MINNEAPOLIS, May 19, 2014 (GLOBE NEWSWIRE) -- ABILITY Network Inc, a leading healthcare technology company, said today that the previously announced transaction with Summit Partners, a global growth equity investor, has been closed. In the transaction, ABILITY received a $550 million strategic investment, led by Summit and joined by other capital partners.
The recapitalization represents a major commitment by Summit Partners to the ongoing growth of ABILITY. This investment comes three years after ABILITY Network received a $27 million capital investment from Lemhi Ventures and Bain Capital Ventures. Bain will continue as an investor partner in ABILITY.
ABILITY Network has been a national leader for over a decade in providing innovative, web-based workflow solutions that simplify clinical and administrative tasks for acute and post-acute healthcare providers. Over 55,000 providers use the myABILITY platform daily to help them manage their administrative and clinical processes.
About ABILITY Network
ABILITY® Network Inc is a leading healthcare technology company trusted by thousands of hospitals, home health care agencies, hospices, skilled nursing facilities, DME and other healthcare providers throughout the U.S. ABILITY provides a broad suite of innovative workflow tools to help manage the administrative complexities of healthcare. ABILITY is headquartered in Minneapolis, with anchor offices in Boston and Tampa, and satellite offices across the country.
About Summit Partners
Summit Partners provides growth equity to exceptional entrepreneurs and management teams. Founded in 1984, the firm has raised nearly $15 billion in capital and provides equity and fixed income for growth, recapitalizations and management buyouts. Summit has invested in more than 385 companies in technology, healthcare and other growth sectors. These companies have completed more than 130 public offerings, and more than 140 have been acquired through strategic mergers and sales. Notable healthcare and technology companies financed by Summit Partners include HealthCare Partners, Mednax, Lincare, Modernizing Medicine, Solutionreach, Coms Interactive, RightNow Technologies, Wildfire, and AvePoint. Summit maintains offices in North America and Europe, and invests in companies around the world.