TrialScope has received more than $10 million in funding. Edison Ventures led the round with participation from Dublin Capital Partners and NewSpring Capital. According to the firm, the capital will be used for growth and to fund its acquisition of Deloitte Analytics LLC assets. In addition to the funding and acquisition, James C. Walker, founder of Octagon Research, which is backed by Edison Ventures, and Michael Balmuth have been appointed to TrialScope’s board of directors. Based in Jersey City, NJ, TrialScope is a provider of clinical trial solutions.
Lawrenceville, NJ (PRWEB) June 04, 2014
Edison Ventures proudly announced today leading a more than $10 million financing in Jersey City-based TrialScope. Edison’s $5.5 million investment fuels growth and finances TrialScope’s acquisition of substantially all Deloitte Analytics LLC assets, including the PharmaCM business, which provides technology solutions for clinical trial registration and transparency. Co-investors include Dublin Capital Partners and NewSpring Capital.
PharmaCM is a content management platform addressing the registry and lifecycle challenges facing life sciences companies. TrialScope’s tools and systems enable customers to improve their clinical trial process, mitigate registry and lifecycle risk, and ultimately achieve greater business success. The acquisition merges the best tools and technologies around clinical trial management, providing tremendous cost, time, and resource savings for its customers.
“A leading market position – with 10 of the top 40 global pharmaceutical companies, including 5 of the top 10 – and the quality of the combined TrialScope/PharmaCM management team created a compelling investment thesis,” said Michael Balmuth, Edison general partner.
The acquisition includes key personnel of the PharmaCM team. The PharmaCM business became a part of Deloitte Analytics LLC in 2011 in connection with the acquisition of certain assets of Intrasphere Technologies, Inc., a global drug safety and consulting business, by an affiliate of Deloitte Analytics LLC. “We are thrilled with the quality and track record of the PharmaCM team in delivering strategic value to an impressive array of customers,” said Mike Forgash, chief executive officer of TrialScope. “In addition, our partnership with Edison Ventures lends deep industry perspective and an expansive network that will be instrumental as we scale our business and make a measurable mark on our industry.”
Edison Director Network member, James C. Walker, founder of Octagon Research (an Edison Ventures portfolio company), and Michael Balmuth have joined TrialScope’s board of directors. “TrialScope is an exciting addition to our Healthcare IT investment portfolio, and we’re pleased to partner again with Jim, a seasoned veteran who brings extensive leadership experience in the pharmaceutical industry,” said Chris Sugden, Edison managing partner.
Edison has invested in and guided over 30 Healthcare Information Technology businesses. Noteworthy exits (2-16X return) include CambridgeSoft, Dendrite, DiagnosisOne, InnaPhase, Octagon, POMs, Portico and Taratec. Current Healthcare IT portfolio companies include Cadient, ClearPoint, Health Market Science, iContracts, Lincor Solutions, PHX and Verilogue.
About Edison Ventures
Established in 1986, Edison partners with entrepreneurs, service providers, and other financing sources to build successful companies. Edison provides capital and value-added services to later stage ($5 to 20 million revenue), information technology businesses. Initial investments range from $5 to 10 million. Edison typically serves as sole or lead investor. In addition to providing expansion capital, Edison funds management buyouts, recapitalizations, spinouts and secondary stock purchases.
Edison’s investment professionals are based in Lawrenceville, NJ, New York, NY, McLean, VA, Wellesley, MA, and Cleveland, OH. Industry specialties include Interactive Marketing & Digital Media, Financial Technology & eCommerce, Healthcare IT and Enterprise 2.0. Edison’s successes include Best Software, Cambridgesoft, Dendrite, Gain Capital, Liberty Tax, M5, Magnetic, Marcam, Mathsoft, MediaBrix, Neat, NetProspex, NSi, Octagon, Operative, PHX, PlumChoice, Tangoe, Virtual Edge, Visual Networks, Vocus and many other information technology leaders, which have a combined market value exceeding $5 billion. Edison Ventures currently manages over $850 million and actively making new investments. For more information on Edison Ventures, please visit http://www.edisonventures.com and follow us on Twitter @edisonventure.
TrialScope is the global leader in clinical trial transparency and compliance. Our tools and systems enable our customers to improve their clinical trial process, mitigate registry and lifecycle risk, and ultimately achieve greater business success. Capabilities include seamless clinical transparency and integration with internal data services such as CTMS platforms. TrialScope technology offers a fully validated SaaS platform hosted in a private cloud.