• Corporate Finance Transactions

BGL Completes the Sale of Healthcare IT and Business Services Provider The CSC Group

September 30 2010

Brown Gibbons Lang & Company is pleased to announce the sale of Computer Systems Company, Inc. (dba The CSC Group) to Hyland Software, Inc., a portfolio company of private equity firm Thoma Bravo, LLC.

Founded in 1964, The CSC Group is a leading provider of clinical and business healthcare information management and business process automation solutions. The company’s offerings include healthcare revenue cycle management solutions, a fully integrated clinical ultrasound reporting and imaging product, and business data and document conversion services, which help customers eliminate business process bottlenecks, increase productivity, and lower operational costs. The CSC Group serves an installed base of over 500 top tier healthcare systems, hospitals, and independent physician groups, as well as a number of marquee customers in the manufacturing, insurance, financial, retail, government and utilities industries. The company is headquartered in Strongsville, Ohio, a suburb of Cleveland.
The transaction was completed as a sale of selected assets pursuant to Section 363 of the U.S. Bankruptcy Code. The CSC Group voluntarily filed for bankruptcy protection in November 2009 after facing short-term liquidity constraints. 
Hyland Software, established in 1991, is a leading developer and marketer of enterprise content management (ECM) software. The acquisition of The CSC Group, Hyland’s third this year, is expected to strengthen and extend its presence in more aspects of the healthcare system, particularly on the financial side, reinforcing the company’s goal to become the leading ECM software vendor to the healthcare market. Hyland is headquartered in Westlake, Ohio, also a suburb of Cleveland.
Kevin Sargent, director & principal at BGL commented on the transaction, “We are pleased to have been able to partner The CSC Group with Hyland, which will provide the company with financial and strategic resources to grow and Hyland with the ability to more rapidly capitalize on outsourcing trends and favorable market dynamics in the healthcare IT services sector.” This transaction represents another successful outcome for BGL’s growing healthcare, business services, and restructuring practices. For more information, please contact Kevin Sargent at (216) 241-2800, Scott Berlin at (216) 241-2800, or John Riddle at (312) 658-1600. 
About Brown Gibbons Lang & Company
Brown Gibbons Lang & Company is a leading independent investment bank serving middle market companies and their owners throughout the U.S. and internationally. BGL’s professionals are experts in mergers & acquisitions, debt & equity placements, financial restructurings and valuations & financial opinions. BGL is the lead U.S. shareholder in Global M&A, the world’s leading partnership of independent middle market financial advisory firms focusing on cross-border transactions. For more information, visit www.bglco.com.

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