PHILADELPHIA--(BUSINESS WIRE)--Portico Systems (Portico), the leader in Integrated Provider Management (IPM) solutions, announced today the completion of a $5 million subordinated debt financing through Safeguard Scientifics, Inc. (NYSE: SFE). Portico also increased its credit facilities with Comerica Bank (NYSE: CMA) from $3 million to $4 million. Portico has shown considerable growth for several consecutive years and will use this financing to fuel the next level of market penetration. Safeguard led Portico’s first financing round in 2006 and participated in its second financing round with Edison Venture Fund in 2008.
“Being able to raise this type of capital in today’s banking climate is a testament to Portico’s past and current performance as well as its future potential,” said Mark S. Pollock, chief financial officer, Portico Systems. “The continued support from both Safeguard and Comerica underscores our tremendous growth and reflects the value our customers place on Portico and IPM as we continue to pioneer the field of integrated provider management.”
“As a high-growth company, Portico is ripe for this type of creative, financial flexibility,” said Kevin L. Kemmerer, executive vice president and managing director, Technology Group, Safeguard Scientifics and Portico board member. “Healthcare payers are looking to reduce their operating expenses and to implement their next generation reimbursement programs. As a result, these payers are increasingly adopting Portico’s solutions to fundamentally change the way they do business.”
Portico Systems will host a complimentary webinar, “Leadership Strategies for PPACA Response” on Wednesday, January 26, 2011, at 1:00 p.m. EST where the company will discuss how payers can transform their reform strategies into growth opportunities.
For more information on Portico, please visit www.porticosys.com, subscribe to the RSS feed at http://blog.porticosys.com, and follow the company on Twitter at @porticosys and Facebook at http://www.Facebook.com/porticosys.
About Safeguard Scientifics
Founded in 1953 and based in Wayne, PA, Safeguard Scientifics, Inc. (NYSE: SFE) provides growth capital for entrepreneurial and innovative life sciences and technology companies. Safeguard targets life sciences companies in Molecular and Point-of-Care Diagnostics, Medical Devices, Regenerative Medicine and Specialty Pharmaceuticals, and technology companies in Internet / New Media, Financial Services IT and Healthcare IT with capital requirements of up to $25 million. Safeguard participates in expansion financings, corporate spin-outs, management buyouts, recapitalizations, industry consolidations and early-stage financings. For more information, please visit Safeguard’s website at www.safeguard.com, its blog at blog.safeguard.com or you can follow the company on Twitter @Safeguard.
About Comerica Bank’s Technology and Life Sciences Division
Comerica Bank’s Technology and Life Sciences Division is one of the nation's leading technology banking practices, offering a wide range of financial services tailored to corporate customers, entrepreneurs and professionals. Veteran bankers provide credit and financial services and products to young, growing, professionally backed technology and life sciences companies, as well as their more mature counterparts. The Technology and Life Sciences Division serves all major U.S. technology centers from offices coast-to-coast and its headquarters in Palo Alto, Calif. Comerica Bank is a subsidiary of Comerica Incorporated (NYSE: CMA), a financial services company that is among the 20 largest U.S. banking companies, with $55.0 billion in assets at September, 30, 2010. For more information, visit www.comerica.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 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. For more information on Portico, please visit www.porticosys.com, subscribe to the RSS feed at http://blog.porticosys.com, and follow the company on Twitter at @porticosys and Facebook at http://www.Facebook.com/porticosys.
Portico Systems is a registered trademark of Portico Systems. All other brand names and product names are trademarks or registered trademarks of their respective companies.
Tags: Portico Systems, IPM, integrated provider management, debt financing, healthcare, PPACA, Safeguard Scientifics, Comerica