Covington Capital Corporation has won this year’s venture capital category award for its investment in SXC Health Solutions Inc., Canada:
“Covington first invested in SXC Health Solutions Inc. in March 2001, and upon exit in July 2010, the investment generated an internal rate of return (IRR) of 38.7% and a multiple of 13.3 times original investment.” The CVCA would also like to congratulate Canadian Medical Discoveries Fund (now GrowthWorks) for their co-investment in SXC Health Solutions Inc.
The honour was accepted by Phil Reddon, Managing Partner, Covington Capital and Jeff Park, CFO of SXC Health Solutions, at the CVCA’s AGM Dinner in Toronto on Tuesday, September 21, 2010.
“Covington’s involvement in SXC ran very deep over a 9 year period as an investor in SXC. Covington has not only been a provider of investment capital, but also a valued strategic partner and active Board member. . Since our investment, SXC has grown from a small Ontario software provider to the Canadian healthcare industry to a solidly positioned, multi-national corporation with estimated 2010 revenues of U.S. $1.9 Billion” stated Mr. Reddon.
“Successes such as these underscore the importance of venture investors in supporting growth and innovation in Canada,” added Phil.