LOS ANGELES, February 24, 2009 – Marlin Equity Partners (“Marlin”) is pleased to announce that it has acquired the assets of the Qwik+Cross (“Cross”) Medicare crossover business from HDM Corporation, an Omaha, Nebraska-based provider of healthcare administration solutions. Cross is a leader in providing clearinghouse services for Medicare claims to supplemental insurance carriers. Cross will be integrated with MedAvant Healthcare Solutions (“MedAvant”), a Marlin portfolio company, enabling MedAvant to provide existing clients with greater payer connectivity and expedited billing to payers offering Medicare supplemental insurance. The acquisition of Cross increases MedAvant’s service capabilities and expands its presence in the revenue cycle management marketplace. Cross’s CEO and founder, Lisa Lechowicz, joined MedAvant as the Director of Payer Sales.
“This is a notable accomplishment just 90 days after Marlin’s acquisition of MedAvant and shows our dedication to broaden its services and offerings,” stated George Kase, Partner at Marlin Equity Partners. “The acquisition of Cross signifies Marlin’s commitment to continued growth and success for MedAvant.”
Andrew Lawson, President of MedAvant, commented, “as we move forward, our focus is on providing clients with industry-leading products and world-class customer service. Cross has generated a large and loyal customer base by consistently providing exceptional service to its customers. We look forward to leveraging Cross’s extensive experience in the Medicare supplemental insurance field while expanding its service model across all of MedAvant’s product lines.”
“MedAvant is a leader in its space, and we are excited to become a part of the company,” said Lisa Lechowicz. “This transaction benefits the Cross customer base as MedAvant and Marlin have the ability and resources to provide new and enhanced services to Cross’s clients.”
About Marlin Equity Partners
Marlin Equity Partners is a Los Angeles, California-based private investment firm focused on providing corporate parents, shareholders and other stakeholders with tailored solutions that meet their business and liquidity needs in special situations. Marlin Equity Partner invests in businesses across multiple industries that are in the process of undergoing varying degrees of operational, financial or market-driven change where its capital base, industry relationships and extensive network of operational resources will significantly strengthen a company’s outlook and enhance value. Since 2005, Marlin Equity Partners, through its group of funds and related companies, has successfully completed over 20 acquisitions across a variety of industries. For more information, please visit www.marlinequity.com.
About MedAvant Healthcare Solutions
MedAvant is a leading healthcare technology company that facilitates the electronic exchange of medical claims and clinical information among hospitals, doctors, medical laboratories and insurance payers. The Company offers electronic claims processing to healthcare providers through a highly developed electronic data interchange (EDI) platform. MedAvant’s software platform PhoenixSM supports real-time connections between healthcare clients and is configurable to enable a wide range of input and response choices for either side of a healthcare transaction. MedAvant’s mission-critical product offerings lower administrative costs, improve revenue cycle elements and ultimately improve clinical outcomes for its customers. Santa Ana, California-based MedAvant was founded in 1989. For more information, please visit www.medavanthealth.com.
For additional information, please contact Peter Spasov at (310) 364-0100 or via e-mail at pspasov@marlinequity.com.