Provation Medical, Inc. (“Provation” or the “Company”), the premier
software provider of procedure documentation and clinical decision
support solutions, backed by Clearlake Capital Group, L.P. (together
with its affiliates, “Clearlake”), today announced its acquisition of
MD-Reports, a leading provider of electronic medical record (EMR),
practice management (PM), and report writing software.
For 25 years, Provation
has been a market leader in procedure documentation software for
gastroenterology (“GI”), serving 42 of the top 50 GI hospitals and more
than 2,600 facilities nationwide. MD-Reports serves a complementary
segment of the market and has experienced significant growth by bringing
high quality clinical software solutions to over 530 physician offices,
hospitals and ambulatory surgery centers (“ASCs”). The combination
enhances Provation’s best-in-class clinical documentation platform and
adds practice management capabilities to its portfolio.
“With the addition of MD-Reports, Provation has expanded on our vision
to increase productivity for all healthcare providers by bringing the
latest software solutions to a new segment of the market,” said Daniel
Hamburger, CEO of Provation. “In addition to our organic initiatives,
growth through acquisition is an integral part of Provation’s strategy
to develop a comprehensive portfolio of leading clinical productivity
software solutions.”
“Joining Provation marks the beginning of an exciting new chapter for
MD-Reports and we are thrilled to join the team,” added Srikanth Gosike,
CEO and Founder of MD-Reports. “By leveraging our collective
capabilities, MD-Reports and Provation can build on a long history of
serving world-class physicians with industry leading solutions. Our
technology and professionals are a great fit with Provation, and we look
forward to working together with Daniel and the team to continue our
shared mission of increasing physician productivity and satisfaction.”
Provation continues to build out its clinical productivity software
portfolio to meet the evolving needs of physicians and to increase
operational efficiencies, business profitability and regulatory
compliance by improving quality, streamlining workflows and enabling
insights.
“Provation is shaping the future of clinical productivity and better
patient outcomes,” said Prashant Mehrotra and Paul Huber of Clearlake.
“The combination expands Provation’s core software offering and
accelerates Provation’s ability to serve small and mid-sized providers.
With the acquisition of MD-Reports complete and integration underway, we
look forward to continuing to support the Provation team through
Clearlake’s O.P.S.® framework as they execute on a
robust organic and inorganic growth strategy that is focused on
innovation and delivering industry-leading software solutions.”
District Capital Partners served as financial advisor and Sidley Austin
LLP served as legal advisor to Provation for this transaction.
About Provation
Provation is a leading provider of clinical
productivity software for healthcare professionals, with solutions for
intelligent procedure documentation (Provation® MD and Provation® Apex),
order set and care plan management (Provation® Order Sets and Provation®
Care Plans), and EHR-embedded clinical documentation templates
(Provation® Clinic Note). Provation software helps providers increase
operational efficiencies, business profitability and regulatory
compliance by improving quality, streamlining workflows and enabling
insights. Trusted by leading physicians globally, Provation serves
approximately 1,600 hospitals and 1,000 ambulatory surgery centers
(ASCs), including 42 of the top 50 U.S. hospitals for gastroenterology
(GI) and GI surgery. Provation is headquartered in Minneapolis, MN. For
more information about Provation’s solutions, visit provationmedical.com
and follow us on Twitter,
Facebook
and LinkedIn.
About MD-Reports
MD-Reports is a medical software solutions
provider that designs, develops, markets and supports software related
to image capture and medical reporting. Launched in 2000 as a flagship
product of Infinite Software Solution Inc. (ISSI), MD-Reports provides
specialty-specific, integrated electronic medical record (EMR), practice
management (PM) and report writing software to physician offices,
ambulatory surgery centers (ASCs) and hospitals. ISSI, now operating as
MD-Reports, was founded in July 1997 by current President and CEO, Mr.
Srikanth Gosike. For more information about MD-Reports solutions, visit www.md-reports.com.
About Clearlake
Clearlake Capital Group, L.P. is a leading
private investment firm founded in 2006. With a sector-focused approach,
the firm seeks to partner with world-class management teams by providing
patient, long-term capital to dynamic businesses that can benefit from
Clearlake’s operational improvement approach, O.P.S.®
The firm’s core target sectors are technology, industrials and consumer.
Clearlake currently has over $16 billion of assets under management and
its senior investment principals have led or co-led over 200
investments. For more information on Clearlake, please visit clearlake.com.
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