HCAP Exits Parallel 6

HCAP Exits Parallel 6

HCAP Partners has sold its portfolio company Parallel 6 (P6), a provider of cloud-based services that digitally enrolls, engages and manages patients that are involved in medical clinical trials, to PRA Health Sciences.

P6’s systems can be used by participants on mobile, tablet, desktop and wearable devices and is transforming an industry that has primarily relied on paper based methods. The benefits of P6’s services include speeding up recruitment, improving patient retention, dropping overall trial costs, and increasing compliance and speed of research. The company, led by President, CTO, and founder David Tune, is headquartered in San Diego with an additional office in Washington DC (www.parallel6.com).

“HCAP’s financial support and advice were valuable to P6 and its employees,” said Mr. Tuner. “Their understanding of the software market in the clinical trial space enabled us to further accelerate our very successful product, and allowed us to focus our strengths on such areas as mobile and cloud.”

“Since our initial investment back in January 2015, P6 has done a great job building out its software platform in the clinical trial space,” said Tim Bubnack, Managing Partner. “We were pleased to work with former CEO Allan Camaisa, David Turner, and the P6 team to support the successful launch and deployment of their mClincial SaaS solution. We look forward to their continued success and growth with PRA.”

PRA Health Sciences (NASDAQ: PRAH) is a contract research organization with more than 70 offices across North America, Europe, Asia, Latin America, South Africa, Australia and the Middle East, and over 14,000 employees worldwide. The company is headquartered in Raleigh, NC (www.prahs.com).

HCAP is a provider of mezzanine and equity capital to lower middle market companies throughout the western United States. The firm invests from $2 million to $9 million in businesses generating between $10 million and $75 million in revenues. Sectors of interest include healthcare, software, services, and manufacturing. HCAP is presently investing from HCAP Fund III, LP, a $92 million fund that closed in December 2014. HCAP has invested in over 50 companies since its founding in 2000 and is based in San Diego (www.hcapllc.com).

H2C Securities (www.h2c.com), a healthcare-focused investment banking firm with offices in Atlanta, New York, Chicago and San Diego, was the financial advisor to P6.

© 2017 Private Equity Professional | August 9, 2017

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