December 14, 2011 / 3:45 AM / in 6 years

Spectrum, Trident invest in software firm HealthMEDX: sources

NEW YORK (Reuters) - Private equity firm Spectrum Equity and venture capital firm Trident Capital are expected to invest $56 million in healthcare software company HealthMEDX Inc for a controlling stake, sources close to the matter said on Tuesday.

As part of the investment, former president of McKesson Technology Solutions, Pamela Pure, will join HealthMEDX as chief executive officer.

An announcement could come as early as Wednesday, the sources said.

Vince Estrada, former CFO of healthcare IT vendor Visicu Inc, will join as CFO of HealthMEDX, the sources said. Visicu was sold to Philips Electronics for $430 million in 2007.

HealthMEDX’s three co-founders will take on a variety of executive and strategic roles, including Charlie Daniels, who will remain president, according to the sources.

The company, which serves as a technology platform to manage patients in a post-acute care environment, will have a five-member board, including Pure, two senior representatives from Spectrum, and two Trident managing directors, the sources said.

Talks between Pure, Trident and HealthMEDX took off in July over the investment, and in September Spectrum was brought on board, the sources said.

Both firms also own several other technology companies in healthcare, and will act as potential partners with HealthMedx over time.

Representatives for HealthMEDX, Trident and Spectrum declined to comment.

Reporting By Nadia Damouni

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