Investment Summary

Summit Partners and Warburg Pincus Invest In Modernizing Medicine

On August 20, 2013, growth capital firm Summit Partners and private equity firm Warburg Pincus invested in information technology company Modernizing Medicine

Investment Highlights
  • This is Summit Partners’ 21st and Warburg Pincus’ 10th transaction in the Information Technology sector.
  • This is Summit Partners’ 232nd and Warburg Pincus’ 127th transaction in the United States.
  • This is Summit Partners’ 17th and Warburg Pincus’ 4th transaction in Florida.

Investment Summary
Date 2013-08-20
Target Modernizing Medicine
Sector Information Technology
Investor(s) Summit Partners
Warburg Pincus
Deal Type Growth Capital

Target

Modernizing Medicine

Boca Raton, Florida, United States
Modernizing Medicine is a provider of specialty-specific health information technology. Its flagship product, the EMA, is a cloud-based, specialty-specific EHR system. The company’s suite of products also includes practice management and revenue cycle management solutions as well as telehealth for dermatology and analytics. Modernizing Medicine was founded in 2009 and is based in Boca Raton, Florida.

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Investor(S) 2

Investor

Summit Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

Category Growth Capital Firm
Founded 1984
PE ASSETS 39.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Summit Partners is a private investment and asset management firm focused on venture, growth, credit, and public equity investing. Sectors of interest include business services, communications technology and services, consumer products, energy, financial services, healthcare and life sciences, industrial products, internet/information services, media/entertainment, semiconductors, electronics, and software. Summit Partners is known for having a proactive business development group for sourcing transactions. Summit will consider both minority or majority investment stakes and is willing to commit as little as $10 million or as much as $500 million in combined debt/junior capital per transaction. The Firm's geographic coverage spans North America and Europe. Summit Partners was formed in 1984 and is headquartered in Boston, Massachusetts.

DEAL STATS #
Overall 260 of 387
Sector (Information Technology) 21 of 40
Type (Growth Capital) 151 of 219
State (Florida) 17 of 25
Country (United States) 232 of 320
Year (2013) 12 of 14
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-08-20 Florida Gaming Centers

Miami, Florida, United States

Florida Gaming Centers operates jai-alai frontons that feature casino gaming, live and simulcast jai-alai competition, and inter-track pari-mutuel wagering.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-08-23 IMMCO Diagnostics

Buffalo, New York, United States

IMMCO Diagnostics provides high-quality diagnostic test kits and lab testing services worldwide for the screening of autoimmune disorders.

Sell $33M
Investor

Warburg Pincus

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1966
PE ASSETS 83.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Warburg Pincus is a mega-sized, global private equity firm focused on investment opportunities across North America, Asia, and Europe. Warburg will consider investing at various company stages, from early-stage opportunities to distressed situations. Warburg Pincus is organized by industry groups. Verticals include financial services, healthcare, technology, media & telecommunications, energy, consumer & industrial, and real estate. Within financial services, Warburg will consider asset/wealth managers, banks, exchanges, financial technology, insurance, transaction processing, private banking, and specialty/consumer finance. Within healthcare, specific areas of interest include medical devices, healthcare services, and biotech/pharmaceuticals. Within technology/media/communications, Warburg targets software, media/internet/information, financial technology, telecom, business services, and systems/semiconductors. Within energy, specific areas of interest include oil/gas exploration, power generation/transmission, and alternative energy. Warburg Pincus raised its first fund in 1966 and is based in New York City.

DEAL STATS #
Overall 238 of 482
Sector (Information Technology) 10 of 44
Type (Growth Capital) 61 of 158
State (Florida) 4 of 12
Country (United States) 127 of 237
Year (2013) 11 of 13
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-08-15 Sophiris

La Jolla, California, United States

Sophiris is a late-stage, clinical biopharmaceutical company developing topsalysin (PRX302) for the treatment of patients with urological diseases. Sophiris was founded in 2002 and is based in La Jolla, California.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-09-09 Neiman Marcus

Dallas, Texas, United States

Neiman Marcus is a specialty retailer with online and offline operations. The Company's retail stores segment consists primarily of Neiman Marcus, Bergdorf Goodman and Last Call stores. The Online segment conducts both catalog and online operations under the Neiman Marcus, Bergdorf Goodman and Horchow brand names. Neiman Marcus was originally established in 1907 and is headquartered Dallas, Texas.

Sell $6.0B
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