AdvancedMD Software Inc, (www.advancedmd.com), the leading provider of web-based medical practice management solutions, announced that it has been acquired by Francisco Partners, a leading technology-focused private equity firm based in San Francisco.
AdvancedMD Software, Inc. was formed in 2002 by Dominion Ventures and Windward Ventures to purchase out of bankruptcy the business assets of PerfectPracticeMD. AdvancedMD subsequently raised just over $9.0 Million in capital over two rounds of financing from these two investors and Prospector Equity Capital. "Dominion and Windward believed in the potential of the AdvancedMD technology platform and knew that it would take a great deal of effort and commitment to develop the Company," said Michael Lee, Managing Partner of Dominion Ventures and former Chairman of AdvancedMD. "Our efforts and capital have been well rewarded," he added.
The sale of the Company represents a significant turnaround for this pioneering Software as a Service provider to the medical community. The business began with a team of just 13 people and today the Company employs over 150 people. "A small group of employees, together with the assistance of active investors, was able to build a great Company," stated Paul Scott, Managing Director at Windward Ventures and former board member at AdvancedMD.
AdvancedMD has been recognized as an Inc.500 company, received a CODIE award for the 'Best Healthcare Management Solution (Vertical)' by the Software & Information Industry Association, and recognized by Utah Business Magazine as one of Utah's 'Best Companies to Work for'. "We are pleased by our returns and pleased to have been able to work with great partners like Dominion and Prospector on this investment," stated David Titus, Managing Partner of Windward Ventures
About Dominion Ventures
Dominion Ventures is a venture capital firm headquartered in Walnut Creek, California. More information can be found at www.dominion.com
About Windward Ventures
Windward Ventures is a classic venture capital partnership providing capital and management assistance to early stage, high growth technology companies. The firm is headquartered in San Diego, California and manages two dedicated pools of capital. For additional information, visit, www.windwardventures.com
About AdvancedMD Software
AdvancedMD Software, Inc., headquartered in Salt Lake City, Utah, is the leader in Web-based practice management and medical billing software. AdvancedMD Software brings to market AdvancedMD, a full-featured billing and scheduling solution and AdvancedEMR, a flexible electronic medical records management system. For more information please visit www.advancedmd.com.
About Francisco Partners
With $5 billion of capital under management, Francisco Partners is one of the world's largest technology-focused private equity funds. For additional information, visit www.franciscopartners.com.