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Thoma Bravo to back growth of Circle Cardiovascular Imaging

Circle Cardiovascular Imaging, a Calgary-based provider of cardiovascular imaging software solutions, agreed to a growth investment from US private equity firm Thoma Bravo.

Circle Cardiovascular Imaging, a Calgary-based provider of cardiovascular imaging software solutions, agreed to a growth investment from US private equity firm Thoma Bravo. No financial terms were released for the deal, which is expected to close in Q2 2022. Circle CVI is presently venture capital-backed, counting among its investors BDC Capital, Epic Capital Management, Foundation Equity, Kayne Anderson Capital Advisors and Yaletown Partners.

PRESS RELEASE

CALGARY, AB and SAN FRANCISCO, March 16, 2022 /PRNewswire/ — Circle Cardiovascular Imaging Inc. (“Circle CVI”), the global leader in cardiovascular imaging solutions, today announced a strategic growth investment from Thoma Bravo, a leading software investment firm. Thoma Bravo’s partnership is expected to drive future investment in product innovation, extend Circle CVI’s market leadership position and fuel future growth. Financial terms of the transaction were not disclosed.

Circle CVI is the leading provider of AI-based cardiac imaging and reporting solutions, including cardiac MRI (“CMR”) and cardiac computerized tomography (“CT”) imaging post-processing software. The company has developed a deep portfolio of specialized, accurate and intuitive solutions that enable physicians to deliver the highest quality care to their patients. Circle CVI’s solutions are an integral part of precision medicine and are now used by thousands of clinical users, at both hospitals and academic institutions, in more than 50 countries. Thoma Bravo’s investment will bring significant operational and financial resources to accelerate the company’s leadership and growth in the global cardiac imaging industry.

“We’re excited to partner with Thoma Bravo, one of the world’s largest and most experienced software investors, as we embark on the next phase of our growth journey and expand our market-leading position,” said Greg Ogrodnick, CEO and Co-Founder of Circle CVI. “Thoma Bravo’s operational expertise and partnership-oriented approach will help us drive innovation and bring even more best-in-class solutions to physicians, patients and hospitals all over the world.”

“This partnership positions Circle CVI to help even more patients around the world by supporting the continued development of our diverse suite of products,” said Matthias Friedrich, Chief Design Officer and Co-Founder of Circle CVI. “Thoma Bravo’s investment reflects their strong appreciation for our commitment to excellence in imaging, and their team’s significant experience in backing software market leaders makes them an ideal partner.”

“Circle CVI has long been at the leading edge of cardiac image post-processing solutions, and that commitment to innovation has led the company to become one of the world’s most trusted partners in cardiovascular health,” said Carl Press, a Partner at Thoma Bravo. “We’re thrilled to partner with Greg and the Circle CVI team to build on their impressive momentum.”

“Circle CVI was founded and developed by and for experts in cardiology, which is a strong differentiator in this market,” said Adam Kinalski, a Vice President at Thoma Bravo. “Greg and the Circle CVI team are deeply passionate about improving healthcare outcomes by providing the most accurate and powerful cardiac imaging post-processing solutions. We look forward to supporting the further advancement of their product offerings and unlocking new avenues for growth in their global client base.”

The transaction is expected to close in the second quarter of 2022.

AGC Partners is serving as financial advisor to Circle CVI and Osler, Hoskin & Harcourt LLP is serving as legal counsel. Kirkland & Ellis, LLP and McMillan LLP are serving as legal counsel to Thoma Bravo. Deutsche Bank Credit Solutions and Direct Lending is providing committed financing for the transaction.

About Thoma Bravo
Thoma Bravo is one of the largest private equity firms in the world, with more than $91 billion in assets under management as of September 30, 2021. The firm invests in growth-oriented, innovative companies operating in the software and technology sectors. Leveraging the firm’s deep sector expertise and proven strategic and operational capabilities, Thoma Bravo collaborates with its portfolio companies to implement operating best practices, drive growth initiatives and make accretive acquisitions intended to accelerate revenue and earnings. Over the past 20 years, the firm has acquired or invested in more than 350 companies representing over $155 billion in enterprise value. The firm has offices in Chicago, Miami and San Francisco. For more information, visit www.thomabravo.com.

About Circle Cardiovascular Imaging Inc.
Circle Cardiovascular Imaging Inc. develops world-class, advanced reading and reporting solutions for cardiac imaging. Circle CVI is a prominent company in the global cardiac imaging community, bringing together an experienced and dedicated team of over 150 people and offering multi-language support around the globe. Circle CVI’s imaging platform, cvi42, is the best-in-class cardiovascular imaging reading and reporting solution for cardiac MR, cardiac CT, cardiac interventional planning and electrophysiology. Annually, millions of cardiac exams – in over 1,000 hospitals and in more than 50 countries – are interpreted using cvi42. For additional information, please visit www.circlecvi.com or contact: marketing@circlecvi.com.