NewSpring Capital Successfully Exits Precyse
June 29, 2015
RADNOR, PA – June 29, 2015 – NewSpring Capital, a family of private equity funds providing growth and expansion capital, announced today that Precyse, a portfolio company of the firm’s dedicated healthcare fund, NewSpring Health Capital (“NewSpring”), has signed an agreement to be acquired by Pamplona Capital Management (“Pamplona”).
Since inception in 1999, and through the recapitalization of the Company in 2008 by NewSpring and Altaris Capital Partners, Precyse has become the recognized leader in the Health Information Management industry. By providing an array of technology-enabled services including medical transcription, cancer tumor registry, computer assisted coding (“CAC”), clinical document improvement (“CDI”) and education services via Precyse University, the Company serves over 4,000 healthcare facilities nationally. Tangible outcomes for clients have gained the Company recognition by such leading organizations as KLAS Enterprises who awarded Precyse “Best in Transcription Services” for three consecutive years. In addition, KLAS ranked Precyse the highest among firms that offer both CAC and CDI solutions.
Brian G. Murphy, NewSpring TGeneral Partner and Board Member of Precyse stated, “The Precyse management team has advanced its technology-enabled services platform to solve mission critical clinical and administrative inefficiencies while increasing compliance in an ever-changing hospital environment. The value recognized by clients has now translated to NewSpring’s Limited Partners as well. We are confident that the Precyse management team and Pamplona will expand the Company’s leadership position in the industry.”
“We are delighted to be taking this step forward during a time of significant development for Precyse,” said Precyse CEO, Chris Powell. “Our ability to deliver a comprehensive suite of services to our hospital customers empowers them to develop a financially and clinically healthy healthcare organization which, in turn, promotes a healthy population. We are encouraged by the scale and market penetration we have achieved to date and are confident that our product offering, leadership and industry position will lead to accelerated growth in the future. Moving forward, our partnership with Pamplona will enable us to build on this tremendous base that our investors helped us create.”
Executive Chairman, Founder and former CEO, Jeff Levitt added, “We appreciate the partnership with Brian Murphy and his team at NewSpring that have helped the Company navigate the dramatic changes in the healthcare industry over the past few years. The Company is well positioned to capitalize on the transformation and continued growth in the Health Information Management industry. We look forward to future growth with our new partner, Pamplona.
Precyse has enabled nearly 4,000 healthcare facilities and health systems nationwide to improve efficiency and deliver tangible outcomes for more than a decade. With products ranging from an integrated transcription and coding platform with advanced speech recognition, expert workflow technologies, and Natural Language Processing (NLP) to Health Information Management (HIM) consulting and services, Precyse’s flexible software can be delivered stand-alone or complemented by a professional staff of more than 1,500 experts. Precyse is the partner hospitals across the country choose to achieve this goal. Please visit www.precyse.comfor more information.
About Pamplona Capital Management
Pamplona Capital Management is a London and New York based specialist investment manager established in 2005 that provides an alternative investment platform across private equity, fund of hedge funds and single manager hedge fund investments. Pamplona Capital Management, LLP manages over USD 10 billion in assets across a number of funds for a variety of clients including public pension funds, international wealth managers, multinational corporations, family offices and funds of hedge funds. Pamplona is currently managing its fourth private equity fund, Pamplona Capital Partners IV LP, which was raised in 2014. Pamplona invests long-term capital across the capital structure of its portfolio companies in both public and private market situations. Please see pamplonafunds.com for further information.