BIRMINGHAM, Ala., May 10, 2012 /PRNewswire/ -- MEDSEEK, a leading provider of online strategic patient engagement and analytics solutions for healthcare organizations, announced today that Silver Lake Sumeru, Essex Woodlands and MEDSEEK management have signed a definitive agreement to acquire the Company. MEDSEEK's software platform helps healthcare organizations attract and retain patients and improves patient experience and care through enhanced patient-doctor communication and information accessibility.
"We are thrilled to partner with Silver Lake Sumeru and Essex Woodlands as we continue to extend our leadership position in the patient engagement solutions sector. This investment will help accelerate our continued growth and offers significant benefits to our customers, employees and shareholders," said Peter Kuhn, MEDSEEK's Chief Executive Officer. "We are currently in the midst of a digital health transformation where seamless communication between patient and healthcare provider, and the increasing use of data driven analytical insights, will be required to make healthcare decisions. We have built the MEDSEEK platform to address these market changes, and with the backing of Silver Lake Sumeru and Essex Woodlands, we look forward to accelerating the expansion of this platform vision. The resources and expertise of these firms across the technology and healthcare sectors will enable us to take MEDSEEK to new levels."
Founded in 1996, MEDSEEK has over 200 customers representing over 1,000 hospitals and includes many of the top hospital systems in the United States and Canada. MEDSEEK provides the most advanced platform for digital interaction between patients and providers. Built on a modern and highly scalable architecture, MEDSEEK's patient interaction platform offers unprecedented levels of functionality and user experience flexibility with native extensibility for seamless information integration, enrichment and analysis. The Company's integrated platform delivers capabilities that home-grown solutions or add-on modules to core HIS systems are unable to match.
Hollie Moore Haynes, Managing Director of Silver Lake Sumeru, commented, "We are delighted to partner with Peter Kuhn and the MEDSEEK management team as they pursue their growth strategy. MEDSEEK is an innovative leader in the online patient engagement sector with exceptional technology, which we will continue to develop and expand. To stay competitive healthcare providers increasingly will need to enhance communications between care provider and patient and provide increased access to healthcare information and services online. MEDSEEK's solutions provide the technology platform to facilitate this next-generation online healthcare experience."
Steve Wiggins, Managing Director of Essex Woodlands added, "Health systems are grappling with ways to manage Accountable Care Organizations, bundled payments and medical home programs. These new value based purchasing initiatives need software tools that can attract patients into their programs, engage them throughout the care process and provide a platform for community based care coordination. MEDSEEK has an ideal platform for this new era of accountability."
The transaction will close upon satisfaction of all closing conditions which is anticipated in the next several weeks. Raymond James Health Care Investment Banking Group served as exclusive financial advisor to MEDSEEK in the transaction. Fenwick & West LLP acted as legal counsel to MEDSEEK. PricewaterhouseCoopers advised Silver Lake Sumeru and Essex Woodlands. Kirkland & Ellis, LLP and Perkins Coie LLP acted as legal counsel to Silver Lake Sumeru and Essex Woodlands, respectively.
Since 1996, MEDSEEK has focused exclusively on creating a 360-degree optimal eHealth experience for patients, clinicians and administrative staff by removing traditional integration and communication barriers, workflow roadblocks and redundant processes. Used by more than 1000 hospitals and health systems, MEDSEEK's strategic patient and engagement and management solutions and predictive analytics technology enable hospitals to execute enterprise-wide objectives by improving quality of care, uncovering new sources of revenue, informing capital expenditure decisions and generating meaningful loyalty among physicians and patients with a low-risk, high-return investment that leverages existing IT investments and infrastructure. For more information, visit www.medseek.com or call 1.888.MEDSEEK.
About Silver Lake Sumeru
Silver Lake Sumeru is a global leader in private equity investments in middle-market, growth-oriented technology companies. The Silver Lake Sumeru team applies fundamental operating insight, deep technology sector expertise, and world-class investing skills to invest in and partner with companies. Silver Lake Sumeru's portfolio includes or has included leading technology companies such as i2, Locaweb, Opera Solutions, Power-One, PrimeSense, SMART Modular, and Talend. Silver Lake Sumeru is the middle-market investment group of Silver Lake, the global leader in private equity investments in technology and technology-enabled industries. For important additional information regarding the portfolio investments visit www.silverlake.com.
About Essex Woodlands
Essex Woodlands is a dedicated health care growth equity firm, with investments in pharmaceuticals, biotechnology, medical devices, health care services, and health information technology. Since its founding in 1985, Essex Woodlands has been involved in the founding or capitalization of over 120 health care companies ranging across all sectors, stages and geography. The team is comprised of 28 senior investment professionals with offices in Palo Alto, Houston, New York and London. For more information, please see www.ewhv.com.
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