Minneapolis-based Ability Network Inc., has struck a deal to acquire New Jersey-based MD On-line Inc. (MDOL), a move to expand its base of customers.
Ability Network is a fast-growing health care technology company that has focused on processing Medicare payments for health care providers, primarily hospitals, home health care agencies and other acute care providers. The acquisition of MD On-line will expand Ability’s reach to ambulatory health care providers such as clinics.
“By combining MDOL’s ambulatory provider customer base with Ability customers in the acute and post-acute arenas, we will more effectively deliver solutions that serve patients as they move across the continuum,” said Mark Briggs, CEO of Ability Network, in a statement announcing the deal.
Terms of the MD On-line deal, which is expected to close soon, were not disclosed. Ability announced the deal on October 15, but the pending transaction drew little local attention.
MD On-line, based in Parsippany, New Jersey, was founded in 1995. An August press release from the company noted that it had a three-year growth rate of 171 percent and added that the company had been named to Deloitte’s Technology Fast 500 list and the Inc. 5000 list of the country’s fastest growing private companies. MD On-line founder and CEO Bill Bartzak will join the senior leadership team of Ability Network.
In April, Ability Network announced
a $550 million strategic investment in the company led by Boston-based Summit Partners. The deal closed in May.
Twin Cities Business
took a closer look at the under-the-radar growth of Ability Network in its May 2014 issue
Ability Network began as VisionShare Inc. in 2000. Briggs joined as CEO in 2010 and the company was renamed in 2011. Ability Network’s headquarters are in Butler Square in downtown Minneapolis. Ability Network does not disclose its revenue.
MD On-line’s New Jersey office will now become another Ability Network location. The company, which has more than 200 employees, also has “anchor” offices in Boston, Tampa and Cincinnati, plus other satellite locations around the country.