Boulder, CO (PRWEB) January 12, 2009
MD-IT, a provider of medical documentation services and software for physician offices and ambulatory clinics, announced today that it has closed $11 million in Series B private equity funding. The new investment comes from J. Burke Capital Partners LLC, a New York-based private equity firm focused on small to mid-sized companies.
MD IT will use the funds to finance the company's continued growth through acquisition of regional transcription companies, as well as to enable additional investment in its technology and to expand sales and marketing efforts. First Analysis Securities Corporation's investment banking division acted as exclusive financial advisor to MD IT on this transaction.
Eric Lauerwald, member of J. Burke Capital Partners commented, "We are excited about the opportunity to partner with a management team of such depth -- a team that has demonstrated its capability to execute a well-conceived, multifaceted growth strategy. MD-IT has developed a platform that efficiently provides best-in-class solutions to a highly fragmented, underserved sector."
"This is a challenging environment for raising equity capital. Investors are being extremely selective in the investments they make," noted Thomas Carson, president and CEO of MD IT. "We are proud that our investors are encouraged by our results to date and see the tremendous opportunity for our company. In two years, we have grown from a local company to become the largest provider nationwide of documentation services for physician offices and ambulatory clinics."
MD IT specializes in serving physician offices and ambulatory clinics, a market estimated at $7 billion out of the $10 billion spent annually on medical transcription in the US. Hospitals account for the remaining $3 billion. MD-IT's medical documentation software and service enables physicians to spend more time with patients and family, and less time on the paperwork required to document patient visits.
MD-IT provides medical documentation services and software to 5,000 physicians and clinicians in over 680 medical practices and hospitals throughout the United States. The company combines the benefits of local office ownership with the resources of a national company to offer personalized service supported by leading technology. The privately held company is located in Boulder, CO, with regional offices in Colorado, Florida, Indiana, Kentucky, Maine, Maryland, Minneapolis, Oregon and Texas. Additional information can be found at md-it.com.
About J. Burke Capital Partners
J. Burke Capital Partners is a private equity firm based in New York City. The principals of Burke Capital have been active and successful in the private equity sector for over 25 years. They have managed private equity funds totaling over $2.9 billion, and personally led over $1 billion in investments across a wide range of sectors, generating an aggregate compound annual rate of return of well over 25%. For more information, visit jburkecapital.com.
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