News | Press Releases
For Immediate Release
BIA DIGITAL PARTNERS INVESTS $10 MILLION IN ELI RESEARCH, INC.
Investment Supports Company's Future Growth Plans
CHANTILLY, Va., August 27, 2007 - BIA Digital Partners II LP, www.biadigitalpartners.com, a private investment firm focusing on mid- to later stage companies, announced today a mezzanine investment of $10 million in Eli Research, Inc ("Eli" or the "Company"), providing the Company with growth capital to help finance its strategic initiatives. In conjunction with the investment, BIA's Scott Chappell has been appointed as an observer to Eli's board of directors.
Eli was founded in 1992 and is headquartered in North Carolina's Research Triangle Park Region, with additional offices in Naples, Florida, Wellesley, Massachusetts, Rochester, New York, and Salt Lake City, Utah. Eli is a research and information company with more than 120 print and online publications, teleconferences and audio learning products, primarily for the healthcare sector and secondarily for law and litigation and financial services. The company has a customer base of more than 200,000 high-level professionals and decision makers nationwide. Eli is one of the largest and fastest-growing information providers of its type and focuses exclusively on providing high-quality news and analysis for professionals who need critical news and information to survive and prosper. Through its subsidiary, American Academy of Professional Coders, or AAPC, Eli is the lead provider of education, examinations, and certifications to the medical coding profession.
"Eli Research has diversified from its roots as a print, newsletter publisher and now offers an array of products to our valued customers," said Greg Lindberg, President and Founder of Eli Research. "BIA Digital Partner's capital provides the funding necessary to finance our growth initiatives and strategic goals. BIA has experience in healthcare information, which helped them understand our business very quickly. Scott Chappell will be a welcomed addition to our Board of Directors."
"The healthcare information sector is large and growing. BIA was attracted to the diverse product offering that Eli provides to tens of thousands of healthcare professionals. We look forward to supporting Eli's continued growth initiatives within healthcare and other sectors," stated Scott Chappell.
Additional information on BIA Digital Partners II LP is available by contacting Scott Chappell or Damien Dovi at (703) 227-9600. Further information is also available at www.biadigitalpartners.com.
About Eli Research
Eli Research is headquartered in North Carolina's Research Triangle Park region, with additional offices in Naples, FL, Wellesley, MA, Rochester, NY, and Salt Lake City, UT. Eli Research is diversified business-to-business media company with a market leading presence in medical coding and healthcare reimbursement information. Eli serves a customer base of over 200,000 professionals. For more information, visit http://www.eliresearch.com.
About BIA Digital Partners
BIA Digital Partners is a private investment firm, managing over $250 million. Financing is available for acquisitions, organic growth, recapitalizations and leveraged/management buyouts among other purposes. BIA Digital Partners maintains a focus on mid- to later-stage companies operating in the media and entertainment, telecommunications, information, business and consumer services industries. Investments generally range from $5 to $12 million and are in the form of subordinated debt with warrants or preferred equity. For more information, go to www.biadigitalpartners.com.
BIA Digital Partners has two affiliates, BIA Capital Strategies, LLC and BIA Financial Network (BIAfn). BIA Capital Strategies provides merger and acquisition advice and arranges equity and debt funding. BIAfn, the nation's leading communications appraisal and valuation firm for more than two decades, assists with valuations, research and analysis, strategic consulting, and financial and operational consulting. For more information, visit www.biacapital.com and www.bia.com.