iMedX Raises $13 Million

iMedX Inc., a Shelton, Conn.-based provider of medical documentation services and software over the Internet, has raised $13 million in VC funding from RFE Investment Partners.

PRESS RELEASE

iMedX Inc., a leading healthcare software and services company, announced a recent $13 million equity investment by RFE Investment Partners of New Canaan, Connecticut. iMedX will use the proceeds to fund strategic acquisitions, expand its sales and marketing infrastructure and develop new software products.

Based in Connecticut with offices in Ohio and Florida, iMedX currently serves over sixty health systems, over 500 clinics, and several state governments, providing medical documentation services and software over the Internet.

Concurrent with RFE’s investment, iMedX acquired Medware, a leading provider of medical transcription services to hospital systems throughout the US. In addition, the Company is actively pursuing several additional acquisition opportunities.

Venkat Sharma, iMedX’s President and CEO stated, “We are delighted to partner with RFE. As a premier private equity firm with a thirty-year history of success, we are honored by RFE’s vote of confidence in our business plan and leadership. With these funds and RFE’s support, we will be able to execute on our plan to be the premier provider of leading-edge Internet-based technology and services to the medical industry,” said Mr. Sharma. “RFE’s investment will help us increase market share and cross-sell our proprietary Internet-based products into the acquired customer base.”

“We are excited about partnering with the iMedX management team during this period of growth and providing our experience and resources to assist them in enhancing the company’s position as a strong, well-respected market leader,” added Michael Foster, Managing Director at RFE.

About iMedX

iMedX is a leading US-based outsource provider of healthcare software and services to hospitals and medical practices throughout the U.S. iMedX’s innovative Internet-based transcription delivery platform, TurboScribe(R) is used by thousands of providers across the United States. High quality transcription services are provided through delivery centers in the U.S. and India. iMedX’s new TurboRecord(R) electronic medical record service and an e-Prescription platform TurboRx(R) allows doctors to comply with HIPAA guidelines and minimize costs. iMedX is headquartered in Shelton, Connecticut. For more information please visit www.imedx.com.

About RFE

RFE Investment Partners, based in New Canaan, Connecticut, is a private equity investment firm with thirty years of small buyout experience. RFE is actively investing its seventh fund, which continues to target control investments in business service, niche manufacturing and health care service companies. For more information, visit RFE’s website at www.rfeip.com.

iMedX was assisted in this transaction by Connecticut Equity Partners (www.ctequitypartners.com)