TPG Capital unit TPG Growth, has acquired clinical information systems developer iMDsoft Ltd. The companies did not discuss the financial terms of the deal, but "Globes" reported last week that the company was in talks to be acquired for $80 million.
iMDsoft's flagship product, the MetaVision Suite, automates hospitals' clinical workflow, and is used by more than 230 hospitals in 25 countries, including four of the top ten hospitals in the US and 13 of the top 50 hospitals in Europe.
The company was founded in 1996 by Dr. Phyllis Gotlib and Dr. Ido Schoenberg and by 2000 had raised $14 million. Since then the company has survived on its profits. Today the company has 190 employees, 130 of them in Israel.
iMDsoft CEO Phyllis Gotlib said, "We believe that TPG Growth's assets, access to top tier talent and management expertise will enable us to execute on our ambitious growth strategy, continue our trajectory of technological innovation and support our growing worldwide customer base. Exploding healthcare costs have become a global crisis, and our MetaVision Suite, as well as our series of new products currently under development, can help health systems, hospital networks and governments reduce their cost of care while simultaneously improving clinical outcomes."
TPG Growth managing director Matthew Hobart said, "The market for software systems designed to manage and coordinate care for acutely ill patients is growing rapidly. iMDsoft has succeeded in developing, marketing and deploying innovative technologies to some of the most demanding healthcare customers in the world. Recent implementations across state-wide health networks in North America, Australia and Europe demonstrate the pervasive need for the company's products."
Phyllis Gotlib and her husband Dr. Ido Schoenberg founded iMDsoft in 1996.
Published by Globes [online], Israel business news - www.globes-online.com - on June 12, 2012
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