Wakefield, MA – Oct 6, 2009 – Brook Venture Fund II announced today that it has signed a definitive agreement to sell the stock of portfolio company, Anodyne Health Partners, Inc., a provider of Software-as-a-Service (SaaS) business intelligence (“BI”) solutions for healthcare providers, to athenahealth, Inc. (NASDAQ: ATHN). The purchase price will be $30 million in cash, $7.7 million of which will be paid over time based on the achievement of milestones. The transaction is scheduled to close in October. Excluded from the sale is the Falmouth, ME based business process outsourcing (“BPO”) division of the company, which Brook and other co-investors will spin out and retain.
Anodyne Health Partners currently services large enterprise level medical group clients providing these clients with a unique proprietary web-based BI software platform, Anodyne IntelligenceTM and related revenue cycle services. The Company’s BI offering enhances its clients’ ability to view all facets of its revenue cycle information and to access and extract critical operational and administrative information from various data systems. Anodyne Health Partners’ business process outsourcing unit, which will be spun off into a separate company prior to closing, provides revenue cycle management services including billing, coding and related services.
Since Brook’s investment in September of 2006, Anodyne has grown revenues by more than four times and has introduced the BI solution to over 13,000 medical providers. Co-Investors with Brook include Frontier Capital, Brooke Private Equity Advisors, and the Small Enterprise Growth Fund. “Anodyne’s BI software is a unique technology in the revenue cycle space and the management team has done a terrific job leveraging this disruptive solution to build a valuable business in just a few years,” said Walter Beinecke, a Partner at Brook Venture Partners and a board member of Anodyne Health Partners.
About Brook: Brook Venture Partners provides expansion stage capital through Brook Venture Fund I, Brook Venture Fund II and other co-investment funds to Information Technology and Medical Technology companies located in the Northeastern United States. The firm focuses on initial investments typically under $5 million and specializes in both financing and providing the strategic and planning support necessary to rapidly scale and accelerate sales and marketing activities. Brook is headquartered outside Boston in Wakefield, MA. For more information, call 781-295-4000 or visit www.brookventure.com
About Anodyne: Anodyne Health Partners (www.anodynehealth.com) is a provider of business intelligence (BI) solutions for healthcare providers representing the large and enterprise group markets. The Company’s unique, easy-to-use, web-based business intelligence software revolutionizes access to revenue cycle information that was once thought difficult, or even impossible, to obtain.