MediMatrix, a Minneapolis-based health care software company focused on streamlining the mobile X-ray imaging industry, has been acquired by Walnut Creek, Calif-based ASG, a software company backed by private equity firm Alpine Investors.
As part of the deal, MediMatrix has a new CEO, Marvel Myrtile, who took over the company's reins from Ken Kern, its founder and previous CEO. Kern will remain with the company as chief technology officer. MediMatrix is also known as WebInterstate.
“The team is just very excited about the acquisition and partnering with ASG," Myrtile said in an interview with the Business Journal. "We continue to remain excited about our industry and our mission of helping our end patients get the care that they need, wherever they are."
Myrtile declined to disclose how much the company was acquired for, but said MediMatrix is now a wholly owned subsidiary of ASG.
Founded in 2002, MediMatrix’s platform is intended to help portable radiology-imaging companies provide and analyze x-rays for patients using a streamlined platform, including services like managing orders, dispatching a mobile technician, sharing x-ray images and handling billing, the press release said.
"Ultimately, all of this improves patient care by dramatically speeding up the process of delivering and examining medical imaging," Myrtile said.
Its now-parent company, ASG, buys and builds up software-as-a-service companies that meet a specific need in the marketplace. ASG is a portfolio company of Alpine Investors, which focuses on making investments in middle-market companies in the software and services fields, the press release said.
“Covid-19 only further highlighted the criticality of mobile healthcare solutions and the importance of getting it right,” Alice Song, president & head of mergers and acquisitions at ASG, said in the press release. “Ken and the MediMatrix team have created an industry leading app that creates both better processes for its clients and better outcomes for their patients, and we're looking forward to building on that — both through organic growth and continued acquisition in mission critical healthcare software solutions.”
MediMatrix has grown alongside the portable radiology industry as it has evolved, Myrtile said. Two decades ago, the process for getting a mobile X-ray done was largely manual and "fragmented," he explained. So, the company was founded to fill in gaps in the process and connect stakeholders. Over the years, has added features like billing and integrating other electronic medical records systems with its own, Myrtile added.
No layoffs occurred with the acquisition, Myrtile said. MediMatrix currently has 11 employees and is expecting to grow its team, he added. Looking ahead, the company also intends to grow its customer base as well as develop its product at a faster pace due to the resources of ASG, Myrtile said.
