RADNOR, Pa.--(BUSINESS WIRE)--Cross Atlantic Capital Partners (“XACP”) announced today the completion of the successful exit of Health Market Science (“HMS”). This follows an earlier announcement by LexisNexis® Risk Solutions, a division of Reed Elsevier, that it had reached an agreement to acquire HMS, a leading supplier of health care professional data.
“Cross Atlantic Capital Partners’ investment, completed in 2010, allowed HMS to invest heavily in its technology platform which enabled us to grow at a much faster pace,” said Matt Reichert, Health Market Science CEO. “We want to thank the Cross Atlantic team (Richard Fox, Director & Chairman of the Compensation Committee, and Carter Caldwell, Board Observer) for their contributions and for being helpful guides in that effort,” he added.
Headquartered in King of Prussia, PA, HMS is a leading supplier of high-quality data on health care professionals and medical claims in the U.S. With this acquisition, HMS’s proprietary data will be added to LexisNexis’ suite of data management solutions and included on its open source, big data processing platform called HPCC Systems, which is one of the most advanced, and fast-performing big data processing technologies available.
LexisNexis, together with HMS, will deliver best-in-class data and data linking capabilities to help address complex challenges, such as regulatory compliance, rising health care costs, coordination of care, provider performance and fraud, waste and abuse (FWA) that are driven by inaccurate information about doctors, hospitals and health systems. The combined LexisNexis and HMS datasets will result in one of the world’s largest health care provider databases.
In addition to the profitable exit of HMS, XACP also successfully exited its position in National Diversified Sales, Inc. to a subsidiary of a German strategic acquirer. That transaction closed last month.
About Cross Atlantic Capital Partners
Cross Atlantic Capital Partners is a venture capital firm investing in early- to mid-stage technology companies and has proven that it adds significant value to its portfolio companies. XACP’s philosophy that great companies are built over time and require attention to facets of their operations, has led XACP to participate in portfolio company developments, including management team recruitment, introductions, strategic and tactical management assistance, contact resources, expertise in private equity and public financing, and proactive exit management. For more information about Cross Atlantic Technology Partners, please visit www.xacp.com.
About Health Market Science
Health Market Science (HMS) helps businesses and government entities solve complex business challenges centered on healthcare provider information. Using our patented big data and analytics platform, current™, as well as deep domain expertise, HMS develops agile solutions so our clients can improve compliance with federal, state and international regulations, reduce operational costs and maximize market opportunities in real time. Our data assets include a comprehensive provider database of healthcare practitioners (HCPs,) healthcare organizations (HCOs,) and their affiliations, as well as the largest medical claims warehouse in the industry.
About LexisNexis Risk Solutions
LexisNexis Risk Solutions (www.lexisnexis.com/risk) is a leader in providing essential information that helps customers across all industries and government assess, predict and manage risk. Combining cutting-edge technology, unique data and advanced analytics, LexisNexis Risk Solutions provides products and services that address evolving client needs in the risk sector while upholding the highest standards of security and privacy. LexisNexis Risk Solutions is part of Reed Elsevier, a world leading provider of professional information solutions.