MEDSEEK, a provider of online patient engagement software for healthcare organizations, announced today that Silver Lake Sumeru, Essex Woodlands and MEDSEEK management have signed an 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. 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. The company was founded in 1996 and is based in Birmingham, AL (www.medseek.com).
“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,” said Hollie Moore Haynes, Managing Director of Silver Lake Sumeru. “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.”
Silver Lake Sumeru invests in middle-market technology and technology-enabled companies. Preferred sectors include hardware, software, internet, and technology-oriented services. The group pursues growth opportunities in the technology industry, primarily focusing on investments in which a transformative shift in business performance or market growth, or both, is the basis for value creation. Silver Lake Sumeru’s portfolio includes or has included 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 which makes private equity investments in technology and technology-enabled industries. Silver Lake has offices in Menlo Park, New York, London, San Francisco, Hong Kong and Tokyo (www.silverlake.com).
Essex Woodlands makes investments in pharmaceuticals, biotechnology, medical devices, health care services, and health information technology sectors. 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 firm has 28 senior investment professionals with offices in Palo Alto, Houston, New York and London (www.ewhv.com).
“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,” said Steve Wiggins, Managing Director of Essex Woodlands.
Raymond James Health Care Investment Banking Group served as exclusive financial advisor to MEDSEEK in the transaction. Fenwick & West acted as legal counsel to MEDSEEK. PricewaterhouseCoopers advised Silver Lake Sumeru and Essex Woodlands. Kirkland & Ellis and Perkins Coie acted as legal counsel to Silver Lake Sumeru and Essex Woodlands, respectively.