Noteworthy Medical Systems, Inc. Secures Capital from Top European eHealth Provider and Closes on Merger with Strategic Partner
CLEVELAND, OH (Feb. 18, 2009)—Noteworthy Medical Systems, Inc., a leading provider of connected healthcare technology solutions for the ambulatory sector, and CompuGROUP Holding AG, the leading European eHealth service provider with headquarters in Koblenz, Germany, announced today that CompuGROUP has completed a substantial equity investment in privately-held Noteworthy.
"CompuGROUP's investment will allow Noteworthy to continue to grow its market share and build on its unique ability to provide connectivity to health systems throughout the U.S. It is a natural and very significant, exciting next step in our strategic plan and vision of our future in healthcare technology," said Lawrence Dolin, Noteworthy's chairman of the board and chief executive officer.
The announcement comes in conjunction with Noteworthy's merger with strategic partner ChartConnect, Inc., based in Yakima, Wash., a provider of turn-key health information exchange (HIE) and web-based electronic health record (EHR) applications. Noteworthy has experienced unprecedented sales growth amidst the integration of both ChartConnect and MARS Medical Systems, Inc., based in Phoenix, Arizona, a leader in practice management solutions. Such strategic moves have completed Noteworthy's software suite, which includes web-based practice management and EHR applications, hastening the company's market share expansion and presence within the ambulatory space.
Noteworthy has added nearly 500 new providers and 1800 NetPracticeEHR/PM users to a customer base that extends across 43 states. Sales in 2008 were 68 percent over 2007, with record-breaking sales quarters in 2008.
"We've enjoyed steady growth in both sales and revenue this past year and we're anticipating an even more robust 2009," said Paul Ruflin, Noteworthy's president and chief operating officer. "Given the Obama administration's priority on funding healthcare IT initiatives, Noteworthy is well-positioned with key solutions to serve hospitals, health systems and individual practices in their pursuit of quality patient care through connectivity, collaboration and data exchange."
"This is our first point of entry into the U.S., so it is an important step for us. Noteworthy has many exciting and innovative products and services and, combined with the vision and proven abilities of CompuGROUP, we know this is will be a successful collaboration," said Susan Hagerty, senior vice president at CompuGROUP. CompuGROUP's 2008 revenue was €225 million and €50 million EBITDA. Noteworthy will continue to be an independent, American-based operating company of CompuGROUP, with present management continuing at the helm.
Noteworthy was represented in these transactions by Bruml Capital Corporation of Cleveland, Ohio.
About CompuGROUP
CompuGROUP is one of the leading eHealth companies worldwide. Its software products, designed to support all medical and organizational activities in doctors' offices and hospitals, its information services for all parties involved in the healthcare system and its web-based personal health records contribute toward safer and more efficient healthcare. The services of CompuGROUP are based on its unique customer base of about 330,000 doctors, dentists, hospitals, associations and networks as well as other service providers. CompuGROUP is the eHealth company with the biggest coverage among eHealth service providers world-wide. The company operates in 14 European countries, Malaysia, Saudi Arabia and in South Africa and currently employs around 2,600 people. For more information, visit www.compugroup.com.
About Noteworthy Medical Systems, Inc.
Noteworthy Medical Systems, Inc., is a privately held company founded in 1996 and headquartered in Cleveland, Ohio, that provides a comprehensive set of tools to effectively manage and facilitate care in the ambulatory setting. Noteworthy's focus is to provide sophisticated applications for doctors' offices as well as the technology to connect physicians, hospitals and healthcare communities for improved care and communication. Noteworthy serves a customer base of more than 1,300 practices, 6,000 healthcare providers and 13,000 users across 43 states. For more information, call 877.891.8777 or visit www.noteworthymedical.com.
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