Friday, March 9, 2012
Philadelphia, PA – Fairmount Partners announced today that Image API, Inc. (“Image API” or the “Company”, the leading provider of electronic document management solutions (“EDMS”) and related outsourced services to state and local government agencies, has been recapitalized by Milestone Partners, a private equity firm based in Radnor, Pennsylvania, and Rick Griffith, founder, President and Chief Executive Officer of Image API. Terms of the deal were not disclosed.
Image API utilizes its proprietary systems and solutions offerings to help state and local governments increase productivity, improve constituent services, streamline business practices and materially reduce costs. These services help drive down costs for government agencies that manually process large quantities of documents. Its offerings include project management, business process outsourcing, production services and enterprise content management systems. Clients include the states of Florida, Texas, New York, Maryland, New Jersey and Virginia, as well as the District of Columbia.
In addition to its headquarters in Tallahassee, Florida, Image API maintains branch offices in Pennsylvania and Texas. For more information, visit: www.imageapi.com
Rick Griffith, the founder, President and Chief Executive Officer, will continue in his current role with the Company, along with the entire Image API executive management team. Mr. Griffith commented, “We had very specific criteria for both our investment bank and the ultimate equity partner. Fairmount’s attention to detail, knowledge of the market, and management of the process was truly outstanding. Our Image API team looks forward to working with the principals of Milestone to proactively build upon the success we have achieved to date.”
Fairmount Partners, a specialty investment bank based outside Philadelphia, introduced the parties and advised Image API on the transaction. Dick Thatcher, Managing Director at Fairmount Partners, commented, “Image API is a superb company, highly regarded by its clients for its quality performance. It has consistently out-performed its goals and, with its organization and unique proprietary offerings, has a great future. Milestone Partners has added an excellent firm to its portfolio. It has been an exceptional pleasure for our firm to have been their advisor on this transaction”.
Fairmount Partners is one of the largest investment banking groups in the Mid-Atlantic region. The firm specializes in advising middle-market growth companies with mergers and acquisitions, capital raising and strategic advice. Fairmount’s key focus areas include: IT and Business Services, Healthcare, and Software/Technology. Fairmount has completed transactions throughout North and South America, Europe and Asia. For more information, visit: www.fairmountpartners.com
Milestone Partners is a leading middle market private equity firm that specializes in making control equity investments in established operating businesses in a wide variety of industries with valuations of up to $150 million. For more information, visit: www.milestonepartners.com
Principals of Fairmount Partners acted as advisors to Image API, Inc. in this transaction.
Contact: Dick Thatcher