Norwest Venture Capital Invests $4 Million in Health Systems Technologies, Inc.PALO ALTO Palo Alto, city, California Palo Alto (păl`ō ăl`tō), city (1990 pop. 55,900), Santa Clara co., W Calif.; inc. 1894. Although primarily residential, Palo Alto has aerospace, electronics, and advanced research industries. , Calif.--(BW HealthWire)--Dec. 12, 1997--Norwest Venture Capital, one of the country's oldest and largest independent venture capital firms Name Location Founding date Managing Partners/Directors Specialty Capital managed 5AM Ventures Menlo Park, CA; Waltham, MA 2002 John Diekman, PhD (managing partner), Scott Rocklage, PhD (managing partner), Andrew Schwab (managing partner) life sciences $200M [1] , today announced an investment of $4 million in Health Systems Technologies, Inc., a leading provider of enterprise software systems for managed care organizations. Norwest Venture Capital led this $15 million total round of funding, which also included new investors Prospect Venture Partners and Westbury Venture Capital and existing investors Kleiner Perkins Caufield & Byers, Coleman Swenson Hoffman Booth, Essex Woodland Health Ventures, and Pacific Horizon Ventures. Health Systems Technologies will use the financing to fund increased sales and marketing activities as well as continued product research and development. "Health Systems Technologies is providing a critical software component for healthcare organizations looking to build complex provider networks for competitive advantage," said Promod Haque, general partner at Norwest Venture Capital. "Its expertise in both information technology and managed care has enabled it to provide a robust and innovative product that meets the exacting requirements of the healthcare market. I look forward to working with the company to accelerate its market leadership." "We are delighted that an experienced and accomplished venture capital firm such as Norwest is participating in this round of funding," said Tom Borger, president and chief executive officer of Health Systems Technologies. "Their support will be integral in helping us reach our growth goals while continuing to provide quality solutions and support to our customers." Health Systems Technologies provides the Trillium trillium or wake-robin (trĭl`ēəm), any plant of the large genus Trillium, attractive spring wildflowers of the family Liliaceae (lily family), native to North America and E Asia. Managed Care System(TM) (MCS (1) See Microsoft Cluster Server. (2) (Microsoft Consulting Services) The consulting arm of Microsoft which offers support for installation and maintenance of Microsoft applications and operating systems. ), enterprise software that automates financial and administrative processes, and helps distribute critical information across managed care organizations. Trillium MCS is designed specifically for today's complex provider networks, enabling managed care organizations, providers and payers to manage services more effectively by sharing information through one networked solution. With Trillium MCS, users across the network get the information they need, when they need it. The system simplifies administrative processes while improving patient services. The system provides the functionality, flexibility and scalability to manage provider networks of any size and complexity. Health Systems Technologies joins Norwest's growing portfolio of business application software companies that includes PeopleSoft, Vantive, Tivoli, Documentum, Intrepid Systems, Metapath Corporation, Kiva kiva (kē`və), large, underground ceremonial chamber, peculiar to the ancient and modern Pueblo. The modern kiva probably evolved from the slab houses (i.e. , Continuus Software, Resumix, Chordiant Software, PID (1) (Process IDentifier) A temporary number assigned by the operating system to a process or service. (2) (Proportional-Integral-Derivative) The most common control methodology in process control. , Cadis and Workgroup Technology. About Health Systems Technologies, Inc. Based in Seattle, Wash., Health Systems Technologies, Inc., develops the Trillium Managed Care System, an enterprise managed care system for healthcare organizations assuming financial risk. The system is provider-oriented, offering administrative and financial functionality to manage benefits, referrals, eligibility, capitation CAPITATION. A poll tax; an imposition which is yearly laid on each person according to his estate and ability. 2. The Constitution of the United States provides that "no capitation, or other direct tax, shall be laid, unless in proportion to the census, or and claims. The advanced technology capabilities enable providers and payers to access and share data about members, plans and benefits throughout the organization. Trillium MCS runs on the Windows(R) NT platform and is Microsoft BackOffice See BackOffice. Logo(TM) certified See certification. . The company website address is www.hst.com . About Norwest Venture Capital Norwest Venture Capital actively manages $600 million in investments, and has raised more than $1 billion since inception. The firm consists of six partners with offices in Palo Alto, Boston and Minneapolis. Norwest has a broad private equity investment focus, including software and the Internet, data communications data communications, application of telecommunications technology to the problem of transmitting data, especially to, from, or between computers. In popular usage, it is said that data communications make it possible for one computer to "talk" with another. , telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. , semiconductors and subscriber-based services. Additional information on Norwest Venture Capital may be obtained via the World Wide Web at www.norwestvc.com or by calling 650/321-8000. -0- Note to Editors: All products or service names mentioned herein are trademarks or registered trademarks of their respective owners. CONTACT: The Horn Group Jaia Zimmerman or Peter Olson, 650/579-6400 jzimmerman@horngroup.com polson@horngroup.com or Norwest Venture Capital Promod Haque, 650/321-8000 phaque@norwestvc.com |
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