A Washington, D.C.-based company that provides a wide range of services to health care companies and other industries said late Thursday that it had purchased Ann Arbor-based health care records startup Cielo MedSolutions.
Cielo MedSolutions was sold to Washington, D.C.-based The Advisory Board. Pictured in this 2008 photo (l-r): Christopher King, senior vice president of product and operation; co-founder James Price; and CEO and co-founder David Morin.
File photo | AnnArbor.com
The Advisory Board Co., which is projecting revenue of $318 million to $326 million in 2011, said it completed its acquisition of Cielo on Tuesday. Terms of the cash transaction were not released.
Cielo, which spun off from the University of Michigan in 2006 and has about nine employees in Ann Arbor, sells a software application that helps doctors keep track of patient care needs, authorize prescriptions electronically and comply with regulations imposed by payers.
The Advisory Board (NasdaqGS: ABCO), which has about 1,110 full-time employees, delivers services and consulting to a network of some 3,000 member organizations such as hospitals and health systems. The company has a market capitalization of $761 million.