Wednesday, March 11, 2009
Council Ventures says NotifyMD exit profitable
Council Ventures announced today that its previously announced exit from Franklin-based NotifyMD was a cash deal and profitable, providing a "good return for our fund," according to General Partner Katie Gambill (at left). She told VNC the exit was the seventh from the 10-company portfolio of Council's first fund. She said that through its second fund, Council has thus far invested in two companies, the identities of which have not been disclosed. Since 1986, NotifyMD has provided call management services to physician group practices, hospitals, and integrated health systems. Coleman Swenson Booth and Jefferson Capital remain as investors in NotifyMD, following the recapitalization, with members of the management team. Noteworthy: Council's release about its profitable exit was disseminated by Jane Morris, co-founder of the Natick, Mass.-based Veritage Group, which is supporting Council Ventures' latest fund raise. Also as previously signalled, former NotifyMD CEO Gary Ferguson was succeeded by former COO John McDevitt, coincident with the recap and Council exit. Gambill previously served on the NotifyMD board.