August 31, 2007 03:09 AM | Press Release
Boston, MA — August 31, 2007 — Covington Associates LLC announced today that it has acted as exclusive financial advisor to JJWild, Inc. (“JJWild”), a leading provider of integrated technology solutions and consulting services for the MEDITECH healthcare information systems community, in its sale to Perot Systems Corporation (NYSE: PER), a worldwide provider of information technology and business solutions. The transaction is valued at approximately $89 million, subject to certain adjustments and offsets. Covington Associates had previously advised JJWild on a round of debt and equity financing in 2006, provided by GE Healthcare Services and Advent International, respectively.
Based in Canton, Massachusetts, JJWild is the preferred integration provider for MEDITECH, a leader in the Health Care Information Systems (HCIS) industry. MEDITECH’s application software is designed to unify clinical, administrative and financial information across a healthcare organization. JJWild’s service offerings range from IT infrastructure design and deployment to process optimization. For over twenty years, JJWild has helped more than 1,000 healthcare organizations to fully leverage their MEDITECH Healthcare Information Systems.
Tom Cibotti, a Managing Director at Covington Associates and lead advisor to JJWild on the transaction, commented “The acquisition of JJWild will strongly position Perot Systems within the MEDITECH arena. JJWild’s long-standing relationship with MEDITECH and in-depth experience in the healthcare industry, combined with Perot Systems broad reach, will provide further resources to JJWild as it supports the continued success that MEDITECH has experienced in the marketplace.”
Dick Fitzpatrick, President of JJWild, said “We are excited to join forces with Perot Systems going forward. The combined entity will offer unparalleled capabilities to existing and future MEDITECH customers. Covington Associates understood the importance of finding a good strategic fit to help us expand on our longstanding relationship with MEDITECH. Covington has done an excellent job advising JJWild and time after time has found the best solution for our company.”
JJWild develops and delivers integrated IT solutions that empower healthcare organizations using the MEDITECH Healthcare Information System to optimize healthcare delivery. Leveraging their in-depth technology and application consulting expertise, JJWild offers comprehensive solutions that integrate people, processes, and technology to ensure customers realize the full potential of their MEDITECH system. JJWild’s experienced and extensive team of healthcare consultants and technology experts are dedicated to helping clients achieve their strategic goals. With more than twenty years of dedicated support to the MEDITECH community, JJWild’s integrated IT solutions have helped MEDITECH organizations around the world to improve patient care, reduce expenses, and enhance revenue. To learn more about JJWild, please visit www.jjwild.com.
About Perot Systems
Perot Systems is a worldwide provider of information technology services and business solutions. Through its flexible and collaborative approach, Perot Systems integrates expertise from across the company to deliver custom solutions that enable clients to accelerate growth, streamline operations, and create new levels of customer value. Headquartered in Plano, Texas, Perot Systems reported 2006 revenue of $2.3 billion. The company has more than 23,000 associates located in North America, Europe, and Asia. Additional information on Perot Systems is available at www.perotsystems.com.
About Covington Associates LLC
Covington Associates is a specialty investment banking firm offering financial advisory services in the areas of mergers and acquisitions, debt and equity capital raising, debt and equity restructuring, and strategic advisory assignments. Since 1991, Covington Associates’ senior advisors have been providing a superior level of service to middle-market companies in the business service, consumer and industrial, healthcare and technology sectors. Covington Associates has completed transactions ranging from $10 million to $2 billion for both privately held and publicly traded companies across the U.S. and abroad. To learn more about Covington Associates, visit www.covingtonassociates.com.
JJWILD ACQUIRED BY PEROT