EDG Partners today announced a growth equity investment in MMIS, Inc. (MMIS), a global technology company that develops and markets compliance and collaboration software solutions for pharmaceutical and medical device companies. The investment will help facilitate the continued market growth of MMIS and further enhancement of its current technology leadership position. EDG Partners is a private equity firm that provides capital and industry experience to healthcare companies exhibiting strong growth prospects.
MMIS offers a comprehensive, cloud-based modular platform that makes it possible for clients to aggregate, manage, and analyze data across an enterprise. An important component to the MMIS solution is providing tools to promote and support communication and accuracy of reporting among physicians and healthcare providers. The MediSpend® Global Compliance Platform, the company's signature product, was developed by legal experts and information technology specialists with over 25 years of healthcare compliance experience. The platform is the first end-to-end compliance and data analytics SaaS solution specifically designed to help life science executives make better-informed business decisions while also ensuring compliance with U.S. and global transparency regulations and laws, including the US Open Payments (the Sunshine Act) and Loi Bertrand in France. The Open Payments law, which requires all medical device and pharmaceutical companies to disclose annual direct and indirect spend on all physicians and teaching hospitals, was passed as part of the Affordable Care Act in March 2010.
"MMIS is excited to partner with EDG, an organization with exceptional healthcare industry experience," said Michaeline Daboul, President and CEO of MMIS. "EDG and MMIS share the same vision—the tremendous growth opportunity for MMIS afforded by the complex and global compliance needs of pharmaceutical and medical device organizations. I know the entire MMIS team is excited to have access to the strategic and financial support of our new partner."
"MMIS is a dynamic and well positioned company led by its very capable co-founders, Michaeline Daboul (CEO) and Tim Robinson, Esq. (Chief Knowledge Officer). EDG Partners is pleased to partner with the company's co-founders and senior leadership team as the company enters a new phase of growth and development," said J. Stephen Eaton, Co-Founder and Managing Director of EDG Partners. "We believe MMIS has a terrific opportunity to be the leader in healthcare compliance outsourced solutions."