News and Events
BlueCrest Capital Finance and GTESS complete $6 Million Debt Financing
July 27, 2007 Chicago, IL and Richardson, TX – July 27, 2007 – BlueCrest Capital Finance, L.P. and GTESS Corporation today announced the completion of $6 Million in new debt financing for GTESS, a leading provider of claims automation software services to the healthcare industry.
"BlueCrest's growth financing will help us continue successful sales and implementations of claims automation technology to the healthcare market," said Deborah M. Gage, GTESS President and CEO. "BlueCrest’s team understood our need to maintain status as a top software-as-a-service (SaaS) provider and they structured a deal to match our strategic goals."
Based in Richardson, TX, GTESS provides hosted technology solutions on a subscription basis that automate healthcare claims and transaction processing. GTESS systems eliminate the need for human intervention in the claims and payment process, replacing off-shore, outsourced or internal solutions with technology that vastly improves payment accuracy and reduces cycle time. This leads to significantly reduced costs and improved adjudication for major healthcare provider and payer organizations.
"GTESS has developed a proven claims processing technology solution to address rising cost and declining quality issues in the healthcare industry," said Michael Marziani, Managing Director of BlueCrest Capital Finance. "And, they continue to demonstrate market viability as their technology addresses broader and more complex claims-handling issues more efficiently than internal solutions or offshore outsourcing options."
About GTESS Corporation
GTESS is a Dallas, Texas-based provider of software as a service technology for advancing the efficiency, accuracy and speed of healthcare transactions. We provide technology that allows our clients to achieve their goals for increased automation, speed and lower costs of claims processing. GTESS only serves health plans, benefit administrators and networks, and our team of healthcare-experienced professionals delivers industry-leading service levels and guaranteed high-quality results every day.
GTESS (www.GTESS.com) is headquartered in Richardson, Texas with technical operations facilities located in Dallas and Irvine, California.
About BlueCrest Capital Finance, L.P.
BlueCrest Capital Finance, L.P., a U.S.-based commercial finance company, provides debt financing solutions to development stage companies in a broad range ofindustry sectors including IT, Communications, Hardware, Software, Semi-Conductor, Electronics, Energy, Medical Device and Life Science. The team, which has been together continuously since 1998, pursues debt transactions in the $1-25 million range and has consummated approximately 750 transactions with total commitments in excess of $1.5 billion.
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Michelle Scimeca
River Communications
914-686-5599
Mscimeca@riverinc.com
Vincent Vallejo
GTESS
972-792-5529
vvallejo@gtess.com
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