May 16, 2011 03:55 AM | Press Release
June 10, 2011 (Boston, MA) – Covington Associates announced it acted as sole financial advisor to Med-Vantage, Inc., a leading payer analytics platform with provider performance management and member engagement solutions for consumer transparency, on its sale to IMS Health Inc., a global provider of information services for the healthcare industry. IMS will integrate its unique healthcare data, analytics, benchmarks and quality measures into Med-Vantage’s proven suite of payer solutions. This combination will enable payers to proactively engage providers and members with objective information and analysis to change behaviors and create more transparent, clinically grounded performance management programs.
“Covington Associates’ deep healthcare IT expertise and strong effort resulted in a terrific outcome for Med-Vantage’s shareholders. They kept us focused and on track during a complicated transaction.” said Michael Bodenstab, Vice President of Finance & Strategy of Med-Vantage.
Med-Vantage, Inc. is a leading payer analytics platform. The Company offers its clients a comprehensive suite of provider performance management and member engagement solutions that promote high-quality care and address the complexities of new reimbursement and care delivery models. Founded in San Francisco in 2001, Med-Vantage was formed and majority owned by BP Informatics, a consortium of Blue Cross and Blue Shield licensees. Med-Vantage solutions are used by health plans managing more than 30 million lives.
To learn more about Med-Vantage, visit www.medvantage.com.
About IMS Health
IMS Health is the leading provider of information services for the healthcare industry around the world. The company draws on its global technology infrastructure and unique combination of in-depth, sophisticated analytics, on-shore and off-shore commercial services, and consulting platforms to help clients better understand the performance and value of medicines. With a presence in 100+ countries and more than 55 years of industry experience, IMS serves leading decision makers in healthcare, including pharmaceutical manufacturers and distributors, providers, payers, government agencies, policymakers, researchers and the financial community.
To learn more about IMS Health, visit www.imshealth.com.
About Covington Associates LLC
Covington Associates 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.
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