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FOR IMMEDIATE RELEASE |
Contact: Rosemary Walsh |
CLAYTON ASSOCIATES INVESTS IN REVENUE CYCLE MANAGEMENT AND TELECOMMUNICATIONS COMPANIES
FRANKLIN, TENN. (April 30, 2008) - Clayton Associates, LLC, a leading source of equity capital for early-stage companies in the Southeast, is pleased to announce it has recently closed on two investments.
Through its fourth fund, FCA Venture Partners IV, Clayton Associates completed a $1.5 million Series A investment in Proxsys, LLC, a Birmingham, Ala.-based company. Proxsys specializes in maximizing work flow efficiencies and point of service collections on the front end of the healthcare payment cycle. By utilizing the proprietary Proxsys Web-based system and professional services, hospitals and affiliated physicians can simplify the process for inpatient and outpatient admissions. George Salem, a seasoned healthcare executive with 30 years of experience, serves as the company’s founder and chief executive officer.
Clayton Associates also recently invested in Continuum 700 LLC, a telecommunications start-up founded by former executives of Tritel, Inc. and T-Mobile. Based in Jackson, Miss., the company is the successful high bidder on 700 MHz spectrum A Block licenses covering a population of approximately 12,000,000 in the recently concluded FCC Auction 73. Due to its attractive propagation characteristics, this spectrum is desirable for both broadband communications and public-safety uses. The 700 MHz spectrum auctioned in Auction 73 went for a record $19.6 billion in bidding that broke historic ground in open access requirements for C Block licenses. (Continuum is not releasing the terms of this investment pending FCC approval of its license applications.)
“We’re impressed with these two companies and their strategic visions for growth,” said Stuart McWhorter, Clayton Associates co-founder and managing partner. “Both companies are backed by veteran management teams with proven leadership and accomplishment in their industries. We look forward to their continued success.”
With these two investments, FCA Venture Partners IV, a $40 million fund, has closed on nine investments and anticipates committing to three to five new companies in the next 12 to 24 months.
About Clayton Associates
Founded in 1996, Clayton Associates is a leading source of equity capital for early-stage companies in the Southeast. Clayton Associates invests growth capital for early-stage companies in healthcare services, technology and business services. Based in Nashville, Tennessee, Clayton Associates has $150 million under management and has made investments in more than 90 companies. For more information, please visit www.claytonassociates.com.