Toronto, ON – June 1, 2009 –Toronto-based MMV Financial announces the completion of a venture loan to Portico Systems, the leader in Integrated Provider Management (IPM) solutions. With this funding, Portico Systems has completed the acquisition of the Choreo Suite of contracting solutions for health plans from Kryptiq Corp. This addition further solidifies Portico’s leadership position in Integrated Provider Management solutions, and significantly strengthens the company’s contracting offerings and customer base. Portico Systems is privately held with investment from Safeguard Scientifics and Edison Venture Fund.
“We’re very excited to be working with MMV Financial,” said Ned Moore, Chairman, CEO and Co-Founder, Portico Systems. “Their flexibility in debt structuring has allowed us to complete this acquisition seamlessly and begin the integration process with Choreo.”
“Portico’s acquisition of the Choreo Suite from Kryptiq has allowed the company to position itself at the forefront of Integrated Provider Management,” said April Young, SVP, Managing Director US, MMV Financial. “Portico’s experienced management team has shown an outstanding ability to execute its plans for growth. We are excited to have the opportunity to invest in Portico as it integrates Choreo into their platform and capitalizes on the opportunity to expand the customer base going forward.”
About MMV Financial
MMV Financial is a Toronto-based specialty finance company providing creative debt solutions directly to technology and life sciences companies across North America. MMV is backed by top U.S. and Canadian private equity firms and financial institutions including CCP Equity Partners, Caisse de dépôt et placement du Québec, Fonds de Solidarité des Travailleurs du Québec, HSBC Bank Canada, NewStar Financial Inc., ROI Capital, and Wells Fargo Company. For more information please visit: www.mmvf.com
About Portico Systems
Portico Systems’ innovative solutions enable health plans to reduce administrative, medical and IT costs. Portico’s exclusive focus on provider operations and 500+ staff-years of provider experience has allowed Portico to design the only modular end-to-end provider platform. Portico, a portfolio company of Safeguard Scientifics, Inc., invites you to explore our website (www.porticosys.com) to learn how our commitment to customer service, quality and technology innovation can accelerate the evolution of your health plan’s provider operations. Portico Systems is a partner company of Safeguard Scientifics, Inc. (NYSE: SFE) www.safeguard.com.
Contacts:
April Young
Senior Vice President
Managing Director – US
MMV Financial USA Inc.
(703) 397-5157
For Portico Systems:
George Robertson
Corporate Ink
(617) 969-9192
Allison Lattanze
Portico Systems
(215) 358-3800