Ferrer Freeman & Company, via a FFC managed fund, has acquired Arcadia Solutions, a provider of data-driven Health IT services. Terms of the deal were not released. Arcadia was formed in 2002.
Arcadia Solutions, LLC (“Arcadia” or “the company”), a leading provider of data-driven Health IT services, and Ferrer Freeman & Company LLC (“FFC”), a private equity firm focused on growth capital investments in the healthcare industry, today announced the acquisition of Arcadia by an FFC managed fund and the Arcadia senior management team. Terms of the deal were not disclosed.
Founded in 2002, Arcadia delivers services and proprietary software to large healthcare providers, payors, accountable care organizations and health information exchanges. The company’s solutions enable the successful implementation and optimization of electronic health records (EHRs) in its customers’ ambulatory physician settings and allow customers to analyze and report clinical data. In partnership with Arcadia, customers are empowered to make better clinical and financial decisions and lower the total cost of care.
“When evaluating strategic partners, it was important for us to find an investor with deep experience and a broad network in the healthcare industry as Arcadia enters the next phase of growth and establishes its position as a national player,” said Seth Henry, Founder and President of Arcadia. “FFC shares our vision for the future of Arcadia. Our customers have validated the increasing need for a national firm that can optimize results by delivering clinical IT to the ambulatory market. With FFC’s relationships and expertise, we will continue to expand and enhance our presence.”
“Providers and payors must include physicians in system-wide IT platforms in order to succeed in today’s rapidly evolving healthcare industry. Arcadia’s solutions enable its customers to do just that,” said Carlos Ferrer, co-founder of FFC. “We are excited to work with Arcadia’s management team to build upon their accomplishments and help them to realize the company’s significant potential.”
FFC and the Arcadia Solutions management team believe that there is a substantial growth opportunity in the market as industry participants continue to implement and manage IT systems that can meet the growing demands of the healthcare industry. FFC will help to accelerate Arcadia’s growth and support the company’s evolution of services, intellectual property and geographic expansion.
“Successful execution of healthcare reform is built on a foundation of electronic health records, information exchange and analytics. The next three years of healthcare IT stimulus programs will continue to accelerate the need for technology and services in support of this new paradigm,” said John D. Halamka, MD, MS, Chief Information Officer, Beth Israel Deaconess Medical Center, an Arcadia customer.
Carlos Ferrer, David Freeman and Ted Lundberg of FFC will join Arcadia’s Board of Managers. In addition, Jim Crook, a healthcare IT industry veteran who was CEO of IDX Systems when it was sold to GE Healthcare for $1.2 billion, will also join the Board.
About Ferrer Freeman & Company
Ferrer Freeman & Company, LLC, is a private equity firm located in Greenwich, CT focuses exclusively on growth capital investments in the healthcare industry. Since its founding in 1995, FFC has invested over $900 million in 36 portfolio companies. FFC invests in established companies with significant growth opportunities and entrepreneurial management teams. FFC has a demonstrated track record of leveraging its comprehensive healthcare network and decades of experience to help build market leading organizations. More information on FFC is available at www.ffandco.com.
About Arcadia Solutions
Arcadia Solutions is a leading provider of data-driven Health IT services that engages with both payors and providers to design, implement, and manage healthcare information technology infrastructure and applications in their ambulatory settings. Arcadia has assisted its customers with a variety of important HIT objectives, such as achieving meaningful use attestation, developing accountable care organization quality measures, integrating ambulatory and acute electronic medical records to provide system-wide data and reporting tools and using that data to lower the total cost of care.