Precyse Gets Recapped

Altaris Capital Partners and NewSpring Capital have co-sponsored a recapitalization of Precyse Solutions, a Wayne, Penn.-based provider of solutions to improve the performance of health information management departments of U.S. hospitals and healthcare providers. No financial terms were disclosed for the deal, which results in Altaris and NewSpring taking over the company from Liberty Partners and Toronto Dominion Capital.

PRESS RELEASE 

Precyse Solutions, the leader in driving peak performance within Health Information Management (HIM) departments in U.S. hospitals and health care providers, today announced that Altaris Capital Partners, a health care private equity firm based in New York City, and NewSpring Capital, a leading provider of private equity capital to the Mid-Atlantic region, have recapitalized the company with management to lead to further growth and expansion. Altaris and NewSpring will be taking over majority interest in Precyse from its two New York City based private equity firms, Liberty Partners and Toronto Dominion Capital, who were Precyse's initial founding investors in 1999.

At the conclusion of this recapitalization, Precyse will resume its aggressive growth plans through a renewed focus on investment in major strategic assets, companies and technologies that add value to Precyse and its customers. No management, operational or personnel changes will be made as part of this transaction. Precyse customers will continue to receive the same superior technology and service offerings as well a high level of customer service.

Michael J. Kluger, a founding partner and Managing Director of Altaris, is also a founding director of Precyse, and will retain his current seat on Precyse's Board of Directors. Daniel G. Tully, a founding partner and Managing Director of Altaris, will also join the Precyse Board. Brian J. Murphy, one of Precyse's founders and Managing Director of NewSpring, will join the Precyse Board as well.

“The investment from Altaris and NewSpring not only enables Precyse to continue its growth plans, but it is also a true statement of Mike Kluger's, Brian Murphy's and each of their respective fund's confidence in Precyse, its management team and its future opportunities to create value for investors,” said Jeffrey Levitt, CEO and Founder of Precyse Solutions. “We are very fortunate to have partners with such broad health care industry expertise as well as a deep understanding of our company, its goals and values,” said Levitt. “We couldn't be happier with Mike, Dan and Brian and their team's decision to invest and bring such valuable resources to the table.”

“As someone who has been with Precyse since its founding, I truly believe that the company is at a very exciting inflection point in its development,” said Mike Kluger of Altaris. “This investment, in conjunction with the knowledge and talent of the management team, will enable Precyse to aggressively accelerate its growth and make greater contributions to the markets and clients it serves.”

About Precyse Solutions

Precyse Solutions is the leader in driving peak performance within HIM departments of US health care facilities. Precyse's technologies and services support best practices in multiple areas including: remote and on-site coding, transcription, audit and education, cancer registry, consulting and interim/long-term management services. Achieve peak performance with Precyse Solutions! For more information, please visit www.precysesolutions.com.

About Altaris Capital Partners

Altaris is an investment firm focused exclusively on the healthcare industry. With over $750 million of equity capital under management, Altaris invests in companies that manufacture products or provide services to meet clearly defined healthcare needs in the United States and Western Europe. Altaris is headquartered in New York. For more information, please visit www.altariscap.com.

About NewSpring Capital

NewSpring Capital, based in Radnor, Pennsylvania, and Short Hills, New Jersey, is a leading provider of private equity capital focused in the Mid- Atlantic region. NewSpring Capital currently has $500 million of assets under management. The family of funds consists of: (i) NewSpring Ventures, which provides equity capital to growth and expansion stage companies with a focus on business services, enabling technology and information technology, (ii) NewSpring Health Capital, which provides equity capital to healthcare companies within the life sciences, healthcare services and medical device sectors, and (iii) NewSpring Mezzanine Capital, which provides mezzanine capital for expansion stage and buyout opportunities in the business services, healthcare, information technology, and specialty manufacturing sectors. NewSpring Capital partners with entrepreneurs, leveraging its capital and experience, to assist them in turning their visions into reality. To learn more about NewSpring Capital, please visit www.newspringcapital.com.