MedAdvisor Ltd. raised A$17 million via a placement of common shares to a group of institutional investors, with HMS Holdings Corp. making an A$11 million investment.
Under the placement, the Australian healthcare technology company offered 340 million shares at 5 Australian cents each. HMS gained 13% ownership stake in MedAdvisor through the transaction, making it the largest shareholder in the company.
The ownership gives HMS the right to nominate one shareholder on the MedAdvisor board. HMS has appointed its CFO, Jeff Sherman, to take that position.
MedAdvisor will use the funds to boost product sales in the U.S., the U.K. and in southeast Asia, the company said.