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Abingworth makes growth equity investment in Secure EDI

Abingworth, an investment group focused on life sciences and healthcare, has made a growth equity investment in Secure EDI.

The recapitalisation will provide some liquidity for early investors in the company as well as provide additional equity capital for investment in the business and additional acquisitions.

Abingworth is partnering with current management led by chief executive Barry Byrd to continue to build the company.
 
Secure EDI, based in North Carolina in the US, is a healthcare transactions integrator, creating electronic interfaces between medical and dental providers and payers. The company’s suite of web-based services increases efficiency and helps to reduce costs through real-time adjudication of claims, electronic funds transfers, on-line reconciliation and data mining and informatics. The company currently operates in the US and Puerto Rico.
 
Abingworth partners Michael F. Bigham and David J. Mayer joined Secure EDI’s board at completion of the transaction.

Mayer says: “Abingworth looked at a number of revenue cycle management transactions over the past few years but chose to invest in Secure EDI because it offered payors, providers and third-party administrators a robust single platform technology solution at a great price. Further, the company’s software as a service business model requires little, if any, upfront capital outlay, which is a strong selling point in light of current economic pressures.”
 
Byrd adds: “The management team at Secure EDI including partners, Jose Angeles and Severiano Lopez-Marrero, are excited to have both Michael and Dave become investors and fellow board members. Secure EDI continues to see a number of compelling channels for further growth and we welcome our new partners to help us implement future growth initiatives and support further acquisitions.”

The investment was made from Abingworth’s growth equity fund, Abingworth Bioventures V Co-Invest Growth Equity Fund (AGE), and Abingworth Bioventures V. This investment is the third growth equity investment made from the AGE Fund.

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