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Tech Valley News
Etransmedia Acquires Three More Firms
Etransmedia, which specializes in electronic medical record-keeping, purchased three more businesses in the last two weeks bringing its total number of acquisitions to seven over the past four years.
“These acquisitions effectively doubled our 2007 revenue,” Etransmedia CEO Vikram Agrawal told The Business Review. In 2007, the company’s revenue was $13 million. It expects to bring in $20-25 million dollars in 2008.
The Troy-based company closed deals on Strategic Medical Resources in Philadelphia and Professional Billing Group in Pittsburgh, both of which handle medical billings; and Archivus, a medical transcription company, in Charlotte, N.C.
Etransmedia spent about $8 million on the transactions, but terms of the individual deals were not disclosed. It received $13.5 million in funding from Peninsula Capital Partners and KeyBank.
The company plans to add up to 25 sales people and programmers over the next year. With the new acquisitions, Etransmedia employs 500 workers.
Etransmedia is pursuing further acquisitions of companies in Atlanta, Florida and on the West Coast.
“We have a number of deals planned for next year,” Agrawal told The Business Review.
Etransmedia provides small and medium-sized physicians groups with medical records management, medical billing and transcription services and an online portal for patient scheduling and bill paying
The company was founded in 2000 at Rensselaer Polytechnic Institute’s business incubator and moved to the Rensselaer Technology Park in 2003 where it continues to maintain its corporate headquarters.
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