Crimson Announces Acquisition by The Advisory Board Company
May 27 2008 - 10:30AM
PR Newswire (US)
Acquisition enables further growth and product development AUSTIN,
Texas, May 27 /PRNewswire/ -- Crimson, a provider of data,
analytics and business intelligence software to hospitals, health
systems, and physician clinics, today announced it was acquired by
The Advisory Board Company (NASDAQ:ABCO). Crimson will continue all
operations as a subsidiary of The Advisory Board Company and will
leverage its resources to enhance its existing platform and develop
new products. Crimson's business intelligence platform aggregates
data and applies sophisticated algorithms to help hospitals elevate
physician performance related to quality and cost. The Advisory
Board Company selected Crimson based on its industry-leading
analytics, unmatched innovation and successful deployments across
numerous hospitals and systems. In addition, the Crimson platform
strongly complements the existing portfolio of programs anchored by
analytical tools at The Advisory Board and creates a powerful
national dataset for member benchmarking and future research
endeavors. "We are very excited to work as part of The Advisory
Board team and to continue building innovative physician management
solutions for hospital and physician organizations," said Michael
Kadyan, Chief Executive Officer of Crimson. "The Advisory Board's
rock-solid operations, sales and support infrastructure and
national member base will serve to expand our original vision at
Crimson and enable us to further accelerate product development and
services to customers." Silverton Partners, Crimson's institutional
investor is also excited about the acquisition. "Crimson has played
a critical role in helping hospitals and systems improve physician
performance," said Bill Wood, Partner at Silverton. "It is an
exciting new step for Crimson to become part of such a well
respected organization that is focused on serving this same market
with a comprehensive set of products and services." The Advisory
Board Company serves a membership of more than 2,700 leading
hospitals, health systems, universities and other mission-driven
enterprises with services including research, executive education
and development, decision-support tools, and consulting. "We are
thrilled to join forces with Crimson to help our members improve
clinical resource utilization and outcomes in a healthcare market
that is increasingly focused on value-based purchasing, pay-
for-performance, and enhanced physician management," said Frank
Williams, Chairman and Chief Executive Officer of The Advisory
Board Company, "Given the importance of these issues to our
membership, we are excited to have the opportunity to link our best
practice research and process insights to the Crimson analytics
platform in order to elevate physician performance. We look forward
to the great success of this new addition to our portfolio of
membership programs." About Crimson Crimson is an Austin,
Texas-based provider of data, analytics and business intelligence
software to hospitals, health systems, and physician clinics.
Crimson customers include Memorial Hermann Healthcare System,
Baylor Health Care System, Scott & White Hospital, Singing
River Hospital System and Mission Hospitals. More information can
be found at http://www.crimsonservices.com/ DATASOURCE: Crimson
CONTACT: Christa Tuttle of Launch Marketing, +1-512-495-9900, , for
Crimson Web site: http://www.crimsonservices.com/
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