WAYNE, PENNSYLVANIA – February 27, 2019: Falcon Capital Partners, LLC (“Falcon”), a leading middle-market investment bank, is pleased to announce the sale of Wellsoft Corporation (“Wellsoft”), to Medsphere Systems Corporation (“Medsphere”).
Based in Somerset, NJ and founded by John Santmann, MD, Wellsoft has more than 30 years of experience creating applications that enable providers to improve patient care in the most intense and demanding clinical environment. Wellsoft’s core product includes an emergency department information system (EDIS) tailored for the unique workflow and environments of emergency departments and urgent care centers. The Wellsoft solution is implemented at facilities in the United States, Canada, and further abroad. Wellsoft has been ranked number one by KLAS Research 14 times since 2002 in the Software and Services – Emergency Department Market Segment category, most recently in 2019.
Founded in 2002 and based in Carlsbad, CA, Medsphere provides award-winning healthcare IT solutions for healthcare providers of every size and budget. Medsphere’s inpatient product portfolio includes CareVue, an integrated EHR system that incorporates clinical, financial, and patient accounting solutions, and RCM Cloud, a complete end-to-end revenue cycle management solution. “We’re very excited about the tremendous clinical value of Wellsoft and CareVue together and we look forward to working with Dr. John Santmann and his team on our shared ethic of making affordable, comprehensive healthcare IT available to all providers”, said Medsphere President and CEO Irv Lichtenwald.
Moving forward, Medsphere will introduce a comprehensive solution for urgent care centers that capitalizes on the technology from Wellsoft, combined with Medsphere’s RCM Cloud revenue cycle suite. “This is a very positive and exciting time for Wellsoft,” said Founder and CEO John Santmann, MD. “With this merger, we have the opportunity to expand as an integral component of a larger, integrated enterprise solution for healthcare providers. In our early conversations with Medsphere, we also recognized shared goals and values – specifically, a commitment to empowering healthcare organizations without asking them to sacrifice other clinical initiatives by overpaying for healthcare IT. We’re truly excited to join Medsphere.”
Falcon served as exclusive strategic and sell-side advisor to Wellsoft. Dr. John Santmann writes, “The Falcon team has been an excellent resource throughout our company’s journey and long before this exciting milestone with Medsphere. We began our strategic process years ago by assessing the importance of what we had built and determining where we wanted to go, and then took the necessary steps to improve value in the company. The M&A education that Ted and team provided was invaluable and led to a successful outcome for our shareholders, employees, clients, and myself.” The terms of the transaction were not disclosed. The complete Wellsoft press release can be found here.
The Falcon deal team was led by Managing Director Ted Stack and Vice President Rob Jennings. For more information please contact Ted at firstname.lastname@example.org, 610-989-8901 or Rob at email@example.com, 610-989-8906.