TGX Medical Systems, Inc. (TGX Medical) is a software development company that has developed an asset management software solution for medical and surgical equipment. TGX Medical’s core product is the Alex Asset Management (Alex) software, which is the first web-based asset management software on the market for medical and surgical equipment. The objective of Alex is to provide a baseline for infection control, track an instrument’s usage throughout its lifecycle, and report on employee productivity in a healthcare facility.

Assistance from the Indiana Venture Center:

TGX Medical contacted the Indiana Venture Center in April of 2005. At the time, they were beginning a period of rapid growth as a result of formalizing several new customer agreements.

Realizing the critical phase they were entering, TGX Medical was searching for strategic planning that could position the company to grab leading market share in rapidly emerging markets. Working closely with Joe Muldoon, a strategic advisor for the Indiana Venture Center, TGX Medical was able to develop a synchronized capitalization and operating plan that positions them to maximize the potential for their world class product in the market. They are currently well poised to fund and execute a period of significant growth.

The Center assisted TGX Medical with strategy and tactics for sales growth, as well as planning for the operational support needed to deliver a superior new customer experience. The Center’s assistance included a process for refinement of their financial forecasts, and an organizational development plan.

In pursuit of an ability to fund aggressive growth, TGX Medical was exploring raising outside capital. With the help of the Indiana Venture Center, TGX Medical was able to develop and refine their pitch, as well as tailor it for particular investors.

After working closely with TGX Medical, Muldoon recognized the need for third party market size validation. The Center’s 2005 summer graduate fellows performed market research and industry analysis. This third party validation added credibility to TGX Medical and gave investors confidence.

With hard work and the hands-on role by Muldoon, TGX Medical was able to secure capital from an institutional investor, sufficient to fund the organization thru several years of growth and the next stage of product development.

In working together closely and continually, TGX Medical and Muldoon feel a strong partnership has evolved with the Indiana Venture Center that has positively impacted the company’s growth.

“I would say that without a doubt, Joe Muldoon and Bruce Kidd have both had an impact in assisting TGX in being able to grow and have served as a resource that we hope to continue to utilize for years to come. The Indiana Venture Center is a group of successful individuals that share experiences from their own backgrounds and are able to offer small companies three primary tools:

• A Qualified Target Audience to present to.
• Knowledge on how to succeed in raising capital and growing a business.
• A sounding board – a great “outside the box” advocate to bounce ideas off of.”

- Michael Good, TGX Medical Systems