Boston, MA – October 28, 2009 – Covington Associates announced it acted as sole financial advisor to Accenx Technologies, Inc., a leading provider of health information exchange and interoperability solutions, on its sale to Initiate Systems, Inc., a leader in data management solutions for information sharing and improved data quality. This acquisition furthers Initiate's growth strategy and expands its offerings in the healthcare market. The terms of the transaction were not disclosed. Accenx Exchange™ enables communities to rapidly connect healthcare providers, such as physician practices, reference labs and imaging centers, and easily share information such as orders and results. Accenx's Software as a Service (SaaS) delivery model and physician outreach program offers the service levels required by physicians with rapid deployment and a low up-front investment.
Zeke Navar, Principal at Covington Associates, said, "While Accenx undoubtedly adds to Initiate's existing healthcare customer base, it also adds a key SaaS product (Accenx Exchange) and healthcare IT services know-how. It ultimately strengthens Initiate's competitive position against much larger rivals such as IBM, Oracle, and others."
According to Accenx's lead investor, Brant Heise, Vice President of National Healthcare Services, Inc. "Zeke and his team at Covington skillfully guided us throughout this interesting and challenging M&A process, preemptively negotiating on our behalf. They stepped up and did whatever needed to get done on a tight schedule. Covington Associates brought a lot to the table and their staff proved to be highly valued members of our team. We couldn't be happier with their performance."
About Accenx
Accenx Technologies, Inc. is a leading provider of health information exchange and interoperability solutions, with more than 150 customers and the largest dedicated team of integration specialists in the industry. The Company's solutions allow hospitals, physician practices, and other participants in the healthcare community to quickly connect, and seamlessly share information, to improve patient care, reduce administrative costs, and create a high-quality experience for both patients and providers.
To learn more about Accenx, visit www.accenx.com.
About Initiate Systems
Initiate Systems, Inc. enables organizations to confidently share critical data assets. Multinational corporations, healthcare organizations and government agencies rely on Initiate® software and services to deliver complete, accurate and real-time views of data spread across multiple systems, domains or databases. Initiate's multi-domain master data management (MDM) solutions facilitate interoperability, information sharing, entity resolution and data quality to increase revenues, reduce costs and mitigate risks. Initiate operates globally through its subsidiaries, with corporate headquarters in Chicago and offices across the U.S., and in Toronto, London and Sydney.
To learn more about Initiate, visit www.initiate.com.
About Covington Associates LLC
Covington Associates LLC is a specialty investment banking firm founded in 1991 serving business service, consumer, industrial, healthcare, and technology companies throughout the country. Focused on mergers and acquisitions, debt and equity capital raising, debt and equity restructuring, and strategic advisory assignments for middle market companies, Covington Associates has completed transactions ranging in value from $10 million to nearly $2 billion for both private and publicly traded companies.
To learn more about Covington Associates, visit www.covllc.com.
Company Contact
Covington Associates LLC
[617] 314-3950
info@covingtonassociates.com
