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Gold Standard Multimedia Announces Private Equity Financing to Fund Growth Initiatives
Posted: 10/14/2003
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Growth capital will support expansion of GSM’s flagship Clinical Pharmacology© product line
TAMPA, FL (Oct. 14, 2003) – Gold Standard Multimedia (GSM), a leading provider of clinical drug information and medication management products and services, today announced that it has closed on a multi-million dollar private equity investment from Housatonic Partners, with a follow-on investment from McGurn Investments. The investment spotlights GSM’s growing market presence in electronic drug data and clinical information tools, and positions the company to extend its strong presence in the healthcare information market. The funds will drive sales and marketing programs, and support the company's next major product roll out to the healthcare information marketplace.
"This new funding is a major validation of Gold Standard’s strong success and critical mass," said Russ Thomas, Chief Executive Officer of Gold Standard Multimedia. "With hundreds of dedicated customers among the top healthcare providers in the U.S., we are proving again that Gold Standard is a leader in the clinical information marketplace. This capital allows us to expand GSM’s product and service offerings to our customers, and to maximize growth opportunities both organically and in emerging clinical information markets,” explained Thomas. “We are blessed to have received this vote of confidence from our new investor, Housatonic Partners, as well as our long time partners at McGurn Investments.”
“Our investment in GSM reflects Housatonic Partners’ strategy of providing expansion capital to rapidly growing, well managed companies throughout the United States,” stated Barry Reynolds, Managing General Partner of Housatonic Partners. “We are pleased to be able to expand our portfolio of investments in the Southeast, and particularly along the expanding Florida technology corridor.”
Clinical Pharmacology© provides healthcare professionals with current, peer-reviewed, clinically-relevant information on all commonly prescribed U.S. prescription drugs, as well as hard-to-find information on herbal and nutritional supplements, over-the-counter products, and investigational drugs. Clinical Pharmacology© is a powerful medication management, patient education, and drug comparison tool that safeguards against drug interactions, adverse reactions, duplicate therapy, and drug mismatches. Clinical Pharmacology© enables healthcare professionals to avoid the risk of hazardous and costly medication errors, enhance patient care and increase positive health outcomes. Gold Standard utilizes state-of-the-art technology to deliver drug information and clinical tools in a variety of formats, including the Internet and IP authentication with real time updating, Intranet, PDA, and CD-ROM, and offers data licensing opportunities as well. Recently, Florida Medicaid, working together with Gold Standard and Sprint PCS, armed Florida healthcare providers with eMPOWERx, GSM’s fully integrated medication management system that offers timely access to Clinical Pharmacology’s drug database and interaction screening tools, integrated around patients’ medication histories and current Preferred Drug List (PDL) information – all available at the caregivers’ fingertips via a secure, wireless Pocket PC/PCS phone.
About Gold Standard Multimedia
Gold Standard Multimedia (GSM) is based in Tampa, Florida, and is a leading developer of clinical drug information and medication management products and services. GSM’s staff of highly trained healthcare professionals has extensive experience in clinical and retail pharmacy practice, electronic publishing and software development. The company’s products are used by the majority of the country's largest retail pharmacy chains and consultant pharmacy corporations, over 700 hospitals, leading healthcare-related websites, in over 95% of U.S. pharmacy and medical schools, and by hundreds-of-thousands of healthcare professionals worldwide. Additional company information is available at www.gsm.com.
About Housatonic Partners
With offices in Boston and San Francisco, Housatonic Partners is a private equity investment firm founded in 1994 with over $250 million of capital under management. The firm invests in profitable companies in the business services, media and communications industries and to date has invested in over 25 portfolio companies. Housatonic carefully screens investment opportunities to establish whether they are consistent with the firm’s investment strategy. Specifically, each prospective investment is evaluated with reference to the characteristics of recurring revenues, strong management, revenue growth potential, high EBITDA margins, and moderate capital intensity. Housatonic’s primary focus is to invest capital for long-term appreciation with the goal to build significant companies of lasting value to employees, customers and shareholders. Additional company information is available at www.housatonicpartners.com.
About McGurn Investment Company
Gainesville, Florida-based McGurn Investment Company is a well known real estate and urban development organization and a long time investor in Gold Standard Multimedia. Led by the visionary team of Linda McGurn, CPA, Attorney at Law, and Kenneth McGurn, PhD, since 1972, McGurn Investment Company has been recognized for playing an instrumental role in the revitalization and rebirth of the city of downtown Gainesville, receiving numerous honors for their dedication, efforts and award-winning architectural designs. Additional company information is available at www.mcgurn.com.
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