CARY, N.C.--(BUSINESS WIRE)--ArchPoint Partners has advised Medfusion, Inc., a privately held patient-to-provider communications company, in its sale to Intuit Inc., a leading provider of business and financial management solutions for small and mid-sized businesses, financial institutions, consumers and accounting professionals. The transaction is expected to close during the fourth quarter of Intuit’s fiscal year 2010, which ends July 31, and is subject to customary closing conditions.
Under the terms of the agreement, Intuit will acquire Medfusion for approximately $91 million. The companies will operate under the Intuit brand with Medfusion founder and CEO Steve Malik retaining a leadership position with Intuit.
Since its founding in 1996, Medfusion has grown its client base to more than 30,000 physicians and millions of patients. Headquartered in Cary, North Carolina, the company employs over 100 people and provides interactive applications that allow physicians to securely communicate with patients online, including appointment requests and reminders, patient messaging, lab results delivery, prescription renewals, online bill payment and virtual office visits - virtually transforming communication with patients.
“ArchPoint worked as a natural extension of Medfusion in this process and was critical in the negotiation, structuring and management of the transaction. Their team brought an in-depth knowledge of the healthcare sector that enabled us to effectively evaluate all of the available options and opportunities,” said Malik. “Intuit’s emphasis on innovation and sizable footprint in the technology market make it a strategic fit for Medfusion. We envision a wealth of opportunities for our business going forward.”
With $3.1 billion in 2009 revenues, Mountain View, Calif.-based Intuit has approximately 7,800 employees with major offices in the United States, Canada, the United Kingdom and India. The company’s current healthcare offerings make the financial side of healthcare easier for providers, consumers, health plans and employers.
“At ArchPoint, our focus is to effectively optimize transactions so clients can intelligently leverage business opportunities and achieve their financial objectives,” said John Cooper, founding partner of ArchPoint, who served as the principal adviser to the shareholders and senior management of Medfusion. “This transaction represents an outstanding outcome for Medfusion, and we are enthusiastic about Intuit’s significant expansion into the healthcare marketplace.”
About ArchPoint Partners
ArchPoint Partners is an independent investment banking firm focused exclusively on financial and strategic advisory services to growth companies within the technology and media sectors.
For additional information, please visit www.archpointpartners.com.
Medfusion is a Cary, NC-based company that provides patient-to-provider communication solutions that enable healthcare providers to offer superior service to their patients while improving office efficiency and generating revenue. Medfusion’s powerful, web-based solutions virtually transform patient communications with applications for pre-registration, appointment requests and reminders, outbound messaging, lab results delivery, prescription renewals, online bill payment, virtual office visits, and more, including uniquely-branded content-rich web sites. Medfusion is ranked #1 by KLAS in the “2009 Software Category” for secure patient portals. For more information, please visit www.Medfusion.net.