Covington Associates Announces Role in Sale of InfoMedics to Physicians Interactive
Boston, MA – November 30, 2012 – Covington Associates, LLC announced its role as financial advisor to InfoMedics, plc, the industry expert in the design and delivery of interactive patient communications platforms. Covington acted as exclusive M&A advisor to InfoMedics in its sale to Physicians Interactive, the leading provider of online, point of care and mobile clinical resources and solutions for healthcare professionals based in Marlborough, MA.
The addition of InfoMedics, PI’s fourth acquisition, marks a major leap forward for PI, providing its first platform to directly reach patients in ways that will raise the quality of care, better connect patients and physicians, and improve adherence to physician prescribed therapies. The move comes as part of a successful year for PI, in which it outpaced competition with the growth of innovative, gold-standard solutions like eSampling and eCoupon, and through philanthropic leadership, using mobile apps to save lives via its Health eVillages initiative.
Since 1995, InfoMedics has worked with physicians and global pharmaceutical clients to personalize drug education and support for patients, while providing patient feedback systems that help physicians better understand therapy compliance and experiences (in the United States and internationally). These programs have demonstrably increased patient adherence to prescribed medications. As part of the acquisition, PI will continue to invest in the InfoMedics platform, integrating it seamlessly into the clinician’s daily workflow via PI’s Electronic Health Records Network, Skyscape Mobile Clinical Reference App, and its mobile Tomorrow Networks™. What will set the combined solution apart from others in the industry is the unique physician/patient connectivity generated through the power of PI’s network of more than 480,000 physicians in the United States and access to over two-million registered users worldwide.
According to Donato Tramuto, CEO and Vice Chairman of PI, “We are proud to welcome InfoMedics into the Physicians Interactive family. This acquisition reaffirms our vision to create innovative solutions that advance the clinician-patient dialogue, and connect life science companies in meaningful ways that improve the quality of care and patient adherence.” Tramuto also states, “This exciting evolution into the patient arena differentiates PI by linking patients with our expansive PI Healthcare Professional Network.”
Gene Guselli, current CEO and President of InfoMedics, states, “Bringing our companies together will help provide a value-based solution to address the growing need among pharmaceutical companies to help physicians and patients better connect. Our customers will now benefit by coupling InfoMedics with the power of PI’s integrated workflow solutions and network of thousands of physicians, nurses and patients.”
Jack H. Langworthy, Managing Director and head of Covington’s healthcare information technology and HIT services practices, led the Covington team which advised InfoMedics. Jack commented, “The combination of the two companies will significantly broaden their service offerings and benefit the pharmaceutical industry, providers, and patients.”
Financial terms of the deal have not been disclosed.
InfoMedics, Inc. works with biopharmaceutical marketers to break down walls that exist in health communications and enable doctors and patients to better communicate about a treatment experience. We facilitate this communication by inviting patients to provide feedback to their prescribing physician and then deliver that feedback in a meaningful format directly to the physician. Patient feedback is invited through existing medical treatment message channels and then delivered through a voice and web platform. Our goal is to help physicians make more informed choices and patients to have a better care experience. Our approach is rooted in behavioral science which enables our biopharmaceutical clients to learn what makes some patients stick to the treatment plan, while others stop.
For more information, visit www.infomedics.com
About Physicians Interactive:
Physicians Interactive (“PI”) is the leading provider of online and mobile clinical resources and solutions that fit within the medical professional workflow to provide better patient care. We use the full power of our worldwide network of healthcare professionals and life sciences companies together in ways that will change the practice and business of medicine, for the better. PI has developed a foundation of user-generated, proprietary and public data that powers a networked suite of transactional applications, including EHR-based eCoupon and messaging, eSampling, multiplatform learning programs, and mobile solutions. Physicians Interactive is a division of Skyscape.com, Inc.
For more information, visit www.physiciansinteractive.com
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 nearly $2 billion for both private and publicly traded companies.
For More information, visit www.covllc.com.
Chris Tashjian (firstname.lastname@example.org)
Covington Associates LLC