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FOR IMMEDIATE RELEASE
Foresight Contact:
Elizabeth Scoville, (614) 791-1600
escoville@foresightcorp.com
Foresight Creates Successful Exit for Venture Capital Investors
DUBLIN, OH, February 13, 2007
– Foresight Corporation, a leading provider of business intelligence
and transaction automation applications for healthcare and global
business markets, announced today that it has repurchased all of
its stock held by institutional investors; the transaction was made
possible by accelerating revenue and profitability from Foresight’s
maturing line of software products.
Foresight raised its Series A funding in 2000
from four venture capital firms. Since that time, the company launched
a series of transaction automation products for the Healthcare industry.
Foresight now offers its Transaction Insight Automation System (or
“T.I.”) as a complete platform that enables healthcare
organizations to monitor electronic transactions, enforce standards
compliance, perform auto-correction, reduce administrative costs,
and improve revenue cycles.
In providing a positive return for its investors
Foresight stands out among companies that received venture funding
during the 1999-2000 era. In contrast, data released in 2006 shows
an average 6.8% loss on 5-year venture investments from the year
2000¹. “We are very pleased that Foresight has delivered a
solid win for the investor group. Their success in creating an exit
for investors from commercial operations is testament to the creativity
and strong performance of the management team, and the popularity
of their products.” said Murray Wilson, Managing Director,
River Cities Capital Funds in Cincinnati. River Cities has been
the lead venture investor in Foresight since 2000.
“Our investors served us well and we are
thrilled to be able to provide them a profitable exit over a reasonable
horizon.” said Robert A. Fisher, Foresight’s President
and Chief Executive Officer. “This win-win event will increase
the value for all remaining holders of Foresight stock and options.
It also closes an important chapter in our 17-year history and heralds
the start of a new growth era for the Company.”The
popularity of Foresight’s T.I. has accelerated especially among
healthcare payers. There are now over 80 users of T.I. including WellPoint,
Inc., Coventry Health Care, Arizona Medicaid, Independent Health,
and Fidelis Care of New York.
About Foresight Corporation
More than half of all Blue Cross/Blue Shield organizations
trust Foresight Corporation’s transaction automation systems
to provide insight into business operations while securing HIPAA
compliance, shortening revenue cycles, reducing administrative costs
and improving provider relations. Since 1990 Foresight has helped
its customers build networks compliant with government, industry,
and organization standards, connect partners, validate transactions,
and filter them for fast and easy repair. Today Foresight is the
leader in transaction automation and pioneer of the first real time
business intelligence techniques for health care. For more information,
visit the company at www.ForesightCorp.com
or call 1.888.500.0800.
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Transaction Insight is a registered trademark of Foresight
Corporation
¹Source: Thompson Financial/National Venture Capital
Association
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