CRF Health, the leading global provider of eCOA solutions for the life sciences industry, has announced a significant investment by funds managed and advised by Vitruvian Partners, subject only to customary regulatory approvals. The transaction establishes Vitruvian as majority shareholder of CRF Health, while previous majority investor Verdane Capital VII and other shareholders will exit the company.
The new ownership will enable CRF Health to continue to invest in its people, processes and industry-leading technology to build upon its premier position in a rapidly growing market.
Rachael Wyllie, Chief Executive Officer of CRF Health, commented: “The use of electronic Clinical Outcome Assessments, or eCOA, has clearly come of age. We expect growth across all aspects of the business as pharmaceutical sponsors recognize the quality gains in clinical trial data provided by the use of such technologies. Under Verdane funds’ majority ownership, we have managed to grow revenues by an average of 35% per year, grow our customer base and continue to improve quality. As we seek to continue to strengthen the services we offer our client base, the investment from Vitruvian allows us to accelerate our plans and further enhance our technology and service offerings in the space.”
Philip Russmeyer, a Partner at Vitruvian, added: “Vitruvian is pleased to invest in CRF Health at a time of continued rapid market growth for eCOA. This investment will allow the company the flexibility to accelerate growth both organically and inorganically by further leveraging its market-leading technological proposition. We are therefore delighted to partner with CRF Health’s outstanding management team and look forward to jointly driving the next phase of the company’s global development.”
For further information on CRF Health, please visit www.crfhealth.com.