Symphony Technology Group Acquires MDdatacor, LLC
Acquisition marks beginning of Symphony Performance Health
PALO ALTO, Calif., April 16, 2014-- Symphony Technology Group (STG), a technology and services-focused private equity firm, announced today that it has acquired MDdatacor from Noridian Mutual Insurance Company (NMIC). MDdatacor, based in Alpharetta, GA, is a provider of next-generation healthcare data integration and analytic solutions that enable payers and providers to integrate and act upon integrated patient information. Terms of the deal were not disclosed. The acquired company will be brought together with other assets from STG to form Symphony Performance Health (SPH), an independent portfolio company under Symphony Technology Group.
STG has a long and experienced track record of investing in and building companies in the intersection of software and analytics, and has been aggressively adding capabilities within the overall healthcare information and analytics sector. The addition of MDdatacor to STG's portfolio expands the private equity company's current holdings in the population health management and data analytics space. STG also owns Symphony Health Solutions (SHS), an integrated provider of patient and physician insights, information, and market measurement solutions to the health industry; and Evidera, one of the preeminent commercial entities analyzing effectiveness, establishing evidence, and substantiating value of health treatments within the global health industry across a leading portfolio of health economics, outcomes research, data analytics and epidemiology services.
With this acquisition, STG is combining several of its high value analytical software and services capabilities offerings to payers and providers of care, to create a new company called Symphony Performance Health (SPH). MDdatacor's core data integration and analytics solution MDinsight® adds foundational capabilities to SPH with its ability to extract data from disparate data sources and analyze it against evidence-based guidelines to support the goal of driving performance against government requirements, network management, and population health improvement. The addition will usher in next generation solutions to address the needs of the ever changing healthcare industry.
"We believe that the business of healthcare is undergoing radical change," said J.T. Treadwell, Managing Director of Symphony Technology Group. "A requirement of participating in this evolving healthcare marketplace, whether as a payer or a provider of care, is the ability to understand, report and act on integrated healthcare information. MDdatacor is proving that their solution works in the real world, and in bringing them together with Symphony Performance Health we will combine a world-class clinical data integration platform with a broad range of solutions to enable differentiated analytics and differentiated performance improvement in care."
MDdatacor's MDinsight® SaaS solution helps coordinate and manage patient populations by delivering integrated data and insights to providers and payers looking to improve patient health, grow a practice or membership base, manage costs, and comply with fast-changing regulatory requirements. With an expansive breadth and depth of data collected, combined with evidence-based analytics, MDinsight® is able to deliver differentiated insights to its customers in an environment that delivers value to both the executive and the physician office.
"We are very excited about the road ahead," said Al Vega, CEO of Symphony Performance Health. "Our customers know healthcare is undergoing significant transformational changes, and as these changes are being made providers and payers continue to strive to meet their goals of maintaining excellent patient care, profitable operations, and increasing quality oriented reporting. To meet these goals the ability to access integrated, actionable information is becoming a must-have requirement for success. By combining MDinsight®'s population health management tools with Symphony Performance Health's next generation solutions which measure clinical outcomes, quality of patient engagement and management of referral network effectiveness, we are uniquely positioned to help providers and payers successfully achieve their goals."
Paul von Ebers, President and CEO of Noridian Mutual Insurance Company (NMIC), will remain on the company Board of Directors, and NMIC will remain a strategic partner of the company. "It was important to us to have a strategic partner that shares our vision. We believe Symphony Technology Group will be good owners for the business, good partners for us and other customers in healthcare, and we look forward to working with them as we utilize technology to improve the care and health of those we serve," said von Ebers.
For more information, visit http://www.symphonyph.com.
About Symphony Technology Group
Symphony Technology Group (STG) is a strategic private equity firm with the mission of investing in and building great technology and services companies. In addition to capital, STG provides transformation expertise to enable its companies to deliver maximum value to their clients, to drive growth through innovation, to retain and attract the best talent and to achieve best in class business performance. STG's current portfolio consists of 15 global companies. For more information, please visit www.symphonytg.com.
About Symphony Performance Health
Symphony Performance Health helps clients grow and enables a transformation of the healthcare ecosystem by providing best-in-class information, analytics and technology solutions with actionable insights. The company connects and integrates claims and clinical data, analytics and consulting, leveraging this rich data to deliver a comprehensive perspective on the real dynamics that drive business in the payer and provider markets. For more information, please visit http://www.symphonyph.com.
Taryn Reed, Manager of Marketing & Sales
Symphony Performance Health
InkHouse on Behalf of Symphony Technology Group
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