PE Backed HealthTech Firm ABILITY Network Secures $545m Debt Round

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Via News Release

“MINNEAPOLIS, Dec. 14, 2017  — ABILITY Network (ABILITY), a leading healthcare information technology company, today announced that it has closed a debt issuance totaling $545 million.

Proceeds will be used to replace existing debt at lower rates and extended maturities, fund cash to the balance sheet for growth and pay a dividend to shareholders. The new debt financing, along with ABILITY’s strong performance, returns leverage ratios to the same level as when Summit Partners and Bain Capital Ventures invested in ABILITY in 2014.”

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Meet A Minnesota Tech CFO: Jamison Rice, ABILITY Network

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Thanks to local commercial real estate pros CBRE for sponsoring our new Meet A Minnesota Tech CFO series!

The CFO: Jamison Rice, ABILITY Network

When and how did you get started in your finance career?

I started in finance in public accounting at Arthur Anderson in the early 1990s. It was a great way to get exposure to a lot of different industries and companies. I was able jump into my career, learning from really talented people within public accounting, as well strong leaders at a number of different client companies. I continue to grow in my profession by surrounding myself with talented people. It’s one of the reasons I joined ABILITY Network.

What is unique about your role with the technology industry, compared to other industries?

The speed of change within technology is greater than most industries. That dynamic increases exponentially when you couple it with the rate of change within the healthcare industry. My role, and that of my team, is focused on enabling business leaders to make informed decisions about our business−quickly. As part of a leading healthcare information technology company, we simply can’t afford a “wait-and- see” approach.

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Minneapolis’ ABILITY Network Buys St. Paul Software Maker Secure Bill Pay

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Via News Release

“MINNEAPOLIS – (July 18, 2017) – ABILITY Network today announced its acquisition of Secure Bill Pay, a leader in the fast-growing healthcare payment software market. Secure Bill Pay provides an all-in-one set of tools to enable providers to facilitate patient payment throughout the revenue cycle.”

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Jamison Rice Joins ABILITY Network As EVP and CFO

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Via News Release

“MINNEAPOLIS, June 19, 2017 — ABILITY® Network, a leading healthcare information technology company, announced today that Jamison (Jamie) Rice has joined the company as executive vice president and chief financial officer (CFO). In this role Rice will have accountability for leading the company’s Finance, Strategy and Corporate Development functions to advance the long-term growth strategy for ABILITY.”

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ABILITY Network Unfazed By Industry Changes

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By Neal St. Anthony, Star Tribune

“CEO Mark Pulido of Ability Network is one health care industry boss who doesn’t seem to sweat political wrangling over America’s health care system.

“We’re poised to help customers regardless of the environment … of the changing political and regulatory environment,” Pulido said recently. “Our business is to help payers and providers simplify [a complex system]. “Change is something you have to stay in front of. It’s exhilarating.”

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Hiring Trends From Inside Minnesota’s VC/PE-Backed Tech Firms [part 4]

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peopleBetween February [2] and June of 2016, we looked at hiring trends from inside a number of VC/PE-backed Minnesota tech firms using visual data sourced from LinkedIn.

Coming back to that roughly one year later, here are some fresh hiring trends from inside some of Minnesota’s most funded tech firms: Code42 ($137m VC), Jamf ($30m PE), Ability Network ($550m PE), RedBrickHealth ($75m VC), Leadpages ($38m VC), Zipnosis ($20m VC), When I Work ($25m VC), Bright Health ($80m).

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Ability Network’s Buying Spree Continues

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By Burl Gilard, Twin Cities Business

“Minneapolis-based health information technology company Ability Network acquired Tulsa, Oklahoma-based G4 Health Systems Inc., which makes software that improves health care billing and tracks analytics, at the end of February. The deal marked the fourth acquisition for Ability Network during the last 18 months as the company continues to grow and expand its services.”

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ABILITY Network Acquires G4 Health Systems

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Via News Release

“MINNEAPOLIS — ABILITY Network, a leading information technology company, announced today that it has acquired G4 Health Systems, Inc. Terms of the transaction were not disclosed.

G4 Health Systems is a national provider of next-generation revenue cycle management (RCM) services and health data analytics for small and mid-sized hospitals, physician offices, and post-acute providers. G4 also brings advanced API-based RCM tools that can serve ABILITY Strategic Partner customers (EMR vendors, software companies, and payers, among others). ABILITY helps providers across the healthcare continuum, offering innovative applications and data analytics, including RCM services, connections to payers, and clinical support systems.”

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