BOSTON, November 5, 2019 – BV Investment Partners (“BV”), a middle-market private equity firm focused on the business services, software and IT services sectors, today announced that it has acquired EDCO Health Information Solutions Inc. (“EDCO” or the “Company”). BV is partnering with the current executive team of EDCO.
EDCO is the leading provider of automated unstructured data indexing solutions for healthcare providers. The Company’s Solarity software, through its natural language processing capabilities and patented recognition engine, enables the automated transformation of unstructured data into clinically relevant patient information for electronic health record (“EHR”) systems. EDCO is headquartered in St. Louis and employs over 300 people.
Vik Raina, Managing Partner of BV Investment Partners, said, “The investment in EDCO aligns well with our focus on backing leading software and technology-enabled services companies in the healthcare industry. EDCO helps hospitals with the ongoing issue of managing disparate medical forms and data in a cost-efficient and compliant manner that improves provider satisfaction and overall quality of patient care. EDCO’s dedicated focus on healthcare has given them a deep understanding of the needs of their clients and the ability to provide a unique, high return on investment solution for the industry.”
Andrew Fehlman, Chief Executive Officer of EDCO, said, “We are thrilled to be partnered with BV and aligned with them in our vision to continue at the forefront of helping health systems solve the challenge of incorporating and properly leveraging unstructured data in the clinical setting. Together, we plan to continue to enhance our current offerings and develop new solutions to provide enhanced value to our customers.”
Sean Wilder, Principal of BV Investment Partners, added, “We’re proud to be selected by EDCO as their new financial partner, and excited to support Andrew and his team’s continued efforts in building on the strong platform in place today. EDCO has a truly differentiated solution addressing a dire market need around EHR data synchronization and quality control. The Company has a stellar reputation amongst some of the largest technology providers and health systems in North America. We believe the Company is uniquely positioned to continue developing new and novel ways to integrate, organize and present unstructured data to improve clinical workflows, provider satisfaction and patient care while delivering significant cost savings to the industry.”
BV has previously announced new platform investments in five companies in 2019, along with two sales. CIBC Cleary Gull served as exclusive financial advisor to EDCO in connection with the transaction. Horwood Marcus & Berk represented EDCO as legal counsel in the transaction. Ropes & Gray LLP served as legal counsel to BV.
About BV Investment Partners
BV Investment Partners is currently investing its ninth private equity fund. The firm is one of the oldest and most experienced sector-focused private equity firms in North America. Since its founding in 1983, the firm has invested $3.5 billion, actively targeting investments in the business services, software and IT services industries. For more information, please visit www.bvlp.com.
About EDCO Health Information Solutions
EDCO Health Information Solutions’ patented medical record indexing software, Solarity®, maximizes efficiency and improves quality in pre- and post-discharge document capture. Utilized in acute and ambulatory settings across North America, Solarity delivers complete electronic patient charts to clinicians for comprehensive patient care. For more information, please visit https://solaritybyedco.com/.