IPG, the recognized industry-leading provider of Device Benefit Management solutions, announced that they are expanding their long-time partnership with Silicon Valley Bank (SVB) to include $15 million in mezzanine debt financing. The new facility will enable the replacement of an existing $10 million facility on more favorable terms.
With a primary focus on large, fast-growth device intensive markets, such as cardiology, neurology, orthopedic and spine, IPG is privileged to partner with the top five leading health plans in the country, assisting in lowering their implantable device costs and driving the surgical procedure to the most cost efficient site of service. IPG is solving the problem of price variability, high markups, and utilization and trend increases that have historically plagued health plans’ implantable device management and continues to bring a unique level of transparency and intelligence that extends their involvement in device selection to significantly impact those related costs.
“After a year of phenomenal growth where IPG increased revenues by 66%, we are continuing to invest in infrastructure and new products to support our ever increasing health plan clients,” said Vince Coppola, President and Chief Executive Officer for IPG. “This additional working capital provided will enable us to more quickly bring additional products to market that continue to drive down the cost of healthcare for our clients and their network. SVB, with their suite of products, continues to be a primary driver in providing for our funding needs for the continued growth of our business.”
“We’re pleased to continue our partnership with IPG as they expand and scale their portfolio of surgical and implantable device management solutions,” said Dale Kirkland, Managing Director for Silicon Valley Bank in Atlanta. “Our aim is to provide the IPG team with the right financing, connections and global services that they need to move their business forward quickly.”
For more than 30 years, Silicon Valley Bank (SVB) has helped innovative companies and their investors move bold ideas forward, fast. SVB provides targeted financial services and expertise through its offices in innovation centers around the world.