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."
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/
CONTACT: Christa Tuttle of Launch Marketing, +1-512-495-9900,
, for Crimson
Web site: http://www.crimsonservices.com/
The Advisory Board Company (MM) (NASDAQ:ABCO)
Historical Stock Chart
5 Years : From Jul 2011 to Jul 2016