MedPassage, a digital healthcare startup with an Amazon-like market for medical devices, was recently acquired by a global investment firm, Evolution Capital Management.
Evolution, headquartered in Los Angeles, owns a portfolio of B2B software companies, primarily focused on making financial markets more efficient. As U.S. medical centers seek to become more efficient, Evolution views MedPassage as an attractive and timely first investment in the digital healthcare market.
The acquisition, which closed on January 8 of this year, provides MedPassage access to Evolution's financial resources, international business infrastructure, and deep software expertise, including a network of over 200 engineers.
MedPassage founder and CEO, Gavin Fabian, says, "The acquisition deal with Evolution allows us to dedicate 100 percent focus to our customers, while leveraging the financial backing to further invest in our technology, marketing efforts and sales team."
The MedPassage team remains in place with the acquisition and will be expanding to support growing demand for the company's implant procurement platform.
In 2014, MedPassage will continue offering its implant procurement platform to U.S. surgery centers and hospitals. The company provides medical centers with a comprehensive implant procurement platform, where physicians and staff can more efficiently order from their current vendors, while gaining access to other lower cost alternatives. With the software expertise Evolution brings to MedPassage, the company is preparing to launch new platform functionality, including case management tools, RFP automation, and full ERP integration capabilities.
Mr. Fabian says, "In our mission to help U.S. medical centers procure implants more efficiently than ever before, the acquisition represents a big win and another step closer to seeing the vision come to life."
Evolution, headquartered in Los Angeles, owns a portfolio of B2B software companies, primarily focused on making financial markets more efficient. As U.S. medical centers seek to become more efficient, Evolution views MedPassage as an attractive and timely first investment in the digital healthcare market.
The acquisition, which closed on January 8 of this year, provides MedPassage access to Evolution's financial resources, international business infrastructure, and deep software expertise, including a network of over 200 engineers.
MedPassage founder and CEO, Gavin Fabian, says, "The acquisition deal with Evolution allows us to dedicate 100 percent focus to our customers, while leveraging the financial backing to further invest in our technology, marketing efforts and sales team."
The MedPassage team remains in place with the acquisition and will be expanding to support growing demand for the company's implant procurement platform.
In 2014, MedPassage will continue offering its implant procurement platform to U.S. surgery centers and hospitals. The company provides medical centers with a comprehensive implant procurement platform, where physicians and staff can more efficiently order from their current vendors, while gaining access to other lower cost alternatives. With the software expertise Evolution brings to MedPassage, the company is preparing to launch new platform functionality, including case management tools, RFP automation, and full ERP integration capabilities.
Mr. Fabian says, "In our mission to help U.S. medical centers procure implants more efficiently than ever before, the acquisition represents a big win and another step closer to seeing the vision come to life."