Summit Partners makes $550m investment in VC-backed Ability Network


drug-pharma-medical-healthcareSummit Partners has agreed to invest $550m in venture capital-backed healthcare technology business Ability Network.

Existing investors in Ability, which provides web-based workflow software for clinical and administrative tasks, include Bain Capital Ventures and Lemhi Ventures.

The deal represents one of Summit’s biggest healthcare deals to date.

Summit managing director Darren Black said, “We have been extremely impressed with the ABILITY leadership team and their success in executing on their ambitious corporate strategy.

“Their phenomenal growth proves they are delivering innovation that truly responds to the needs of the healthcare industry.

“We look forward to helping them take their exciting vision to a new level.”

Summit’s recapitalisation of Ability comes three years after it received $27million from Lemhi and Bain Capital Ventures. Bain will continue as an investor partner in the business.

Lemhi managing partner Tony Miller said, “All of us at Lemhi are thrilled with the success Ability has achieved.

“This transaction is great validation of the enthusiasm and support we have had for many years for Ability’s vision and we congratulate the Ability team on terrific execution.”

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