CARROLLTON, Ga., Nov. 1 /PRNewswire/ -- Greenway Medical Technologies, Inc. announced the consummation of a $22 million equity financing led by Wachovia Capital Partners, the principal investing group of Wachovia Corporation and a leading private equity group that has invested approximately $3.3 billion since its inception in 1988 and has approximately $1.6 billion of capital under management. Other investors included Greenway’s(R) existing institutional investor, Investor Growth Capital, the venture capital and private equity investing arm of Investor AB, members of management and other current individual shareholders.
Founded in 1998, Greenway is a leading provider of innovative software and service solutions that allow physicians and their practices to improve clinical care and optimize efficiency. Greenway’s flagship software product, PrimeSuite(R), is an integrated electronic health record (EHR) and practice management solution that provides exceptional functionality, interoperability, connectivity and return on investment. Greenway will use the capital to expand its national sales organization and for working capital and general corporate purposes as it continues to establish itself as the leading provider of clinical and administrative information technology solutions for physician practices.
“Raising this capital is yet another milestone that ensures Greenway is on the right path as we continue to evolve as a leader in the healthcare information technology industry,” said Tommy Green, chairman and CEO of Greenway. “Greenway is benefited by an excellent team and elite products and we are eager to reach new audiences and offer the same levels of quality and service to a larger customer base. This capital will provide us with significantly greater financial resources and flexibility. Wachovia Capital Partners is an experienced and accomplished healthcare investment group and we welcome them as an investor and partner -- we also appreciate the continued support of Investor AB and our other existing shareholders.”
Neal Morrison, a partner with Wachovia Capital Partners, commented, “Greenway represents an excellent investment opportunity for Wachovia Capital Partners. The EHR market will continue to experience significant and accelerating growth over the next several years as providers increasingly embrace automation to enhance clinical and financial outcomes and meet the demands of patients, payers and governmental entities. Greenway has an excellent product, strong momentum and tremendous growth potential. We are very impressed with this team’s commitment to product excellence as well as superior customer service and support, both of which are critical to long term success in this marketplace. We are excited about partnering with Greenway and its management team and supporting the Company’s continued growth and development.”
This announcement follows a series of achievements that have enhanced the Company’s credibility and reputation within the industry. Earlier this month, Greenway’s PrimeSuite received certification from the Certification Commission for Healthcare Information Technology (CCHIT), which assures that the EHR product has been tested and passed inspection of 100% of a comprehensive set of criteria for functionality, interoperability and security. Prior to the CCHIT certification, Greenway was ranked 115 on Inc. Magazine’s 2006 list of the 500 fastest growing companies in the nation. Greenway also received recognition with its rank of 38 on the Deloitte Fast 500, which lists the fastest growing technology, media, telecommunications and life sciences companies in America based on revenue growth metrics over a five year period.
About Greenway Medical Technologies, Inc.
Greenway Medical Technologies provides the latest in ambulatory healthcare business solutions by enhancing the delivery of patient care through innovative software and services that allow physician practices to function at their highest level of efficiency. Greenway’s PrimeSuite(R) serves as the starting point of a long-term business plan for physician practices as an Ambulatory Software suite with integrated Electronic Health Record (EHR), practice management and interoperability functionality. With PrimeSuite(R) integrating a practice’s clinical, financial, and administrative processes, practices can increase profitability, enhance patient satisfaction, and facilitate adherence to compliance guidelines. Established in 1998, Carrollton, Ga. - based Greenway Medical Technologies is a privately-held company with more than 190 employees. For more information about Greenway, visit www.greenwaymedical.com.
Except for the historical information contained herein, the matters discussed in the press release are forward-looking statements within the meaning of the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including but not limited to economic, competitive, governmental, and technological factors affecting the Company’s operations, markets, services and related products, prices, and other factors.
About Wachovia Capital Partners
Wachovia Capital Partners is the principal investing group of Wachovia Corporation, the fourth largest bank in the United States with over $500 billion of assets and $100 billion of market capitalization. Wachovia Capital Partners has invested approximately $3.3 billion of capital since its inception in 1988 and has approximately $1.6 billion of capital under management. The group focuses its investing activities in the following industries: healthcare, media and communications, financial services, energy, consumer products and growth industrial and business services. For more information about Wachovia Capital Partners, visit www.wachoviacapitalpartners.com.
About Investor Growth
Investor Growth Capital is a venture capital and private equity advisory group wholly owned by Investor AB, a large industrial holding company and leading shareholder in several multinational companies, including AstraZeneca, Ericsson, and SEB. For almost a century, Investor AB’s business concept has been to build best-in-class companies in sectors where the group has a strong knowledge and networking advantage. Investor Growth Capital shares this investment philosophy and leverages Investor AB’s extensive global network of companies and senior managers. Investor Growth Capital focuses on investments in growth companies in the IT and healthcare sectors in Europe, North America and Asia.
Greenway Medical Technologies, Inc.
CONTACT: Reid Harper or Erin Barrett of Brandon Advertising and PublicRelations, +1-843-916-2000, for Greenway Medical Technologies, Inc.; orJennifer Michael of Greenway Medical Technologies, Inc., +1-770-778-5901