Cross Atlantic Capital Partners Leads Series B Funding for Health Market Science
Radnor, PA, August 2, 2010 – Cross Atlantic Capital Partners announced today that it invested $4 million in a $6.1 million Series B financing for Health Market Science, a leading data and analytics provider for the healthcare industry. Cross Atlantic led the round with follow-on investments from other institutional investors, including Edison Venture Fund.
Health Market Science is the leading trusted source for healthcare provider data, software and regulatory compliance solutions across the healthcare landscape in the United States. Health Market Science has a proprietary technology platform and the expertise to continuously acquire, analyze, and integrate over 2,000 distinct data sources to create and maintain the single most comprehensive and accurate source of healthcare provider information available today.
The investment will enable the company to accelerate development of its industry leading technology platform and compliance solutions to drive its aggressive growth strategy.
“We believe the company’s data products and services help solve complex business challenges at the core of all healthcare company operations,” said Richard Fox, Managing Director at Cross Atlantic Capital Partners. “Based on the demand for Master Data Management and compliance solutions that leverage trusted data sources, this investment should improve Health Market Science’s ability to expand their industry leading data management platform.”
Commensurate with the funding, Richard Fox will join the Board of Directors. Mr. Fox serves as a Managing Director of Cross Atlantic and oversees the activities of The Co-Investment 2000 Fund, LP and The Co-Investment Fund II, LP. He also serves on the Boards of Interactions Corporation and First Service Networks.
About Cross Atlantic Capital Partners
Based in Radnor, Pa, Cross Atlantic Capital Partners ("XACP") is one of the leading venture capital firms based in the mid-Atlantic region, with over $500 million under management. XACP invests primarily in technology companies in the United States, Ireland, and the United Kingdom. Leveraging its deep, multi-disciplined network of global contacts, and the operational experience of its investment team, the firm actively assists its entrepreneurs and portfolio companies. The XACP portfolio currently includes a diverse array of companies focusing on Enterprise Software, SaaS, IT Services, Telecommunications, Financial Services, and other innovative technologies. http://www.xacp.com/
About Health Market Science
Health Market Science is the leading source for healthcare provider data, software and advanced analytics in the United States. Health Market Science has developed proprietary technology and expertise to continuously acquire, analyze and integrate more than 2,000 distinct data sources. Using this technology, the company maintains the single most comprehensive and accurate source of healthcare provider information available today, the HMS MasterFile. The company serves all segments of healthcare, including pharmaceutical, , medical device, pharmacy, PBM, payer and provider.
Health Market Science helps its clients increase revenues, drive operational efficiencies, achieve regulatory compliance and maximize market opportunities. For more information, please visit www.healthmarketscience.com
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