ROCHESTER, N.Y., Oct. 13 /PRNewswire/ -- Logical Images, a developer of visual diagnostic healthcare software, announced today the closing of a $2.7 million financing with Massachusetts-based Ticonderoga Capital, a private equity firm focused exclusively on healthcare information technology and technology-enabled business services.
Logical Images plans to use the new funding for product development, aggressive expansion of its sales force, and entrance into new markets. As part of the investment, James Vandervelden, a Partner at Ticonderoga, has joined Logical Images' Board of Directors. Mr. Vandervelden brings over a decade of private equity experience as well as strategic and operational healthcare consulting experience to the Board.
"Given Ticonderoga's depth of experience in technology and healthcare, we are excited about the financial and strategic perspective they bring to Logical Images," said Michael O'Connor, President of Logical Images. "In partnering with Ticonderoga, we can take this business to the next level while increasing our focus on the unique needs of each of our clients."
"We are attracted to Logical Images because it has a valuable visual clinical decision support tool, a strong management team, and an impressive, rapidly growing customer base which includes over 350 hospitals in the US and 10 other countries, along with the US military and several state and local health departments," said Mr. Vandervelden. "Founder Dr. Art Papier and the Logical Images management team have accomplished a lot since the Company introduced VisualDx in 2001. We plan to build on this momentum and help Logical Images capitalize on the promising opportunities it has for explosive growth in the future."
About Ticonderoga Capital
Ticonderoga Capital is a Wellesley, Massachusetts-based private equity firm with over $150 million of capital under management. Ticonderoga invests in later stage technology-enabled business services, healthcare services and enterprise software firms. Ticonderoga's objective is to create long-term partnerships with exceptional management teams who are building growth businesses and require Ticonderoga's experience and capital to maximize their success. Ticonderoga takes an active advisory role in recruiting, strategic planning, negotiating and raising capital, advising on mergers and acquisitions, and accessing strategic or corporate partners. For more information, please visit http://www.ticcap.com
About Logical Images
Based in Rochester, N.Y., Logical Images develops products to speed visual recognition and clinical decision making. It is a company of digital imaging experts, leaders in computer-based design and knowledge management, skilled image archivists, and practicing physicians. The company's comprehensive library of digital medical photographs and easy-to-use software helps clinicians in critical jobs make better decisions. For more information, please visit http://www.logicalimages.com
3445 Winton Place, Suite 240
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