Boston, MA – September 1, 2009 – Covington Associates announced that it acted as financial advisor to Confirma, Inc., a privately held developer of computer assisted detection (CAD) software for medical imaging, in its sale to Merge Healthcare, Inc. ( NASDAQ: MRGE).
Based in Milwaukee, WI, Merge Healthcare is a leading provider of healthcare IT solutions. This acquisition gives Confirma the opportunity to significantly advance its unique and trusted technologies through Merge Healthcare's access to diverse distribution channels as well as international markets. Confirma's leading product, CADstream, is a cutting edge system modernizing MRI study analysis with systems in over 1,000 facilities. By joining these technologies with Merge Healthcare's diagnostic IT applications, these innovative solutions will facilitate the expanded use of CAD by clinicians as well as reduce health care costs.
Ben Dunn, Managing Director of Covington Associates, said, "This transaction provides Confirma's revolutionary CAD technologies and highly experienced team with a larger platform that will accelerate the development of new applications and broaden the sales channel so that more clinicians can take advantage of Confirma's life saving solution".
Confirma provides peace of mind through leadership in innovative technology, customer support and resources for building and expanding an MRI practice. Confirma develops and markets CADstream, an MRI-CAD system that revolutionizes MRI study analysis and reporting. CADstream automates the analysis and interventional guidance of MRI studies, providing higher quality imaging studies, lower costs for radiology practices and improved communication tools for physicians and patients. Thousands of physicians at more than 1,500 facilities partner with Confirma each day to provide premium patient care.
To learn more about Confirma, visit www.confirma.com.
About Covington Associates
Covington Associates are seasoned M&A advisors to technology and healthcare. Focused exclusively on mergers and acquisitions, Covington Associates has established a track record of success based on deep domain experience and an unrivaled level of service from a team of senior advisors. Since 1991, the firm has successfully completed over 50 transactions ranging in size from $10 million to over $1 billion in e-services, software, IT services, and healthcare technologies.
To learn more about Covington Associates, visit www.covllc.com.
Covington Associates LLC