Susquehanna Growth Equity Acquires MediMedia Information Technologies, LLC
BALA CYNWYD, Pa., April 18, 2011 /PRNewswire/ -- Susquehanna Growth Equity, LLC (SGE) today announced that it has acquired MediMedia Information Technologies, LLC (MMIT), a provider of managed care information for the healthcare industry.
MMIT engages in the collection, consolidation, and interpretation of pharmaceutical and healthcare information from health plans to meet the needs of healthcare decision makers in managed markets. In addition, it offers data collection, analysis, and related services to the managed care marketplace.
"MMIT is a leader in the area of formulary information management, a position we intend to leverage with a plan of enhancing the company's platform through the addition of adjacent data sets and front-end analytic capabilities," said Scott Feldman of Susquehanna Growth Equity. "In an environment of increasing regulatory reform and cost consciousness, pharmaceutical companies, insurance plans, and providers continue to demand more comprehensive sources of managed care information. MMIT has been the leader in this space for the past decade and is extremely well-positioned to meet the growing needs of this marketplace. Mr. Feldman along with Vincenzo La Ruffa and Amir Goldman will be joining the company's board of directors."
MMIT has been led by a dedicated team of healthcare professionals for the last decade. All employees will remain with the company. Martin Caron will continue to serve as President and Chief Executive Officer. As part of the transaction, Ronald Berg has joined as Chief Operating Officer and Chief Financial Officer. Mr. Berg previously served in senior executive roles at RadPharm, Idealab, Deja.com, and Infonautics. Thomas Gardner has also joined the team as Chairman of the Board. Mr. Gardner has been an executive, investor, and advisor in the healthcare industry since 1970, and has served in senior roles at Johnson & Johnson, the Dun & Bradstreet Corporation, and IMS Health.
"SGE's investment in MMIT will accelerate our development efforts, allowing us to quickly meet customer needs in today's fast-paced business environment," said Martin Caron of MMIT. "We are all looking forward to the considerable insight and experience that Ron and Tom bring to the company and are excited to work with SGE to continue delivering innovative solutions to our customer segments."
MMIT provides plan-specific and managed care formulary information to pharmaceutical, health insurance, and electronic prescribing companies. The company's solutions are all built around a central formulary database integrating data from managed care organizations, pharmacy benefit managers, health maintenance organizations, preferred provider organizations, state Medicaid plans, over 1000 Medicare Part D plans, and self-insured employer plans.
The company was founded in 1994 and is based in Yardley, Pennsylvania. For additional information please visit www.mminfotech.com.
About Susquehanna Growth Equity, LLC
Susquehanna Growth Equity, LLC (SGE) is a private equity group investing in growth capital and buyout opportunities in information services, software, and financial technology. SGE's team of dedicated investment professionals brings a unique set of experience combining venture investing with operational expertise. For additional information please visit www.sgep.com.
SGE is an affiliate of Susquehanna International Group, LLP (SIG), a world-leading, technology empowered financial trading firm specializing in making markets and providing liquidity. SIG includes affiliated entities specializing in institutional brokerage, research, private equity, and venture capital. SIG employs approximately 1,500 individuals located in North America, Europe, Asia, and Australia. For additional information please visit www.sig.com.
SOURCE Susquehanna Growth Equity, LLC
Posted: April 2011