Covington Associates Advises Paradigm Business Solutions in its Sale to ISH, Inc.
Boston, MA — August 17, 2007 — Covington Associates LLC announced today that it acted as the financial advisor to Paradigm Business Solutions (“Paradigm”), a leading provider of strategic consulting services, in its sale to ISH, Inc. (“ISH”), a leading provider of professional services for the healthcare industry. The terms of the transaction were not disclosed.
Based in Canonsburg, PA, Paradigm is a leading provider of implementation, project management, and strategic consulting services for clients looking to maximize the efficiency of their front and back office operations through the use of Enterprise Resource Planning (ERP) systems. Through strategic partnerships with leading software vendors such as Lawson and Microsoft, Paradigm delivers some of the most advanced technology solutions on the market today. Paradigm’s clients range from small enterprises to Fortune 500 firms and span across a number of industry verticals including healthcare, retail, financial services, public sector/utilities, and professional services. To learn more about Paradigm, please visit www.paradigm-erp.com.
Headquartered in Fairfield, NJ, ISH delivers business improvement solutions and IT implementations to prominent healthcare providers throughout the nation. With a team of more than 150 professionals and an extensive best-practices library developed from more than 500 clients, ISH improves the financial, operational, and clinical performance of its clients. Since 1999, ISH has been a portfolio company of Summit Partners, a Boston-based international private equity firm with more than $9 billion under management.
According to Chris Fibbe, Chief Executive Officer of Paradigm, “Our partnership with ISH and Summit Partners will allow us to more effectively target many of the market dynamics and growth opportunities we see through greater size, resources, and additional service and solution offerings. Covington Associates worked tirelessly with us throughout the process to ensure that we aligned with a partner who provided not only the right growth profile, but more importantly the right culture fit for Paradigm.”
Tim McMahon, a Managing Director at Covington Associates, commented, “The combination of Paradigm and ISH creates a significant growth opportunity for both firms through a highly broadened services offering, more diversified client base, and significantly strengthened alliances with top tier vendors such as Lawson. In addition, the involvement of private equity partner of the caliber of Summit Partners can only further the Company’s success.”
About Covington Associates LLC
Covington Associates is a specialty investment banking firm founded in 1991 serving business service, consumer, industrial, healthcare and technology companies throughout the country. Focused on mergers and acquisitions, debt and equity capital raising, debt and equity restructuring, and strategic advisory assignments for middle market companies, Covington Associates has completed transactions ranging in value from $10 million to $2 billion for both private and publicly traded companies. To learn more about Covington Associates, visit www.covingtonassociates.com.