DataBank IMX, a portfolio company of Svoboda Capital Partners, has acquired Griffith, Inc. (DBA Alpha Systems). This transaction is the seventh add-on acquisition for DataBank since it was acquired by Svoboda in January 2011.
Alpha is a provider of electronic document management services that are used to improve revenue cycle operations in hospitals and other health systems. The company is headquartered just north of Philadelphia in Huntingdon Valley, PA (www.alpha-sys.com).
“The acquisition of Alpha Systems grows our presence in the Healthcare market and brings unique solutions and intellectual property we can leverage to better serve our Healthcare clients nationally,” said Chuck Bauer, Co-founder & CEO of DataBank.
DataBank is a service provider of outsourced imaging and information services, including document scanning, indexing, physical and electronic document storage, and software to manage information. The company operates a network of imaging production centers with locations in Maryland, Massachusetts, Connecticut, Indiana, Texas, Louisiana, Florida, California, Minnesota, Nebraska, and Pennsylvania. Across this network, DataBank serves clients in several verticals, including healthcare, education, oil & gas, and government sectors. The company also provides Shared Services (accounts payable processing, HR/pension records) across various industries. DataBank is headquartered northeast of Washington, DC in Beltsville, MD (www.databankimx.com).
Alpha Systems will be merged into DataBank to become the company’s national healthcare division. This division, combined with the existing DataBank healthcare business, will comprise 30% of overall DataBank revenue and will be led by the former owner and president of Alpha Systems, Scott Griffith.
Svoboda Capital Partners invests from $10 million to $20 million in business services, value-added distribution, and consumer products companies that have revenues from $10 million to $100 million and EBITDAs from $3 million to $15 million. The firm was founded in 1998 and has over $300 million of capital under management. Svoboda Capital is based in Chicago (www.svoco.com).
2014 PEPD • Private Equity’s Leading News Magazine • 12-9-14
