I'm confident that the company, combined with the strengths of Francisco Partners, will continue to build on the great legacy of quality products and services offered to the medical healthcare market.
SALT LAKE CITY (PRWEB) January 17, 2008
"Excellent value in products and services tailored specifically to the needs of the physician revenue management market has resulted in a solid track record of growth," said Ezra Perlman, Partner at Francisco Partners. "We intend to leverage this success with additional resources so that AdvancedMD can accelerate its growth and solidify its leadership position."
"Jim's leadership during the last 4 years has been key to AdvancedMD's success and instrumental in positioning it for the future," said Perlman. "We are grateful for what he has done for the company, and look forward to his continued involvement on the board of directors."
"I'm proud of AdvancedMD's tremendous growth of over ten fold in the last 4 years," said Jim Pack, CEO of AdvancedMD. "Among other awards, we have been recognized as an Inc.500 company, received a CODIE award for the 'Best Healthcare Management Solution (Vertical)' by the Software & Information Industry Association, and recognized as 'Best in KLAS' for overall client satisfaction by the healthcare industry's leading rating company. I am also very proud to have had AdvancedMD recognized by Utah Business Magazine as one of Utah's 'Best Companies to Work for'."
The CEO role will be assumed by John Trzeciak. Mr. Trzeciak is a healthcare advisor to Francisco Partners and comes to AdvancedMD with more than 20 years of board, operating, and advisory experience in healthcare IT. His background includes co-founding Health Systems International Inc. (HSI), the pioneering medical software company that was instrumental in developing and maintaining the Diagnoses Related Groups (DRGs) for Medicare. HSI was acquired by 3M. Recently he served as interim CEO of two other Francisco Partners portfolio companies, LYNX Medical Systems and Dairyland Healthcare Solutions.
"We are pleased with the value created by AdvancedMD and, in particular, Jim's leadership as he built and mentored such a successful organization," said Michael Lee, Managing Partner of Dominion Ventures and former Chairman of AdvancedMD. "I'm confident that the company, combined with the strengths of Francisco Partners, will continue to build on the great legacy of quality products and services offered to the medical healthcare market."
About Francisco Partners
With $5 billion of capital under management, Francisco Partners is one of the world's largest technology-focused private equity funds. The firm was founded to pursue structured investments in technology companies undergoing strategic, technological, and operational inflection points. Francisco Partners targets control investments in private companies, with transaction values ranging from $30 million to $2 billion. The principals of Francisco Partners have a proven track record, having invested in excess of $3 billion of equity capital in over 50 technology companies. For additional information, visit http://www.franciscopartners.com.
About AdvancedMD Software
AdvancedMD Software, Inc., headquartered in Salt Lake City, Utah, is the leader in Web-based practice management and medical billing software. AdvancedMD Software brings to market AdvancedMD, a full-featured billing and scheduling solution and AdvancedEMR, a flexible electronic medical records management system. AdvancedMD solutions include free technical support, world-class security, and fully HIPAA compliant accessibility. Winner of the 2007 CODIE AWARD for "Best Healthcare Management Solution (Vertical)," AdvancedMD maintains a 98% customer retention rate and serves thousands of providers nationwide. For more information please visit http://www.advancedmd.com.