Surgical Information Systems (“SIS” or the “Company”),a leader in perioperative information systems, announced today that Norwest Equity Partners (“NEP”), a leading middle-market equity investment firm, has acquired the Company from Vista Equity Partners (“Vista”). The current SIS executive team, led by Ed Daihl, Chief Executive Officer,will remain in place following this investment. Clients and associates will benefit from the resulting accelerated delivery of new, innovative software solutions.
Founded in 1996 and headquartered in Alpharetta, Georgia, SIS software solutions are uniquely designed to add value at every point in the perioperative process. Developed specifically for the complex surgical environment, all SIS modules–including anesthesia–are built on a single database and integrate easily with other hospital systems. Clients include leading academic and medical research centers, integrated delivery networks and hospitals of all sizes.
“By maintaining our focus on the financial engine of the hospital, SIS has achieved year-over-year growth that significantly exceeds industry averages. We have also enjoyed success in the perioperative area during some of the most challenging economic conditions in memory,” said Daihl. “Demand for perioperative-specific information solutions is rapidly growing, particularly in anesthesia solutions, and our new partnership with NEP represents the continuing evolution of the company. Our efforts, combined with NEP’s 50 years of investment experience and access to resources, will enable SIS to continue to strategically deliver on our promise to improve perioperative safety, efficiency and profitability.”
“We’re excited to welcome SIS to our portfolio, and our team looks forward to partnering with management to continue the Company’s significant momentum and market success,” said Tim Kuehl, a Partner at NEP. “SIS is an outstanding company and is a key part of our long-term health care and applied technology investment strategy.” In recent years, NEP has made several investments in software-based companies, such as Amcom Software, Mitchell International and Rosetta Stone.
Jim Lindner, a NEP Operating Partner with over 40 years experience in the software technology and services industry will serve as Non-Executive Chairman at the Company. “I am thrilled with the opportunity to partner with SIS,” said Lindner. “It is a well-run company, led by an excellent management team that values its clients, offers great products and has tremendous growth momentum.”
SIS solutions are focused on the perioperative department, which accounts for up to 60 percent of hospital margin. “Along with our new investment partner, our fundamental approach remains the same,” said Daihl. “We will continue to work closely with clients to enable them to enhance patient care while providing highly-interoperable, ONC meaningful-use certified solutions.”
“We initially invested in SIS because we saw the opportunity to bring together a talented executive team that would deliver best-in-class solutions to their clients,” said Robert F. Smith, Chairman and CEO of Vista. “It has been our pleasure to work with SIS over the last four years to deliver unmatched value to their clients and the healthcare industry as a whole. SIS is well-positioned to continue its heritage of bringing tremendous value to perioperative healthcare at a time when U.S. hospitals need it most.”
About SIS
Surgical Information Systems (“SIS”) provides software solutions that are uniquely designed to add value at every point of the perioperative process. Developed specifically for the complex surgical environment, all SIS solutions – including anesthesia – are architected on a single database and integrate easily with other hospital systems. SIS offers the only surgical scheduling system endorsed by the American Hospital Association (AHA), and a rules-based charging system that has been granted Peer Reviewed status by the Healthcare Financial Management Association (HFMA).
For more information visit our website, www.SISFirst.com.
The SIS Perioperative software, an EHR Module, is 2011/2012 compliant and has been certified by an ONC-ATCB in accordance with the applicable certification criteria adopted by the Secretary of Health and Human Services. This certification does not represent an endorsement by the U.S. Department of Health and Human Services or guarantee the receipt of incentive payments. Surgical Information Systems’ 5.0.3 release certified on November 19, 2010, Certification ID 11192010-6161-8.
About Norwest Equity Partners
Partnering with management teams since 1961, Norwest Equity Partners (“NEP”) is a leading equity investment firm focused on building middle market companies into industry leaders. With a reputation for quality investments and exceptional financial returns, NEP manages $4.6 billion of capital through a series of equity and mezzanine limited partnerships. The firm, headquartered in Minneapolis, Minnesota, is currently investing NEP IX, $1.2 billion in capital. For more information, visitwww.nep.com.
About Vista Equity Partners
Vista Equity Partners based in San Francisco with offices in Chicago and Austin, currently invests over $2 billion in capital committed to dynamic, successful technology-based organizations led by world-class management teams with long-term perspective. Vista is a value-added investor, contributing professional expertise and multi-level support toward companies realizing their full potential. Vista’s investment approach is anchored by a sizable long-term capital base, experience in structuring technology-oriented transactions, and proven management techniques that yield flexibility and opportunity in private equity investing. For more information, visit www.vistaequitypartners.com.
