Investment to drive growth and accelerate expansion
NORTHBROOK, Ill. and NEW YORK – October 10, 2016 – Intelligent Medical Objects, Inc. (IMO), a market leader in medical terminology solutions for electronic health record (EHR) systems, announced today that funds affiliated with Warburg Pincus, a global private equity firm focused on growth investing, have agreed to make a growth capital investment. The investment will be used to further drive the expansion of IMO and the semantic highway for the health information ecosystem. Additional funds will also be available to support future growth investments and strategic acquisitions. Terms of the transaction were not disclosed.
Founded in 1994, IMO is the leading provider of medical terminology content and services supporting clinical workflow. The company’s core products allow physicians to easily find and enter medical terminology at the point of care with an EHR system using solutions built on IMO’s proprietary content of over 800,000 clinical concepts and mapping to five million terms across more than 100 code sets. IMO’s core team of clinicians, software developers and engineers combine computer science and medical expertise to help healthcare providers leverage high quality health information quickly and easily to improve total patient care.
“This investment from Warburg Pincus, together with the firm’s deep experience in the technology and healthcare sectors, will be invaluable as we pursue our vision to profoundly improve the quality and flow of health information, so that our healthcare technology and terminology improves global health,” said Frank Naeymi-Rad, Chief Executive Officer, Chairman of the Board and co-founder of Intelligent Medical Objects, Inc.
“I am confident that this collaboration will only strengthen our existing partnerships with EHR companies, care delivery networks, providers and patients. IMO’s customers know that IMO is mission-driven, and we are staying true to that commitment,” said Andrew S. Kanter, MD, Chief Medical Officer of Intelligent Medical Objects, Inc.
“We see meaningful opportunities for IMO’s continued growth and expansion into new markets, and we look forward to supporting Frank and Dr. Kanter, together with President and Chief Technology Officer Regis Charlot and the entire IMO management team, in this next chapter,” said Vishnu Menon, Managing Director, Warburg Pincus.
“IMO’s market-leading software and products are used by thousands of hospitals and physicians to make complex data entry more simple, efficient and accurate,” said Andrew Park, Principal, Warburg Pincus. “Warburg Pincus has been a long-term investor in the healthcare technology sector, and we are excited to partner with IMO as the company continues to grow and further enhance its healthcare technology services.”
Intelligent Medical Objects, Inc. (IMO), is the developer of the most widely-accepted medical terminology solution for the management of medical vocabularies and software applications at healthcare organizations worldwide. IMO’s terminology is used by more than 3,500 hospitals and 450,000 physicians daily, and this trusted terminology platform supports innovations by provider systems. IMO medical vocabulary and mapping products effectively capture clinical intent and help EMRs preserve and communicate this across the entire spectrum of care. IMO clinical terms are mapped to all standard coding systems including ICD-9, ICD-10, and SNOMED®. The accuracy of IMO’s interface terminology was found to be “nearly perfect” in an independent study published by the US Centers for Disease Control. Read more at www.e-imo.com.
About Warburg Pincus
Warburg Pincus LLC is a leading global private equity firm focused on growth investing. The firm has more than $40 billion in private equity assets under management. The firm’s active portfolio of more than 120 companies is highly diversified by stage, sector and geography. Warburg Pincus is an experienced partner to management teams seeking to build durable companies with sustainable value. Founded in 1966, Warburg Pincus has raised 15 private equity funds, which have invested more than $58 billion in over 760 companies in more than 40 countries. Warburg Pincus has been active investors in the health technology sector, with current investments including DocuTAP, Helix, Specialist On Call, A Place For Mom and Sterigenics.
The firm is headquartered in New York with offices in Amsterdam, Beijing, Hong Kong, London, Luxembourg, Mumbai, Mauritius, San Francisco, São Paulo, Shanghai and Singapore. For more information please visit www.warburgpincus.com.
Mary Zimmerman / Christopher Beattie