JACKSONVILLE, Fla., Sept. 26, 2017 /PRNewswire/ -- Availity, the nation's largest real-time health information network, announced today that it has received a significant growth equity investment led by Francisco Partners, a leading technology-focused private equity firm, with additional investment from Availity's existing investor group.
"Availity is excited to welcome Francisco Partners as an investor and member of the Availity team," said Russ Thomas, CEO of Availity. "Our expansive network of deeply integrated healthcare providers, health plans and healthcare technology firms interact through Availity nearly four billion times annually. This new investment uniquely positions us to enable a 21st century healthcare system and fuels Availity to rapidly deliver on inorganic and organic growth opportunities."
Availity is the leading healthcare engagement platform for synthesizing and sharing critical health information in the real-time daily workflow of its customers. The company enables transparency of administrative, financial, and clinical information with rich insights, automation and standardization. Availity is driving systematic change and standardization as the designated nexus of communication between 1.2 million active providers and a network of national and regional health plans across the country.
"Availity is one of the few healthcare technology entities that can be called a true platform," said Chris Adams, partner with Francisco Partners. "By operating at the intersection of payers and providers, Availity is able to innovate to reduce waste, cut inefficiency, and solve some of the most difficult problems in healthcare."
Availity's existing investors are some of the nation's largest health plans, including Anthem, Florida Blue, Health Care Service Corporation (HCSC), Humana and Blue Cross Blue Shield of Minnesota. "The Availity investor group is delighted to have Francisco Partners join the team," said John Jesser, Chairman of the Availity Board of Managers and Vice President, Anthem. "Through a thoughtful deliberation process, the Board concluded that Francisco Partners is an excellent strategic partner as we develop and acquire solutions that fundamentally reinvent the way payers and providers collaborate, share information, and draw actionable insights to foster more meaningful, patient-centered care."
In addition to this substantial equity investment, in July Availity secured a new $200 million revolving credit facility to develop and acquire high-quality assets within the company's payer and provider segments.
Piper Jaffray served as exclusive financial advisor to Availity and its outside corporate counsel, Taft Stettinius & Hollister, LLP served as legal advisor. Kirkland & Ellis LLP acted as legal advisor to Francisco Partners.
About Availity As an industry-leading, HITRUST-certified health care information technology company, Availity serves an extensive network of health plans, providers, and technology partners nationwide through a suite of dynamic products built on a powerful, intelligent platform. Availity integrates and manages the clinical, administrative, and financial data needed to fuel real-time coordination between providers, health plans, and patients in a growing value-based care environment. Facilitating over 10 million transactions daily, Availity's ability to provide accurate, timely, and relevant information is vital to the financial success of its clients. For more information, including an online demonstration, please visit www.availity.com or call 1.800.AVAILITY (282.4548).
About Francisco Partners Francisco Partners is a leading global private equity firm that specializes in investments in technology businesses. Since its launch over 17 years ago, Francisco Partners has raised over $10 billion in capital and invested in more than 200 technology companies, making it one of the most active and longstanding investors in the technology industry. The firm invests in opportunities where its deep knowledge and operational expertise can help companies realize their full potential.
Contact: Matt Schlossberg Amendola Communications for Availity [email protected] 630-935-9136