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  • Maryland Venture Capital Companies Invest in CourseAdvisor

    February 10th, 2008 No comments

    CourseAdvisor Secures $12 Million in Round A Financing

    ABS Capital Partners, a Maryland based
    Private Equity and Venture Capital firm was attracted to the company’s growth
    and superior health care technology solutions.

    ABS Capital Partners
    announced it invested $16 Million in SourceMedical Solutions, Inc., a leading
    provider of outpatient information management solutions. The financing was led
    by ABS Capital Partners, a leading private equity firm focused on investing in
    established and profitable growth companies, with participation from existing
    individual investors. The investment will be used to provide capital for
    expansion purposes and to retire existing debt obligations. John Stobo, a
    general partner at ABS Capital Partners, and Mark Anderson, a principal at ABS
    Capital Partners, will join SourceMedical’s board of directors.

    “SourceMedical’s financial results and strength have improved over the past
    year and we continue to make progress,” said Scott Stone, executive vice
    president and chief financial officer of SourceMedical. “ABS Capital has a
    proven track record in the healthcare IT sector, backing many of the industry’s
    leaders over the past decade. We believe that this investment, coupled with
    their experience in high growth companies, will be valuable to us as we continue
    to serve our markets.”

    “SourceMedical is a great example of the kind of growth we look for as
    investors,” said Mark Anderson, principal at ABS Capital Partners. “The company
    is selling a leading solution in a fast-growing market, has a management team
    that has been known to us for some time and has performed well. As more and more
    procedures get moved to alternate sites, those providers will increasingly need
    sophisticated solutions to help them to manage their workflow and navigate a
    complex regulatory and reimbursement environment. We look forward to partnering
    with SourceMedical to continue to capitalize on the growing demand for their
    offerings and build a significant company.”

    SourceMedical’s software is designed to support the core operational
    requirements of ASCs and rehabilitative therapy centers. It also offers the free
    standing diagnostic imaging center market an application service provider
    (ASP)-based Radiology Information System capable of interfacing with picture
    archiving and communication systems. Today, more than 3,300 satisfied customers
    rely on SourceMedical for innovative applications, in-depth industry expertise
    and unsurpassed customer service.

    ABS Capital Partners is a private equity firm that was founded in 1990 to
    invest in mid- to later- stage growth companies in order to create significant,
    market-leading companies. The firm’s investment strategy focuses on companies in
    the healthcare, technology, business services and media & communications
    sectors. ABS partners with strong management teams to help build businesses with
    substantial revenues, near-term profitability and solid customer bases. The firm
    has created long-term value for management and investors, and has $1.5 billion
    under management and nine investing partners within offices in Baltimore, San
    Francisco and Boston.

    For more
    information, please visit

    www.abscapital.com

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