Edison Ventures has contributed strategic guidance and healthcare technology expertise to the company. Edison is an ideal equity partner bringing value-added services to secure financing, attract management and cultivate business partners.
Lawrenceville, NJ (PRWEB) July 27, 2011
Edison Ventures today announced that technology partner company Portico Systems, Inc. has been acquired by McKesson. Edison expects to receive $18.7 million related to its equity interest in Portico, of which $15.9 million was paid upon closing, $1.8 million will be held in escrow, and $1.0M will be contingent upon the attainment of certain performance milestones. Portico, based in Blue Bell, PA, is a leading provider of solutions that enable healthcare organizations to design, build, service and provide value-based reimbursement to their complex provider networks.
“Portico has transformed an insurer’s responsiveness to their provider network through modular software and innovative services,” commented Lenard Marcus, Edison Principal and Portico Board Member. “Led by CEO Ned Moore, Portico management has superbly executed on their product and customer vision driving accelerated sales and revenue growth.”
“Edison Ventures has contributed strategic guidance and healthcare technology expertise to the company,” observed Ned Moore. “Edison is an ideal equity partner bringing value-added services to secure financing, attract management and cultivate business partners.”
Edison has invested in 19 Healthcare Information Technology companies. Successful exits include Cambridgesoft, Dendrite, POMs and Taratec. Current portfolio companies include ClearPoint, Health Market Science, Octagon Research 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 the 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, Needham, MA, New York, NY, and McLean, VA and Cleveland, OH. Industry specialties include interactive marketing, financial technology, healthcare IT, application software and communications. Edison’s successes include Best Software, E-Transport, Gain Capital, Neat, Princeton Financial, Tangoe, Virtual Edge, Vocus and many other information technology leaders, which have a combined market value exceeding $5 billion. Edison Ventures currently manages over $650 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 McKesson Inc.
McKesson Corporation, currently ranked 15th on the FORTUNE 500, is a healthcare services and information technology company dedicated to making the business of healthcare run better. McKesson partners with payers, hospitals, physician offices, pharmacies, pharmaceutical companies and others across the spectrum of care to build healthier organizations that deliver better care to patients in every setting. McKesson helps its customers improve their financial, operational, and clinical performance with solutions that include pharmaceutical and medical-surgical supply management, healthcare information technology, and business and clinical services. For more information, visit http://www.mckesson.com.
About Portico Systems
Portico Systems' innovative solutions enable health plans to reduce administrative, medical and IT costs. Portico's exclusive focus on provider operations and provider experience has allowed Portico to design the only modular end-to-end provider platform. Portico invites you to explore our website to learn how our commitment to customer service, quality and technology innovation can accelerate the evolution of your health plan's provider operations. For more information on Portico, please visit http://www.mckesson.com/porticosys.
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