EMSystem Changes Board, Looks to Make Acquisition
Oct. 30--EMSystem LLC will likely make its first acquisition within the next six months, its top executive said Monday.
The West Allis provider of emergency medical services software completed a management-led buyout last week and has put in place a new board of directors with an appetite for growth by acquisition, said Andrew Nunemaker, EMSystem's chief executive officer.
"The board we've compiled now is very aggressive with experience in our industry and experience in rolling up other industries," Nunemaker said.
Nunemaker declined to provide the names of the new board members or the company's revenue.
But he said the company has 25 employees and has increased revenue by 700% and earnings by more than 1,000% since May 2004 when the Marquette University Golden Angels Network made its first investment in EMSystem.
The Golden Angels had an original timeline of three to five years for their investment, said Tim Keane, Marquette's entrepreneur-in-residence and director of the Marquette angel network.
Not only did they exit the investment early, Keane said they were satisfied with their profits, which neither group disclosed.
"We're thrilled with the financial results; this came in above what I would call angel expectations," he said.
EMSystem started in 1997 as a software project at Infinity HealthCare that aimed to develop a system for hospitals to tell ambulance dispatchers when their emergency rooms were full. By 2003, it had a 16% share of the ambulance diversion market, a versatile Internet-based software product, an understanding of the health care environment -- and no profits.
Infinity, a Mequon emergency medicine staffing and management services company, began meeting with financiers to explore options.
The Golden Angels brought money -- and Nunemaker, a member who got so excited about EMSystem, he decided to leave an executive position at GE Healthcare in May 2005 to run it.
Nunemaker brought medical industry experience and a great ability to expand companies and lead people, Keane said.
He said he's optimistic about the company's prospects.
"Clearly it's a hot market, and Andy brings a unique combination of great skills to this enterprise," Keane said.
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