(Cascadia Capital represented IHS in this transaction)
Integrated Healthcare Systems receives $9 million investment from AIG Horizon Partners Fund, L.P.
Monday March 21, 2005
Seattle-Integrated Healthcare Systems, Inc. (IHS), a leading pharmacy technology company, has received an investment of $9 million from AIG Horizon Partners Fund, L.P., and another private equity fund managed by AIG Global Investment Group (AIGGIG).
The investment directed by AIG Global Investment Group is the first external, institutional funding to IHS, which provides hospital pharmacy automation systems that reduce costs and increase productivity, while improving accuracy and patient safety. The three-year-old company has installed systems in more than 50 hospitals across the country, and expects to double that number this year.
"This investment will enable our company to grow to a new level, serving substantially more hospitals, while continuing to develop our proprietary products," noted James E. Torina, president and chief executive officer, IHS. "We are particularly pleased with the strategic potential of AIG Global Investment Group's participation, as a direct and indirect investor in numerous hospital systems."
Two representatives of AIG Global Investment Group will join the board of IHS: FT Chong, managing director and head of the Direct Investments Group, and Elliot Hayes, vice president. Cascadia Capital, L.L.C., headquartered in Seattle, served as IHS's financial advisor in this transaction.
"We believe IHS is well positioned to continue its dramatic growth" explained Chong. "The company's solutions for hospitals enable quick, successful implementation of barcoding of all medications, then tracking them smoothly and reliably throughout the supply chain, from wholesaler to patient bedside. Best of all, the company is the leading independent integrator with an established ability to connect with all major brands of pharmacy equipment and hospital information systems."
Integrated Healthcare Systems, Inc. (www.ihsystems.net) is a leading pharmacy technology company that provides automation systems to hospitals and other centralized pharmacies, to reduce costs and increase productivity, while improving accuracy and patient safety. The company's equipment and software are used to package, barcode, store and track drug inventories. IHS solutions include automated pharmacy inventory, storage and retrieval systems; barcode medication packaging and labeling; and software for medication management and pharmacy productivity. For more information, please call 800-541-4102.
AIG Global Investment Group (www.aiggig.com) comprises a group of international companies which provides investment advice and markets asset management products and services to clients around the world. Services and products are provided by one or more investment management subsidiaries of American International Group, Inc. AIGGIG has more than 1,500 employees, located in 40 offices around the world including New York, London, Hong Kong, Tokyo, Toronto, and Zurich. As of December 31, 2004, AIGGIG managed over $475 billion in assets spanning equities, fixed income, private equity, hedge funds and real estate.
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Cascadia Capital (www.cascadiacapital.com) offers corporate finance, mergers & acquisitions, strategic advisory services and capital market services to companies across North America. Cascadia Capital serves emerging growth and middle market companies, both public and private. The firm focuses on the following sectors: Information Technology, Communications, Security & Defense, Healthcare, and Industrial & Consumer.