BV Investment Partners said Monday that it has invested in Health Information Designs. Financial terms weren’t announced. Auburn, Ala.-basd Health Information provides healthcare-related information technology and data analytics services. Founders Investment Banking provided financial advice to HID.
BV Investment Partners (“BV”), a leading middle-market private equity firm focused on the information, business services and communications sectors, today announced that it has made an investment in Health Information Designs (“HID”). HID is a leading provider of primarily healthcare-related information technology and data analytics services, which help healthcare organizations improve patient health and reduce operating costs. The company also offers insurance identification and verification services focused on reducing the uninsured motorist rate. The investment in HID was made in partnership with the Gibson family, who founded the business in 1979. The company is headquartered in Auburn, Alabama.
HID’s healthcare offering includes drug utilization review, prescription drug monitoring, prior authorization and surveillance utilization review solutions. The company’s growing client base spans approximately 30 states and includes Medicaid agencies, state health department programs, and several commercial health insurance providers, managed care orgainizations and pharmacy benefit management organizations.
Andrew C. Davis, a Managing Director at BV, said, “We are pleased that the Gibson family has chosen BV as a partner, and we look forward to working with HID’s management team to help lead the company’s future development.” Matthew J. Kinsey, a Principal at BV, said, “HID is poised for growth as healthcare agencies and organizations migrate towards service providers that offer sophisticated business intelligence and information based solutions.”
Rob DiBenedetto, CEO of HID, commented “I’m excited about partnering with a private equity firm with BV’s experience and strengths. We feel that this transaction will allow our team to continue to grow the business to the next level and be opportunistic with respect to strategic growth initiatives.”
Concurrent with the closing of the transaction, Andrew Davis and Matthew Kinsey have joined HID’s Board of Directors.
Founders Investment Banking served as financial advisor to Health Information Designs.
About BV Investment Partners
BV Investment Partners is one of the oldest and most experienced sector-focused private equity firms in North America. Since its founding in 1983, the firm has invested over $2.6 billion in over 75 companies, actively targeting investments in the information, business services and communications industries. For more information, please visit www.bvlp.com.