LYNX Medical Systems Acquired by Francisco Partners
Francisco Partners reaffirms LYNX vision with additional resources to fuel long-term growth
January 4, 2006 —Bellevue, WA—LYNX Medical Systems (LYNX), a leading provider of integrated healthcare documentation and revenue management solutions, today announced that it had been acquired by Francisco Partners. This is the first acquisition in the healthcare arena for Francisco Partners, a leading technology-focused private equity firm based in Menlo Park, California. Christy Martin, chief financial officer and president of LYNX Coding Division and Mike DeTolla, president of LYNX Software Division will continue in their current roles.
LYNX success in the outpatient Emergency Department (ED) market was the foundation for Francisco Partners investment. “By offering high quality software and coding services, LYNX Medical Systems has sustained solid growth while maintaining a staunch commitment to client needs,” said Ezra Perlman, principal of Francisco Partners. “FP [Francisco Partners] intends to leverage this success with additional resources so that LYNX can emerge as a leader in revenue cycle management solutions in healthcare.”
John Trzeciak will serve as LYNX chief executive officer. “Our relationship with FP will enable LYNX to continue to pursue our aggressive growth strategy,” said Mr. Trzeciak. “LYNX will continue its long-term commitment to providing our clients with quality software and coding services. With FP’s investment, our commitment to our clients and partners is further strengthened.”
Mr. Trzeciak comes to LYNX with more than 20 years of operating, advisory, and board experience in medical software companies. His experience includes co-founding Health Systems International Inc., which was instrumental in developing the Diagnoses Related Groups (DRGs) that were adopted by Medicare as the basis for hospital reimbursement. HSI was later acquired by 3M.
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About Francisco Partners
Established in 1950, Community Memorial Hospital (CMH) provides quality healthcare to the community of Sumner and surrounding areas northeast of Cedar Falls. CMH is a critical access hospital and an affiliate of Allen Memorial Hospital and the Iowa Health System. For more information, visit www.cmhsumner.org.
About LYNX Medical Systems, Inc.
With $2.5 billion of committed capital, Francisco Partners is one of the world’s largest technology-focused private equity funds. The firm was founded to pursue structured investments in technology companies undergoing strategic, technological, and operational inflection points. Francisco Partners targets majority and minority investments in private companies, public companies, and divisions of public companies, with transaction values ranging from $30 million to $2.0 billion. The principals of Francisco Partners have a proven track record, having invested in excess of $3.0 billion of equity capital in over 50 technology companies. For additional information, visit www.franciscopartners.com.