Dear Clients and Friends,
We are pleased to announce another successful transaction on which Marlin & Associates has advised. ABILITY® Network Inc., a market-leading healthcare technology company, has entered into a definitive agreement to merge with Stamford, CT-based IVANS®, the largest provider of secure insurance data communication services to the US Healthcare and Property & Casualty Insurance community – trusted by more than 350 insurance carrier customers and 30,000 independent agents nationwide.
At the same time, ABILITY also has entered into a definitive agreement to sell the Property & Casualty business of IVANS to Applied Systems Inc., a leading provider of insurance software. ABILITY is a portfolio company of Bain Capital Ventures and Lemhi Ventures;and Applied Systems is a portfolio company of Bain Capital.
The merger is expected to close within 90 days, subject to standard closing conditions.
We are pleased to have been the exclusive strategic and financial advisor to Bain Capital Ventures on this complex and important transaction.
Bain Capital Ventures is the venture and growth capital affiliate of Bain Capital, one of the world’s leading private, alternative asset management firms, with approximately $65 billion in assets under management worldwide.
Marlin & Associates is one of the most active investment banking and strategic advisory firms providing strategic and financial advice to worldwide buyers and sellers of middle-market technology firms. This is the fourth recent and significant transaction in the healthcare technology sector on which M&A has advised. In February 2012, Marlin advised NaviNet, the nation’s largest real-time healthcare communication network on its acquisition by Lumeris Corporation, the innovative, cloud-based health IT provider; Pittsburgh-based, Highmark Inc., Horizon Blue Cross Blue Shield of New Jersey (Horizon), and southeastern Pennsylvania’s Independence Blue Cross (IBC).
Marlin & Associates is headquartered in New York, NY and has additional offices in San Francisco, CA; Washington, DC; Toronto, Canada; and Hong Kong, China, serving companies that provide information and technology to a wide range of multi-national communities including those that serve the banking, capital markets, insurance, marketing and healthcare arenas.
The full press release can be read here. We thought you would be interested.