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HCAP Exits Parallel 6

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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

Warburg Invests in Intelligent Medical Objects

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intelligent-medical-objects-nf1Warburg Pincus has made an investment in Intelligent Medical Objects, a developer of medical terminology used for the management of medical vocabularies and medical software applications.

Intelligent Medical Objects’ (IMO) medical vocabulary and mapping products are used to capture clinical intent and allow electronic medical records to communicate across multiple platforms. IMO’s most recent product release contains over 806,000 clinically-friendly medical terms, representing more than 69,000 ICD-10-CM codes (the International Classification of Diseases, Tenth Revision, Clinical Modification (ICD-10-CM) is a system used by physicians to classify and code all diagnoses, symptoms and procedures recorded in conjunction with hospital care). The company’s medical terminology is mapped to all standard coding systems and is used by more than 3,500 hospitals and 450,000 physicians daily.

IMO is led by Frank Naeymi-Rad, its Chief Executive Officer and co-founder; Dr. Andrew Kanter, Chief Medical Officer; and Regis Charlot, President and Chief Technology Officer. The company was founded in 1994 and is headquartered in the Chicago suburb of Northbrook (www.e-imo.com).

Vishnu Menon nf1The investment from Warburg Pincus will be used to expand the company’s operations and for future acquisitions. “We see meaningful opportunities for IMO’s continued growth and expansion into new markets, and we look forward to supporting the company in its next chapter of growth,” said Vishnu Menon, a Managing Director at Warburg Pincus.

Warburg Pincus nf9Warburg Pincus has more than $40 billion in assets under management and has raised 15 private equity funds since its founding in 1966. In November 2015, the firm reached a final close of Warburg Pincus Private Equity XII, LP at the hard cap of $12 billion. Warburg Pincus is headquartered in New York with offices in Amsterdam, Beijing, Hong Kong, London, Luxembourg, Mumbai, Mauritius, San Francisco, São Paulo, Shanghai and Singapore (www.warburgpincus.com).

“IMO’s market-leading software and products are used by thousands of hospitals and physicians to make complex data entry more simple, efficient and accurate,” said Andrew Park, a Principal at Warburg Pincus. “Our firm has been a long-term investor in the healthcare technology sector, and we are excited to partner with IMO as the company continues to grow and further enhance its healthcare technology services.”

Current Warburg investments in the health technology sector include DocuTAP, Helix, Specialist On Call, A Place For Mom and Sterigenics.

© 2016 Private Equity Professional • 10-12-16

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