Portico Systems Inc., a Blue Bell, Pa.-based provider of software solutions for health insurance plans, has raised $7.7 million in new VC funding. Edison Venture Fund led the round with $4.9 million, and was joined by return backer Safeguard Scientifics.
PRESS RELEASE
Edison Venture Fund announced a $4.9 million investment for Portico Systems, headquartered in Blue Bell, PA. Safeguard Scientifics, Inc. (NYSE: SFE) participated in this $7.7 million financing. The proceeds will be used expand sales and marketing plus shareholder liquidity.
Portico Systems provides industry leading software solutions to health insurance plans for provider network management. Portico’s modular platform streamlines operations to improve claims processing, provider data administration and quality of service. Customers include CareFirst Blue Cross Blue Shield, Horizon Blue Cross Blue Shield of New Jersey and several other Blue Cross Blue Shield plans.
Doug Petillo, Partner, serves on the Board of Directors. Orlando Mendoza, Director of Analysis conducted Edison’s due diligence.
“Edison’s strategic guidance and value added services will help fuel our growth and take Portico to the next level”, stated Ned Moore, CEO of Portico.
“Innovative technology and entrepreneurial dedication have created a winning business model,” commented Doug Petillo. Orlando Mendoza observed, “Customers place great value on Portico’s domain expertise.”
Edison has invested 44 in Pennsylvania-based companies including Fiberlink, Miria, Neat Receipts, Satori, Silicon Power and True Commerce. Successful exits include Assessment Systems, Eastern Telelogic, E-Transport, InnaPhase, InSoft, Liberty Technologies, Neutronics, Submicron, Thermacore and VirtualEdge.
Edison‘s healthcare technology investments include Cadient, Cambridgesoft, Health Market Science, Novalis, Octagon, Sentrx, Systech and Verilogue. www.edisonventure.com
About Edison Venture Fund
Established in 1986, Edison partners with entrepreneurs, service providers and other financing sources to build successful companies. Edison provides capital and value-added services to expansion stage ($5 to 20 million revenue), information technology businesses. Initial investments range from $5 to 10 million. Edison typically serves as a sole or lead investor. In addition to providing expansion capital, Edison funds management buyouts, recapitalizations, spinouts and secondary stock purchases.
Edison’s investment professionals are based in Lawrenceville, NJ, New York, NY, West Chester, PA, and McLean, VA. Industry specialties include application software, communications, financial technology, interactive marketing, healthcare & pharmaceutical IT. Edison’s successes include Axent, Best Software, Dendrite, Gain Capital, MathSoft, Princeton Financial, Visual Networks, Vocus and many other information technology leaders, which have a combined market value exceeding $5 billion. Edison currently has $550 million under management and is actively making new investments. www.edisonventure.com
About Portico Systems
Portico Systems offers health plans software solutions exclusively focused on unlocking the value of Provider Network Management. Our hallmark Portico Provider Platform empowers health plans to infuse agility into their provider network management functions while delivering actionable provider information. The platform streamlines provider network processes while accelerating new revenue streams, enhancing employee effectiveness and optimizing provider relationships. Portico Systems is a partner company of Safeguard Scientifics, Inc. (NYSE: SFE) www.safeguard.com. For more information, please visit the Portico Systems website at www.porticosys.com.
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