RALEIGH, N.C., June 16, 2017 /PRNewswire/ -- NovaQuest Capital Management, L.L.C. ("NovaQuest") today announced that Vern Davenport has recently joined as a Partner. Mr. Davenport will work with Ron Wooten, Jeff Edwards, Guy Petrelli and Michael Sorensen on the execution of NovaQuest's private equity strategy by partnering with the management teams of healthcare and life science companies.
"We are proud to have an accomplished private equity leadership team in place. It is exciting to deepen the capabilities of NovaQuest. We have assembled a very experienced team with both healthcare investing and operational expertise, and we look forward to their contributions to our portfolio companies," said Ron Wooten, Chief Investment Officer and Managing Partner.
Vern Davenport, Partner, has over 30 years of executive experience in building and transforming healthcare technology and services companies.
Before joining NovaQuest, Mr. Davenport was CEO and Board Member at Medfusion, a leader in healthcare consumerism technology. In this role, he was instrumental in the carve-out of the company from Intuit and returning its core portal solution to a market leadership position. Operationally, he created a culture where the company was awarded "Best Places to Work" by the Triangle Business Journal. In less than 12 months, the company developed and released two new products in patient payments and consumer patient record integration leveraging both cloud and mobile technologies.
Prior to Medfusion, Mr. Davenport was Chairman and CEO of MedQuist, a leader in transcription services before and after the privatization of the company. As Chairman and CEO, Mr. Davenport facilitated a transformation of the business through the acquisition of a speech technology company, rebranding the company M*Modal and leading the take private process that resulted in the sale of the business to One Equity Partners.
Mr. Davenport's previous experience also includes his time as President, Allscripts; CEO, Misys Healthcare; GM & EVP, Kodak Health Group (now Carestream Health) and executive leadership roles at Siemens, Shared Medical Systems. Mr. Davenport started his career at IBM where he spent 11 years in sales, sales leadership and executive management positions.
Mr. Davenport received an MBA from East Carolina University as well as a BSBA in Business. Mr. Davenport currently serves on the East Carolina Board of Trustees as well as the WakeMed Health and Hospitals Board.
The NovaQuest team began in 2000 within QuintilesIMS with the vision of building an investment platform to provide strategic capital to life sciences and healthcare companies and became an independent management company in 2010. Today, NovaQuest manages over $1.4 billion in assets. Our team of investment professionals have significant investment experience and deep life science and healthcare expertise. Furthermore, NovaQuest benefits from a large network of industry experts that look to help identify and potentially assist NovaQuest portfolio companies and investments.
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SOURCE NovaQuest Capital Management, L.L.C.