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Virtual Radiologic Appoints Jim Burke as CEO and Announces Investment of Additional Capital to Support Continued Growth
MINNEAPOLIS, MN--(Marketwired - May 16, 2013) - Virtual Radiologic (vRad), a technology-enabled national radiology practice and the largest telemedicine company in the world, announced today that it has appointed Jim Burke, a veteran technology and information services executive, as its Chief Executive Officer. vRad also announced that it has secured additional capital investments from its existing investor group to support business expansion and investments in new technologies.
Jim Burke Appointed as CEO
Mr. Burke has extensive experience leading technology enabled businesses in rapidly changing markets. Mr. Burke's past roles include CEO of Global Compliance, a leading global provider of ethics and compliance software and services, and key executive leadership positions with Dun & Bradstreet, including President, Global Information Services & Chief Quality Officer; President, US Customer Segments; and Chief Marketing Officer.
"We are very pleased to have Jim leading vRad," said John Rocchio, Co-Founder and Managing Director of Newstone Capital, and vRad's lead director. "Jim's background, leadership skills and proven track record of operating and growing technology driven organizations make him an ideal fit for vRad at this stage in the company's evolution."
Mr. Burke said, "I am extremely excited about the opportunity at vRad, which is uniquely positioned to benefit from the rapid and significant changes taking place in the healthcare market, thanks to its extremely strong network of highly qualified, dedicated radiologists and its leading technology. We expect to continue to enhance the level of quality and service that can be provided to the customers, facilities, referring physicians and patients we serve."
Mr. Burke earned a B.S. in business administration from Villanova University and an M.B.A. in finance from the University of Pittsburgh. Mr. Burke also served as an officer in the United States Marine Corps, attaining the rank of captain.
Additional Capital Investment
The additional capital investment provided by vRad's existing investors will be used to facilitate the company's continued growth and business expansion, including investments in its next generation technologies and operational capabilities.
In the financing transaction, funds affiliated with certain existing investors increased their investment in vRad and appointed representatives constituting a majority of vRad's board of directors. Affiliates of Providence Equity Partners, which first invested in vRad in a July 2010 going-private transaction, also increased their investment in the company and continue to be represented on vRad's board.
"As investors in vRad since December 2010, we believe that the company is well positioned to continue to transform radiology through technology and practice efficiencies," said Mr. Rocchio. "We look forward to vRad's continued growth, and are confident in the company's prospects in a market that is undergoing a period of significant change."
Virtual Radiologic (vRad) is a technology-enabled national radiology practice working in partnership with local radiologists and hospitals to optimize radiology's pivotal role in patient care. vRad's more than 400 radiologists serve over 2,000 facilities, reading more than 7 million studies annually. Delivering access to extensive subspecialty coverage, vRad contributes to improved quality of patient care. And with its next-generation technology, vRad enhances productivity, helping to lower the overall cost of care while expediting time to accurate diagnosis and treatment. For more information, visit www.vrad.com. For real-time updates, follow us on Twitter (@vRad), or "like" us on Facebook.
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