eMed Technologies Receives Strong Financial Backing from CSFB Private Equity and Schroder Ventures
Lexington, MA, October 12, 2000 - eMed Technologies Corporation achieved a major milestone this week in announcing significant investments by CSFB Private Equity and Schroder Ventures International Life Sciences Fund. Shareholders for eMed have approved issuance of up to $22 million in additional equity. CSFB Private Equity and Schroder Ventures represented the bulk of the initial closing with participation from existing investors, Bedrock Capital Partners, Bessemer Venture Partners and Pacific Venture Group among others. This financing will provide eMed with growth capital to expand its leadership position in radiology web solutions and further enhance its market position among its extensive installed base of image management customers. "Our mission is to support healthcare innovation. eMed Technologies is poised to expand its presence in the digital imaging management market", said Eugene Hill, General Partner, Schroder Ventures International Life Sciences.
According to Caren Mason, eMed's CEO, "We are delighted to complete this round of private funding with such outstanding partners. Their confidence in our management team and employees, and in our business model of providing exceptional desktop and image management solutions for radiology and referring physicians, is well placed. We are well positioned to provide outstanding results for our customers and shareholders." eMed has gained significant traction in the race to supply medical images and reports over the web to a physician's desktop in a user preferred format. Radiologists who are interested in increasing efficiency, saving costs associated with image distribution and who are using eMed as a business partner to provide much needed marketing and technology tools are well-positioned to grow their businesses. In just the first few months of release, eMed's web services product is being implemented by practices representing over 180 radiologists serving 5,000 referring physicians ordering in excess of 1,500,000 imaging exams.
eMed's image management business has grown to include over 1,800 imaging centers and hospitals and over 7,000 radiologists as users of eMed's technology solutions. eMed's solutions provide intranet and internet communications capability from basic digital connectivity to enterprise scale picture archiving and communications solutions. The company markets its products and services on a subscription, transaction and outright purchase basis. The company's ability to create especially attractive offerings for the community radiology group representing the vast majority of practicing radiologists is a source of pride.
" We are proud to provide our radiology customers with the combined strength of image management, web communications and marketing services to help their practices grow. From scheduling to report delivery, eMed image management and web communications solutions unite radiologist and referring physician workflow enabling faster, more collaborative diagnosis for patients, " said Caren Mason. "It is this "grow your business" capability for the practicing community radiologist that has secured the interest in and backing of our premier investors. Our expectation is that growth in 2001 and 2002 will primarily revolve around our ability to manage all aspects of movement from today's practice model to a clinical practices communications solution that is handled entirely by eMed. We have spent the last several months perfecting this solution and it's premise and the proof of its effectiveness will be on display at this year's Radiological Society of North America Meeting in Chicago in November. This is a very exciting time at eMed."
About CSFB Private Equity
CSFB Private Equity, investing since 1979, is the global private equity arm of the Credit Suisse Group, a global financial services company. CSFB Private Equity has committed capital of approximately $3.7 billion and has completed more than 80 investments worldwide. The firm maintains offices in New York, London, Hong Kong, Sao Paulo and Moscow.
About Schroder Ventures International Life Sciences
Schroder Ventures is one of the largest international private equity groups. The firm has over 80 investment professionals in 10 countries, over 23 funds with committed capital of $4.0 billion and is affiliated to Schroders plc, a leading international investment bank. Schroder Ventures Life Sciences Fund invests in companies specializing in therapeutics, diagnostics, healthcare services and the Internet.
About eMed Technologies
eMed Technologies provides Internet services, software, networking and communications infrastructure products to healthcare professionals that need to manage, distribute and access medical images and related information. Their offerings, in a cost-effective manner, significantly improve how physicians, health care professionals, payors and others use and share medical images. The eMed.net product Internet enables radiology groups and imaging departments by providing individualized web sites for image distribution, physician practice facilitation, education, commerce and marketing. eMed completes its full service solutions capability by offering image management components to capture, compress, transmit, route, display and store medical images, including x-rays, MRIs, CTs and Ultrasounds. For more information on eMed, visit their web site at www.emed.com.
Marketing Communications Manager
eMed Technologies Corporation