Lawrenceville, NJ (PRWEB) March 13, 2013
Edison Ventures announced a $9.5 million investment in Lincor Solutions. At closing the Company will move its global headquarters to Nashville, TN while maintaining research, development and sales offices in Cork, Ireland. The proceeds will be used to accelerate and to expand the company’s presence in the United States, to support product development, and to provide liquidity for existing shareholders. Lincor’s MEDIVista platform provides secure image archiving, integration to communication (PACS), medical records and hospital management systems for hospitals and providers. For patients, Lincor provides multimedia entertainment, education and communications services. Lincor’s products are currently deployed in over 100 hospitals around the world.
Lenard Marcus, Edison Ventures Principal led the investment noted, “Lincor’s technology acts as the primary point of information integration and distribution for patients. Hospitals utilizing the technology have demonstrated increased physician-patient interactions, lower patient re-admissions, and an improvement in clinical outcomes. Several U.S. customers have increased their HCAP scores since implementing the product.” Tom Vander Schaaff, Edison Partner who led diligence said, “Lincor’s customer retention has been impressive to date, customers noted the product’s ability to improve patient communication and outcomes.” Lenard Marcus joined the Board of Directors, along with Dick Cook, Edison Director Network member.
Lincor CEO Richard Cooke stated, “Lincor is an ambitious company with a unique technology at the center of healthcare IT. The healthcare industry is experiencing tremendous cost and care delivery challenges particularly in the United States . This financing will enable us to aggressively expand our market presence in the U.S. and accelerate our product development. We view this investment by a world class investor like Edison Ventures as a fantastic endorsement of our technology, track record and management team."
Edison has invested in and guided 30 Healthcare Information Technology businesses. Noteworthy exits (2-16X return) include CambridgeSoft, Dendrite, DiagnosisOne, InnaPhase, Octagon, POMs, Portico and Taratec. Current Healthcare IT portfolio companies include Cadient, ClearPoint, Health Market Science, iContracts, PHX and Verilogue.
About Edison Ventures
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 sole or lead investor. 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, McLean, VA, Needham, MA, and Cleveland, OH. Industry specialties include Healthcare IT, Financial Technology, Interactive Marketing & eCommerce and Enterprise 2.0. Edison’s successes include Best Software, Gain Capital, Liberty Tax, Marcam, Mathsoft, Neat, Tangoe, Visual Networks, Vocus and many other information technology leaders, which have a combined market value exceeding $5 billion. Edison Ventures currently manages over $800 million and actively making new investments. For more information on Edison Ventures, please visit http://www.edisonventures.com and follow us on Twitter @edisonventure.
About Lincor Solutions
Lincor Solutions, founded in 2003, developed its patented MEDIVistaTM solution for the provision of patient entertainment services and secure access to clinical applications at the point-of-care in hospitals – the patient bedside. MEDIVistaTM is a fully digital solution providing a suite of triple-play entertainment services for patients across Internet, TV and Telephone as well as access to clinical applications such as Electronic Patient Records and X-Ray images. Lincor operates internationally from Dublin, Cork and Toronto and now has the largest installed base of its type worldwide. MEDIVistaTM is delivered through a network of channel and technology partners in Europe, Middle East, Asia and the Americas. For more information, visit http://www.lincor.com.