Sale of Leading Interoperability Company Further Demonstrates Market Leading Hit Expertise
NASHVILLE, Tenn.--(BUSINESS WIRE)-- The Raymond James Health Care Investment Banking Group acted as financial advisor to Carefx Corporation in its sale to Harris Corporation (NYSE: HRS). The transaction was announced today. Carefx, based in Scottsdale, AZ, provides an interoperable, intuitive solution suite that incorporates the latest standards-based technologies and industry best practices to streamline retrieval, access, and use of patient information. The solution aggregates patient information across existing systems and delivers it in a single, clear, clinically relevant view to physicians at the point of care -- enabling them to offer a more consistent, higher quality experience for the patient, reducing clinical errors, and increasing individual productivity. Carefx serves more than 800 hospitals, health systems, and health information exchanges across North America, Europe, and Asia.
Raymond James served as exclusive financial advisor to Carefx in connection with the sale, advising the Company on the structuring of the transaction, the negotiation of transaction terms, and final purchase agreement.
“Carefx’s solutions leverage interoperability to provide a context-aware view of relevant patient data to facilitate collaboration at the point-of-care –- achieving federal requirements for Meaningful Use,” stated Reed Welch, a Managing Director in the Firm’s Health Care Investment Banking Group.
Riley Sweat, Managing Director and Head of the Firm’s Health Care Investment Banking effort added, “The Carefx sale is the third interoperability transaction completed by the Raymond James Health Care team in the past six months. It is representative of our in-depth HIT expertise and we’re delighted to have advised the Company in such an important transaction. We are pleased to have helped achieve such a positive outcome.”
The Carefx transaction extends the Raymond James Health Care Group’s longstanding track record in HIT, further demonstrating its expertise in the sector. In the last fifteen months, Raymond James has also served as financial advisor to HLTH Corp. (NASDAQ: HLTH) in its merger with WebMD (NASDAQ: WBMD); the acquisition of AMICAS (NASDAQ: AMCS) by Merge Healthcare (NASDAQ: MRGE); the sale of Evolution Benefits to Genstar Capital; and the sale of Axolotl to Ingenix, a subsidiary of United Health Group (NYSE: UNH); and the sale of Medicity to Aetna (NYSE: AET) representing aggregate transaction value of approximately $2.4 billion.
About the Raymond James Health Care Investment Banking Group
In terms of domain expertise, dedicated resources, and transaction track record, the Health Care Investment Banking Group of Raymond James & Associates is one of the oldest, largest, and most successful health care-focused advisory services practices in the United States. The Group provides a broad range of advisory and capital raising services to companies within the health care industry and has senior banking personnel focused on a wide variety of health care sectors. Since 1990, the Group’s investment bankers have advised on approximately 314 transactions, including mergers and acquisitions with an aggregate value of more than $18.7 billion and equity and debt financings in excess of $11.9 billion. The Group has offices in Nashville, Denver, and St. Petersburg.
Carefx supports healthcare organizations in achieving their vision of advancing the quality and safety of patient care delivery through its Fusionfx suite of interoperable workflow and analytics solutions. Fusionfx streamlines and simplifies clinical and business workflow and connects care providers to the information they need - where, when, and how they need it. By managing care transitions and information gaps between diverse systems, departments and facilities, Fusionfx delivers crucial patient information with speed, efficiency and logic. Carefx supports more than 800 hospitals, health systems, regional health information organizations (RHIOs) and health information exchanges (HIEs) across North America and Europe.
Harris is an international communications and information technology company serving government and commercial markets in more than 150 countries. Headquartered in Melbourne, Florida, the company has approximately $5 billion of annual revenue and more than 16,000 employees — including nearly 7,000 engineers and scientists. Harris is dedicated to developing best-in-class assured communications® products, systems, and services. Additional information about Harris Corporation is available at www.harris.com.
Please visit the Raymond James Press Center at raymondjames.com/media or the Health Care Investment Banking Group’s website, which is www.rjhealthcarebanking.com.
For Raymond James Health Care Investment Banking Group
Reed Welch, 303-318-0400
Riley Sweat, 615-321-8075
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