Origin Healthcare Solutions (“Origin” or the “Company”), an industry leader in healthcare revenue cycle management services and business and clinical intelligence systems, announced that Technology Crossover Ventures (“TCV”) has made a significant growth equity investment in the Company.
Harford, CT. – January 8, 2010 – Origin Healthcare Solutions (“Origin” or the “Company”), an industry leader in healthcare revenue cycle management services and business and clinical intelligence systems, announced that Technology Crossover Ventures (“TCV”) has made a significant growth equity investment in the Company. TCV joins Beecken, Petty & O’Keefe & Company (“BPOC”), an investor since 2006, and management as investors in Origin.
Focused on both office and hospital-based physicians across all medical specialties, Origin supports over 40,000 medical providers nationwide with solutions that offer faster payment and increased collections for medical services rendered, as well as superior business and clinical analytics. Based in Hartford, CT, Origin has grown to 600 employees and over a 1,000 client organizations
“TCV’s extensive knowledge of the healthcare market and successful track record building companies in the information technology and services markets will help us to continue to aggressively invest in maintaining our technology leadership position while expanding our sales and marketing presence,” said Jeff Kvam, CEO of Origin. “We look forward to broadening our reach within the physician market and continuing to enhance the revenue collection experience.”
As part of the transaction, John Drew, TCV General Partner, will join Origin’s Board of Directors. Ken O’Keefe and Grant Patrick from BPOC and Mr. Kvam will remain on the Origin Board.
“Origin’s software and services simplify complex business and clinical processes for physician offices. This technology innovation has tremendous growth potential in the office-based physician market, a sector we have actively pursued for some time,” said John Drew of TCV. “We are excited to partner with BPOC, Jeff, and the rest of the Origin team to further accelerate Origin’s expansion.”
“We are thrilled to have TCV as an investor in Origin and look forward to working with TCV and management to fully realize Origin’s potential in this large market,” said Ken O’Keefe of BPOC. “TCV is an ideal partner for Origin at this stage of its development.”
About Origin Healthcare Solutions
Founded in 1991, Origin is a healthcare industry leader in physician revenue cycle management services and physician business office and clinical technology. By leveraging superior technology, processes and analytics in healthcare marketplace, Origin has been able to provide industry leading financial performance for its customers. For more information about Origin Healthcare Solutions, visit www.originhs.com or call 800-358-6443.
Technology Crossover Ventures (TCV), founded in 1995, is a leading provider of growth capital to technology companies, providing funds to later-stage private and public companies. With $7.7 billion in capital under management, TCV has made growth equity and recapitalization investments in over 170 companies leading to 45 initial public offerings and more than 30 strategic sales or mergers. Representative investments include Altiris, eHarmony, Expedia, Fandango, Liquidnet, Netflix, RealNetworks, Redback Networks, Solect Technology, TechTarget, Travelport, Webroot, and Zillow. TCV has 11 partners and is headquartered in Palo Alto, California. For more information about TCV, visit .
BPOC is a Chicago-based private equity firm founded in 1996 to invest in middle-market buyout transactions, recapitalizations and growth platforms in the health care industry. The firm manages over $1 billion of capital and has invested in numerous health care provider, product, manufacturing, distribution, outsourcing, managed care and information technology companies. Representative transactions include AbilityOne Corporation, Hospital Physician Partners, The Hygenic Corporation, ISG Holdings, Sirona Dental Systems, Take Care Health Systems, Valitas Healthcare Services and TeamHealth. For more information about BPOC, visit www.bpoc.com.