EDG Partners has made a growth equity investment in MMIS, a provider of software used by pharmaceutical and medical device companies. The new investment by EDG Partners will help facilitate the continued market growth of MMIS and provide for further enhancement of its current technology position.
MMIS provides compliance and business intelligence software for the life science industry. Customers include pharmaceutical, medical device and bio-pharmaceutical companies. The company’s MediSpend Global Compliance platform allows organizations to comply with transparency laws, analyze data and communicate with healthcare providers across the world. MediSpend Global Compliance ensures compliance with US and global transparency regulations and laws, including the US Open Payments (the Sunshine Act) and Loi Bertrand (French Sunshine Act) in France. The Open Payments law, which requires all medical device and pharmaceutical companies to disclose annual direct and indirect spend on all physicians and teaching hospitals, was passed as part of the Affordable Care Act in March 2010. MMIS is based in New York (www.mmis-inc.com).
“MMIS is a dynamic and well positioned company led by its very capable co-founders, Michaeline Daboul (CEO) and Tim Robinson, Esq. (Chief Knowledge Officer). EDG Partners is pleased to partner with the company’s co-founders and senior leadership team as the company enters a new phase of growth and development,” said J. Stephen Eaton, Co-Founder and Managing Director of EDG Partners. “We believe MMIS has a terrific opportunity to be the leader in healthcare compliance outsourced solutions.”
EDG Partners invests from $5 million to $25 million of equity in healthcare companies with $10 million to $300 million in revenue and up to $15 million in earnings. The firm was founded in 2004 and has offices in Atlanta, GA and Alexandria, VA (www.edgpartners.com).
“MMIS is excited to partner with EDG, an organization with exceptional healthcare industry experience,” said Ms. Daboul. “EDG and MMIS share the same vision—the tremendous growth opportunity for MMIS afforded by the complex and global compliance needs of pharmaceutical and medical device organizations. I know the entire MMIS team is excited to have access to the strategic and financial support of our new partner.”
2014 PEPD • Private Equity’s Leading News Magazine • 7-30-14