Healthcare information technology vendor Companion Technologies, a wholly owned subsidiary of Blue Cross and Blue Shield of South Carolina, Columbia, S.C., has been sold to a venture-capital firm, ABRY Partners, Boston, and the Thurston Group, Glenview, Ill., a merchant bank.
Companion was acquired by the Blues plan in 1985 and markets a number of healthcare IT products to hospitals and physicians, including electronic medical-records and practice-management systems for physician offices and revenue-cycle management, eligibility and compliance management systems for hospitals.
The sale was made effective Dec. 31, according to a news release from the acquiring companies. Terms of the sale were not disclosed. According to the State newspaper of Columbia, Companion had revenue of $45 million in 2005, compared with $1.39 billion in revenue for Blue Cross and Blue Shield of South Carolina that year.