ABILITY Network Receives $550M Investment From Summit Partners

Health IT company ABILITY Network has received an investment of $550 million from growth equity investment firm Summit Partners.

ABILITY Network's myABILITY platform is designed to help acute-care and post-acute care providers simplify clinical and administrative tasks and improve their workflows.

"We know that providers need the very best clinical and administrative technology supporting their work in changing healthcare in this country for the better. We intend to continue as leaders in that transformation," said Mark Briggs, CEO of ABILITY Network, in a news release. "This recapitalization from Summit Partners will accelerate the cycle of innovation at ABILITY as we expand our technology platform on behalf of our customers and the patients they serve."

The Summit Partners investment is expected to close in the near future following regulatory approval. This recapitalization follows a 2011 capital investment of $27 million from Lemhi Ventures and Bain Capital Ventures. Bain will continue to be an ABILITY Network investment partner.

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