, pharmacy, PBM, payer and provider.
Health Market Science helps its clients increase revenues, drive operational efficiencies, achieve regulatory compliance and maximize market opportunities. For more information, please visit www.healthmarketscience.com.
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