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Athenahealth Makes Its First Buy


August 5, 2008

Physician software and outsourced billing vendor athenahealth Inc. has definitively agreed to acquire Crest Line Technologies, which sells patient messaging services.

Watertown, Mass.-based athenahealth will pay $7.7 million--part of which will be paid after meeting certain milestones--for Rome, Ga.-based Crest Line, which does business as MedicalMessaging.net. The vendor’s technologies include automated phone calls to remind patients of appointments. It is developing secure Web services to deliver test results and send other messages.

The companies have been partners for nearly a year with more than 100 clients of athenahealth using MedicalMessaging.net’s services. The acquisition--the first for 11-year-old athenahealth--is expected to close in September.

Athenahealth also announced its financial results for the second quarter of 2008. The company had net income of $2.8 million, compared with a $3.4 million loss during the same period last year. Quarterly revenue increased 35% to $33 million.

For the first half of 2008, athenahealth earned $4.6 million, compared with a net loss of $6.1 million during the same period last year. Half-year revenue rose 35% to $62.7 million.

More information is available at athenahealth.com and medicalmessaging.net.

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