Passport Receives $7 Million in Private Financing. - Free Online Library
Summary
FRANKLIN, Tenn.--(BUSINESS WIRE)--Nov. 8, 1999--Passport Health Communications, Inc., a leader in Internet based solutions for healthcare, announces the closing of $7 million of Series A preferred stock financing. Lead investor for the round is Dauphin Capital Partners, also joined by Coleman, Swenson, Hoffman & Booth; CB Health Ventures; SSM Ventures; Anvers, L.P. and Greenfield Capital Partners.As a result of the private placement, James B. Hoover of Dauphin Capital Partners and David Swenson of Coleman, Swenson, Hoffman & Booth will join the Board of Directors of Passport.Proceeds from the private placement will be used for Passports expansion into new markets, development of new products and continued enhancements to the companys Internet based solutions for healthcare. "I am very pleased to have these venture partners participating with us," stated Robert Brown, vice president and chief financial officer of Passport. "They bring a wealth of knowledge and expertise to Passport which will help us continue our growth and expansion in to new markets as well as enhance our existing products and services. Through Passport OneSource, clients can access data from six of the countrys top 10 health insurers and 32 state Medicaid databases via the Internet.