By MATT BLOIS
The New York private equity firm New Mountain Capital has invested in the Franklin health care tech company emids.
New Mountain bought Baird Capital and Council Capital’s stake in the company. The companies didn’t disclose the terms of the transaction.
Founded in 1999, emids provides health care IT services, application development and testing, data engineering and consulting services. Franklin based Community Health Systems is one local client.
According to the New Mountain’s website, the company generally buys five companies each year that have values of $100 million to $1 billion. The firm typically invests $100 million to $500 million per transaction.
New Mountain focuses on low risk companies that have a high potential for growth. The company has $20 billion in assets under management.
The Chicago based firm Baird and the Nashville based firm Council invested $13.3 million in emids in 2013. Both firms focus on the health care industry.
According to a press release from Baird, both Baird and Council were impressed by emids growth over the last six years.
“We consider ourselves fortunate to have worked with emids and its talented leadership team over the last six years,” Baird Capital partner Jim Pavlik said, according to a press release. “We are proud of emids’ growth and leadership in enabling digital transformation in the healthcare industry.”
A spokesperson for emids said the transaction does represent a new investment. New Mountain made a new investment in emids in addition to buying Baird and Council’s stake in the company. The company didn’t disclose how much new cash the deal generated.
Emids plans to use the new cash to grow the business and part of the funds will be used to attract talented employees.
In 2017, emids bought a Texas analytics company that helps health care providers manage their business and clinical information systems.
The company moved from a location near the Nashville International Airport to Seaboard Lane in Franklin in late 2017. The company also has locations in London, England, Bengaluru, India and Hyderabad, India.