Experity Ventures Acquires ProMed Capital
LAS VEGAS, NV, July 13, 2020 – Experity Ventures LLC (“Experity”), the parent company for several specialty finance and legal funding related services businesses in the United States, announced today that it has acquired 100% of the equity of ProMed Capital Venture LLC (“ProMed”), a leading provider of financing to medical practices and facilities in the United States. The financial terms of the transaction were not disclosed.
Bryant Park Capital served as exclusive financial advisor to ProMed.
Experity Ventures Founder and Chairman, Joseph Greco commented, “We are very pleased to close on the acquisition of ProMed Capital Ventures, LLC. The ProMed platform adds an important strategic element in our plan to be the leading provider of technology-enabled, creative financing solutions to the personal injury litigation ecosystem. We have enjoyed collaborating with the ProMed ownership group to execute this transaction, and are very excited to work together with our new and talented team members at ProMed to continue building on the Experity story”. Experity COO, Ryan Silverman added, “We are proud to have executed and closed this transaction in an efficient and timely fashion given the many challenges that exist at this time during a major pandemic”.
“We are very excited about the next chapter of ProMed under Experity’s ownership,” said David Shulman, ProMed’s Co-Founder and CEO. We believe that ProMed will thrive with the leadership and vision that Joe and Ryan will bring to the business, and we view Experity as the perfect partner for ProMed’s valued clients, employees and other stakeholders.”
Founded in 2013, ProMed is a leading provider of medical receivable funding solutions. ProMed partners with healthcare providers, surgery centers and diagnostic and related facilities throughout the U.S. that provide patient care in exchange for medial liens (ML’s) or medical letters of protection (MLOP’s). The company predominately funds medical services for patients who have been injured as a result of a personal injury accident or event. Based in Las Vegas, NV, ProMed provides immediate reimbursement to doctors, surgeons, medical facilities and other professionals on behalf of patients while obtaining the healthcare provider’s ML/MLOP against contingent future legal proceeds. Victims of personal injury can get access to the healthcare they need whether they have health insurance or not, and medical providers can enhance their practices and serve this patient population, while immediately improving cash flow and financial liquidity.
For more information on ProMed, please visit www.promedcapital.com.
About Experity Ventures
Experity Ventures, founded in 2019, is the parent company for Nexify Capital and Nexify Solutions, MedSolve Financial Group and Thrivest Legal Funding, LLC / dba Thrivest Link. Nexify Capital has entered into several strategic financing and operational partnerships with legal funding companies in the United States. Nexify Solutions develops and markets best in class enterprise and work flow software for the legal funding market place, which is designed to automate pre-settlement funding from intake to decision analytics, to servicing and payoff, while offering full accounting and reporting capabilities. Thrivest is a direct to market pre-settlement legal funding company that has successfully provided thousands of non-recourse advances to individuals with pending litigation, predominately in personal injury cases. Experity has offices in Philadelphia, New York, Nevada and Florida.
For more information on Experity, please visit www.experityventures.com