[March 29, 2004] General Atlantic Partners Makes $8.75 Million Investment in ProxyMed; Exercises Warrants to Purchase 549,279 Shares of ProxyMed Common Stock ATLANTA --(Business Wire)-- March 29, 2004 -- ProxyMed, Inc. (Nasdaq:PILL), a leading provider of healthcare transaction processing and cost control services, today announced that General Atlantic Partners, LLC, has exercised warrants to purchase 549,279 shares of ProxyMed's common stock at $15.93 per share, resulting in net proceeds to the Company of $8.75 million. General Atlantic Partners, LLC, is a leading global direct investment firm focused exclusively on investing in companies providing or using IT in ways that significantly transform the value proposition. ProxyMed continues to demonstrate a commitment to retain a unique position in the e-health connectivity and medical cost containment businesses, said Braden R. Kelly, a partner with General Atlantic. ProxyMed seeks to aggressively expand its product offerings, and their cross-selling strategy is a great opportunity to maximize future growth. We remain very excited about this company's future, and look forward to continued involvement with the Company. Upon exercise of the warrants, General Atlantic Partners owns 3,381,802 shares of ProxyMed common stock, or approximately 26.8% of the Company's outstanding shares. The warrants were issued pursuant to the original investment agreement between the two companies, signed on April 5, 2002. ProxyMed is fortunate to have such an outstanding financial partner as General Atlantic, stated Michael Hoover, Chairman and CEO of ProxyMed. Their commitment to our organization has been demonstrated through their multiple investments in us, both to provide capital and to finance acquisitions. In addition, they are active strategic advisors to us, working to assess internal growth investments and external opportunities. With their continued support, I am confident that ProxyMed can reach its goal of being the leading provider of financial, administrative and clinical solutions to providers and to payers. About General Atlantic Partners General Atlantic Partners, LLC, is one of the world's leading direct investment firms focused on investing globally in companies providing or using IT in ways that significantly transform the value proposition. GA's investment focus in IT includes providers of IT, IT-related services and users of IT in traditional industries such as healthcare, finance and government. The firm was founded in 1980 and has almost $6 billion in capital under management. General Atlantic has invested in over 130 IT companies and has current holdings in over 50 companies, of which almost one-third are based outside the United States. General Atlantic's portfolio companies include Archipelago, Digital China, Eclipsys, Exult, iSoft Group, Open Text Corporation, Liberata plc, Patni Computer Systems, ProxyMed, SESA, SRA International, Upromise, Xchanging and Zagat. The firm is distinguished within the investment community by its deep experience and expertise in information technology, its global perspective and worldwide presence, its long-term approach to investments, and its commitment to provide sustained strategic assistance for its portfolio companies. General Atlantic has nearly 70 professionals among its 150 employees worldwide with offices in Greenwich, New York, Palo Alto, Washington, D.C., London, Dusseldorf, Singapore, Tokyo, Mumbai, Hong Kong, and Sao Paulo. See http://www.gapartners.com for additional information. About ProxyMed, Inc., Where Healthcare Connects(TM) ProxyMed is the nation's second largest provider-based electronic healthcare transaction services company and is also one of the largest healthcare cost containment companies. We provide connectivity services and related value-added products to physicians, payers, pharmacies, medical laboratories, and other healthcare providers and suppliers. ProxyMed's services support a broad range of both financial and clinical transactions, and we are HIPAA certified through Claredi. To facilitate these services, ProxyMed operates Phoenix(TM), our secure national electronic information platform, which provides physicians and other primary care providers with direct connectivity to one of the industry's largest list of payers, the largest list of chain and independent pharmacies and the largest list of clinical laboratories. For more information, please visit the company's Web site at http://www.proxymed.com. Forward Looking Statement ProxyMed cautions that forward-looking statements contained in this document are based on current plans and expectations, and that a number of factors could cause the actual results to differ materially from the guidance given at this time. Some of these factors are described in the Safe Harbor statement below. Except for the historical information contained herein, the matters discussed in this document may constitute forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those projected. These statements include those concerning the consummation of the acquisition and, if consummated, its potential benefits and effects, including but not limited to any expectations as to profitability of the combined company. In some cases, forward-looking statements can be identified by terminology such as may, will, should, potential, continue, expects, anticipates, intends, plans, believes, estimates, and similar expressions. While these statements reflect our current judgment, they are subject to risks and uncertainties. Actual results may differ significantly from projected results due to a number of factors, including, the soundness of our business strategies relative to the perceived market opportunities;, ProxyMed's ability to integrate the operations of PlanVista into its existing operations, the ability to identify suitable future acquisition candidates; the ability to successfully integrate any future acquisitions; ProxyMed's ability to successfully develop, market, sell, cross-sell, install and upgrade its clinical and financial transaction services and applications to current and new physicians, payers, medical laboratories and pharmacies; the ability to compete effectively on price and support services; ProxyMed's assessment of the healthcare industry's need, desire and ability to become technology efficient; and ProxyMed's ability and that of its business associates to comply with various government rules regarding healthcare and patient privacy. For further cautions about the risks of investing in ProxyMed, we refer you to the documents each company files from time to time with the Securities and Exchange Commission, particularly each company's Form 10-K for the year ended December 31, 2002, and ProxyMed's registration statement relating to the acquisition of PlanVista. ProxyMed does not assume any obligation to update information contained in this document, including for example guidance regarding future performance, which represents the companies' expectations only as of the date of this release and should not be viewed as a statement about the companies' expectations after such date. Although this release may remain available on each company's website or elsewhere, its continued availability does not indicate that the companies are reaffirming or confirming any of the information contained herein. [ Back To TMCnet.com's Homepage ]