Generational Equity Advises WebInterstate in its Sale to ASG

By Generational Equity

10/25/2022

Generational Equity, a leading mergers and acquisitions advisor for privately held businesses, is pleased to announce the sale of its client, WebInterstate LLC (dba MediMatrix), to ASG (a portfolio company of Alpine Investors). The transaction closed June 9, 2021.

MediMatrix, located in Minneapolis, Minnesota, is a mobile healthcare software business that streamlines order management, enables 1-click image sharing, and expedites reimbursements for medical providers offering mobile radiology and imaging services. MediMatrix is an end-to-end solution that makes running a portable radiology imaging service company much easier. The platform covers the entire process from imaging orders, to dispatching a mobile tech, sending images, and coordinating billing. This ultimately improves patient care dramatically by speeding up the process of delivering and examining medical imaging.

ASG, headquartered in Walnut Creek, California, is a unique and fast-growing software business that buys and builds market-leading vertical SaaS companies. ASG believes deeply in the power of people and data to grow great organizations, and that sharing knowledge, expertise, and resources across its community of businesses drives exponential growth. Founders of leading SaaS companies continue to trust ASG to grow their businesses and build even stronger legacies for the future.

Located in San Francisco, California, Alpine Investors is a people-driven private equity firm that is committed to building enduring companies by working with, learning from, and developing exceptional people. Alpine specializes in investments in the software and services industries. Its PeopleFirst strategy includes a talent program which allows Alpine to bring proven leadership to situations where additional or new management is needed post-transaction. Alpine is currently investing out of its over $2.25 billion eighth fund.

MediMatrix founder, Ken Kern, will remain active in the business as Chief Technology Officer. “Our goal has always been to leverage technology to improve healthcare for patients in the long-term care industry,” said Kern. “I am excited to have found a partner in ASG that will continue to build industry-leading software solutions for our customers.”

MediMatrix will be led by CEO, Marvel Myrtile. “Over the last 20+ years, MediMatrix has established itself as the leading software provider in the mobile radiology space and it is evident that the patients our products serve are at the core of everything we do,” said Myrtile. “The founding team has worked tirelessly over the years to create a comprehensive platform that ensures that our customers are equipped with cutting-edge technology to reach and diagnose millions of patients. As the need for mobile healthcare continues to grow, I’m beyond excited to lead the MediMatrix team and build upon the platform to meet the needs of a quickly evolving industry.”

“We’re excited to welcome MediMatrix into the ASG community,” said Alice Song, President & Head of M&A at ASG. “COVID-19 only further highlighted the criticality of mobile healthcare solutions and the importance of getting it right. Ken and the MediMatrix team have created an industry-leading app that creates both better processes for its clients and better outcomes for their patients, and we’re looking forward to building on that – both through organic growth and continued acquisition in mission-critical healthcare software solutions.”

Generational Equity Executive Managing Director of M&A – Central Region,  Michael Goss, and his team, led by Senior Vice President,  Jon LePage, successfully closed the deal. Executive Managing Director  Bill Kushnir established the original relationship with MediMatrix.

“MediMatrix has been at the forefront of the evolution in mobile radiology and its end-to-end software has been a tremendous solution for patients at medical facilities that required on-site care,” said LePage.

LePage added, “MediMatrix is a great brand to bring under the ASG banner. The combination of MediMatrix and ASG is a win for the healthcare community.”