Funding will Accelerate Expansion of Industry Leading Health and Human
Services On-Demand Software Solutions
RESTON, Va., Oct. 31 /PRNewswire/ -- Harmony Information Systems, Inc., (Harmony) the industry-leading provider of software solutions for the health and human services (HHS) sector, today announced that it has raised Series B equity and debt financing totaling $28 million. The round was led by existing Harmony investors JMI Equity and Updata Partners, with ORIX Venture Finance and Comerica Bank also participating as new investors in Harmony.
Harmony will use the funding to accelerate the expansion of its sales and marketing team, develop new on-demand and on-premise software solutions for public and private HHS organizations, increase its consulting service offerings and address new and existing growth opportunities across the broad range of service programs in the HHS sector. Additionally, Harmony will continue to provide quality support to its existing customer base in 43 states, the District of Columbia, Puerto Rico and Canada.
"JMI and Updata, both known for their software expertise and specialized investments in growth capital for technology companies, continue to demonstrate their strong commitment to Harmony's growth and ongoing success," said Tonya Harmon, CEO and Founder of Harmony. "This funding further validates our model for development and delivery of world-class solutions that enable case management professionals to meet the needs of clients, while optimizing care efficiency and quality."
In connection with the Series B funding, John Burton, Managing General Partner of Updata, will join Updata General Partner Tim Meyers and JMI General Partner Brad Woloson on the Harmony Board of Directors.
"We are proud of our affiliation with Harmony and the strong growth the company has achieved," said Mr. Woloson of JMI. "Harmony's recent merger with Synergy has created a company with an expanded geographic footprint and added financial resources at its disposal. This coupled with Harmony's long- standing commitment to providing its customers with software and services that enhance their ability to serve the needs of their constituencies, has positioned the company for continued success and additional profitable growth over the long term."
"Harmony's deep domain expertise in the HHS sector, combined with its quick delivery of customizable software solutions, has resulted in significant customer wins and momentum with federal, state, local and tribal agencies, and large and small non-profit providers," said Mr. Meyers of Updata. "Through its new on-demand offerings, we believe that Harmony will be able to address the broadest market of HHS providers with a great return on investment for their clients while yielding significant financial strength for the company."
On Monday October 29, 2007 Harmony announced its merger with the leading software solutions provider to HHS entities serving the aging market. The new Harmony combines entities with two decades of experience that have built significant customer bases by providing superior solutions that, unlike their competitors, can be in production after only months versus years. For more information on the landmark merger between Harmony and Synergy, visit http://www.harmonyis.com
About Harmony Information Systems, Inc.
Harmony Information Systems, Inc. offers the health and human services profession an integrated suite of software solutions as well as comprehensive education and consulting services. Harmony's Web-based information management framework is designed for organizations-public and private-that administer a broad array of programs or services. Harmony's enterprise approach draws critical data from disparate data sources to create a single, fully integrated, consistent, and comprehensive client view, resulting in overall improvements in operational efficiency and effectiveness. For more information visit http://www.harmonyis.com.
About JMI Equity
JMI Equity, based in Baltimore and San Diego, is a private equity firm exclusively focused on investments in growing software and business services companies at all stages of their lifecycles. Founded in 1992, JMI has invested in more than 85 companies throughout North America and has approximately $1.3 billion of committed capital under management. JMI provides the first institutional capital to self-funded companies, partners with management teams to acquire or recapitalize market leading companies and selectively makes investments in early-stage companies. Representative investments include Blackbaud, DoubleClick, Harmony Information Systems, Kronos and Unica. For more information on JMI, visit http://www.jmiequity.com.
About Updata Partners
Based in Reston, Virginia and Edison, New Jersey, Updata Partners is a leading venture capital firm that invests in growth stage information technology companies with innovative intellectual property enabling market- leading products and services. Led by an investment team averaging more than 20 years of operational and private equity experience in the technology industry, Updata Partners seek investments where the combination of financial backing and operating expertise will accelerate growth. With over $400 million under management, the firm also selectively provides recapitalization and management buyout financing. For more information, visit http://www.updatapartners.com.
About ORIX Venture Finance LLC
ORIX Venture Finance (OVF) provides enterprise financing to mid- and late- stage venture-capital-backed companies via acquisition financing, expansion capital and working capital term loans and credit lines, and equity co- investments. The Venture Finance team, staffed with highly seasoned venture lending professionals, meets the challenges facing growth companies by structuring flexible financing packages that meet their unique needs. OVF is a stable, reliable partner dedicated to supporting the growth and success of professionally backed companies with a range of debt products. For more information, visit http://www.orixventurefinance.com.
About Comerica Bank's Technology & Life Sciences Division
Comerica Bank's Technology & 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 professions. 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 & Life Sciences Division serves all major U.S. technology centers from offices coast-to coast with its headquarters in Palo Alto, California. Comerica Bank is a subsidiary of Comerica Incorporated, a financial services company headquartered in Dallas that is among the 20 largest banking companies in the U.S. with $59.8 billion in total assets at September 30, 2007. For more information, visit http://www.comerica.com.
Kyle F. Flaherty for Harmony Information Systems
Chuck Dohrenwend for JMI Equity
Abernathy MacGregor Group
|SOURCE Harmony Information Systems, Inc.|
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