BOSTON, SEPTEMBER 13, 2012 – ABRY Partners today announced a significant investment in SourceMedical Solutions, Inc., of Birmingham, Al. The company will continue to operate under the SourceMedical name, and will become an ABRY Partners portfolio company. Terms of the transaction were not disclosed.
“We are delighted to be partnered with SourceMedical. We believe SourceMedical’s outstanding management team, leading technology, and breadth of products uniquely position the company to bring additional efficiencies to the surgery and therapy markets,” said Hilary Grove, a Partner with ABRY Partners. “We will support the company with investment in the core platform, and the addition of critical new products, in order to further expand SourceMedical’s value to its customers.”
“The investment in SourceMedical by ABRY Partners provides SourceMedical with a fresh source of new capital for continued investment in innovative products and services, a unique network of consultative experts in the fields of healthcare information technology and revenue cycle services, and a long-term stability that will greatly benefit our company, clients, and employees,” said Larry McTavish, Chairman and CEO of SourceMedical. “This union will allow our company to continue to operate independently while reaping the benefits of being a member of the family of portfolio companies in ABRY Partners.”
SourceMedical is the largest provider of outpatient information solutions and revenue cycle management services for ambulatory surgery centers, specialty hospitals, and rehabilitation clinics nationwide. With 31 years of real-world experience, more than 5,200 satisfied customers, and the confidence of more than 250 consultants and management companies, SourceMedical offers the broadest range of solutions and enhancements available to the industry. The company’s unique end-to-end systems improve operational efficiency and cash flow while enabling healthcare facilities to capture, exchange, and analyze data to deliver a higher standard of patient care. For more information, please visit www.sourcemed.net/.
ABOUT ABRY PARTNERS
Founded in 1989, ABRY is one of the most experienced and successful healthcare services, media, communications, and business information services sector-focused private equity investment firms in North America. ABRY has completed over $36 billion of transactions, representing investments in more than 450 properties. The firm is currently managing over $3.5 billion of total capital and investing out of a $1.6 billion private equity fund, $750 million senior equity/mezzanine fund and a $1.2 billion senior debt fund.