EXHIBIT 99.1
(ProxyMed LOGO)
COMPANY NEWS RELEASE
FOR IMMEDIATE RELEASE
CONTACTS: PROXYMED, INC. GENERAL ATLANTIC PARTNERS
JUDSON E. SCHMID PAT HEDLEY
CHIEF FINANCIAL OFFICER DIRECTOR MARKETING/COMMUNICATIONS
954-473-1001, EXT. 300 203-629-8658
INVESTORRELATIONS@PROXYMED.COM PHEDLEY@GAPARTNERS.COM
PROXYMED ANNOUNCES $25 MILLION COMMON STOCK FINANCING
- - FUNDING FROM GENERAL ATLANTIC PARTNERS STRENGTHENS BALANCE SHEET AND POSITIONS
COMPANY FOR FUTURE GROWTH AND CONTINUED MARKET LEADERSHIP -
FT. LAUDERDALE, FL. (BusinessWire) March 27, 2002 - ProxyMed, Inc.
(Nasdaq: PILL), a leading provider of physician healthcare transaction
processing services, announced today it has entered into a $25 million equity
financing transaction with General Atlantic Partners, a leading global private
equity investment firm focused exclusively on information technology businesses.
The cash proceeds will substantially strengthen the Company's cash balance and
facilitate an accelerated growth strategy, both internally and through
acquisitions.
In the financing, ProxyMed agreed to issue 1,569,366 shares of
unregistered common stock at $15.93 per share, subject to customary closing
conditions, with all proceeds being retained by the Company. The shares, along
with 549,279 underlying common stock warrants exercisable at the same offering
price, are subject to a one-year lock-up agreement. In connection with the
transaction, Braden R. Kelly, Partner with General Atlantic Partners, will join
the Company's Board of Directors, filling a current vacancy.
"We are extremely pleased to have General Atlantic as a financial and
strategic partner," said Michael K. Hoover, Chairman and Chief Executive Officer
of ProxyMed. "This capital will help accelerate our growth strategy, both
internally and externally, and enable us to more aggressively extend our
products and services to our target market of small physician practices. Even
more importantly, General Atlantic's involvement is an endorsement of our
leadership position in the healthcare electronic connectivity market."
"ProxyMed is uniquely positioned to capitalize on the compelling
opportunity in physician office connectivity," said Braden R. Kelly, with
General Atlantic. "ProxyMed is already a leader in each of their three target
markets - connecting physician offices with payers, laboratories and pharmacies.
We think the Company's experienced management team, industry leading service and
proven ability to automate the small physician office provide a strong platform
for accelerating future growth. We are very excited about ProxyMed's prospects
and look forward to working with the Company."
ABOUT GENERAL ATLANTIC
General Atlantic Partners, LLC, is the world's leading private equity investment
firm focused exclusively on investing in information technology businesses
globally. The firm was founded in 1980 and has $4 billion in committed capital.
General Atlantic has invested in over 120 companies and has current holdings in
over 60 companies, of which almost one-third are based outside the United States
and which include Critical Path, E*TRADE Group, Inc., Eclipsys, Exact, Exult,
HEALTHvision, iFormation Group, Manugistics, Predictive Systems, ProBusiness,
Rebus, Screaming Media, SESA, Tickets.com, Upromise, and Xchanging. The firm is
distinguished within the investment community by its deep experience and
expertise in information technology, its global perspective and worldwide
presence, its long-term approach to investments, and its commitment to provide
sustained strategic assistance for its portfolio companies. General Atlantic has
about 70 professionals among its 130 employees worldwide with offices in
Greenwich, New York, Palo Alto, Reston, London, Dusseldorf, Singapore, Tokyo,
Hong Kong, and Sao Paulo. See WWW.GAPARTNERS.COM for additional information.
ABOUT PROXYMED - WHERE HEALTHCARE CONNECTS(TM)
ProxyMed solves the business problems of physician offices every day by
automating their financial, administrative and clinical transactions with
healthcare institutions. To facilitate these services, ProxyMed operates
ProxyNet(R), its secure, proprietary national electronic information network,
which provides physicians and other healthcare providers with direct
connectivity to one of the industry's largest list of payers, the largest list
of chain and independent pharmacies and the largest list of clinical
laboratories. ProxyMed exceeds customer expectations through our expertise,
proven methodologies and dedication to service excellence. More information on
ProxyMed is available on its home page at HTTP://WWW.PROXYMED.COM.
Note: THIS PRESS RELEASE CONTAINS FORWARD-LOOKING STATEMENTS THAT REFLECT OUR
CURRENT ASSUMPTIONS AND EXPECTATIONS REGARDING FUTURE EVENTS. WHILE THESE
STATEMENTS REFLECT OUR CURRENT JUDGMENT, THEY ARE SUBJECT TO RISKS AND
UNCERTAINTIES. ACTUAL RESULTS MAY DIFFER SIGNIFICANTLY FROM PROJECTED RESULTS
DUE TO A NUMBER OF FACTORS, INCLUDING, BUT NOT LIMITED TO THE SOUNDNESS OF OUR
BUSINESS STRATEGIES RELATIVE TO THE PERCEIVED MARKET OPPORTUNITIES; OUR ABILITY
TO SUCCESSFULLY DEVELOP, MARKET, SELL, CROSS-SELL, INSTALL AND UPGRADE OUR
CLINICAL AND FINANCIAL TRANSACTION SERVICES AND APPLICATIONS TO CURRENT AND NEW
PHYSICIANS, PAYERS, MEDICAL LABORATORIES AND PHARMACIES; OUR ABILITY TO COMPETE
EFFECTIVELY ON PRICE AND SUPPORT SERVICES; OUR ASSESSMENT OF THE HEALTHCARE
INDUSTRY'S NEED, DESIRE AND ABILITY TO BECOME TECHNOLOGY EFFICIENT; OUR ABILITY
TO IDENTIFY SUITABLE ACQUISITION CANDIDATES; AND OUR ABILITY AND THAT OF OUR
BUSINESS ASSOCIATES TO COMPLY WITH VARIOUS GOVERNMENT RULES REGARDING HEALTHCARE
AND PATIENT PRIVACY. THESE AND OTHER RISK FACTORS ARE MORE FULLY DISCUSSED IN
OUR FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION, WHICH WE STRONGLY URGE
YOU TO READ. WE EXPRESSLY DISCLAIM ANY INTENT OR OBLIGATION TO UPDATE ANY
FORWARD-LOOKING STATEMENTS. WHEN USED, THE WORDS "BELIEVES," "ESTIMATED,"
"EXPECTS," "ANTICIPATES," "MAY" AND SIMILAR EXPRESSIONS ARE INTENDED TO IDENTIFY
FORWARD-LOOKING STATEMENTS.
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