Warburg Pincus has made an investment in Intelligent Medical Objects, a developer of medical terminology used for the management of medical vocabularies and medical software applications.
Intelligent Medical Objects’ (IMO) medical vocabulary and mapping products are used to capture clinical intent and allow electronic medical records to communicate across multiple platforms. IMO’s most recent product release contains over 806,000 clinically-friendly medical terms, representing more than 69,000 ICD-10-CM codes (the International Classification of Diseases, Tenth Revision, Clinical Modification (ICD-10-CM) is a system used by physicians to classify and code all diagnoses, symptoms and procedures recorded in conjunction with hospital care). The company’s medical terminology is mapped to all standard coding systems and is used by more than 3,500 hospitals and 450,000 physicians daily.
IMO is led by Frank Naeymi-Rad, its Chief Executive Officer and co-founder; Dr. Andrew Kanter, Chief Medical Officer; and Regis Charlot, President and Chief Technology Officer. The company was founded in 1994 and is headquartered in the Chicago suburb of Northbrook (www.e-imo.com).
The investment from Warburg Pincus will be used to expand the company’s operations and for future acquisitions. “We see meaningful opportunities for IMO’s continued growth and expansion into new markets, and we look forward to supporting the company in its next chapter of growth,” said Vishnu Menon, a Managing Director at Warburg Pincus.
Warburg Pincus has more than $40 billion in assets under management and has raised 15 private equity funds since its founding in 1966. In November 2015, the firm reached a final close of Warburg Pincus Private Equity XII, LP at the hard cap of $12 billion. Warburg Pincus is headquartered in New York with offices in Amsterdam, Beijing, Hong Kong, London, Luxembourg, Mumbai, Mauritius, San Francisco, São Paulo, Shanghai and Singapore (www.warburgpincus.com).
“IMO’s market-leading software and products are used by thousands of hospitals and physicians to make complex data entry more simple, efficient and accurate,” said Andrew Park, a Principal at Warburg Pincus. “Our firm has been a long-term investor in the healthcare technology sector, and we are excited to partner with IMO as the company continues to grow and further enhance its healthcare technology services.”
Current Warburg investments in the health technology sector include DocuTAP, Helix, Specialist On Call, A Place For Mom and Sterigenics.
© 2016 Private Equity Professional • 10-12-16
