Veranex Creates Comprehensive Medtech Services Provider With Investment From Summit Partners
Raleigh-based Veranex and global investment firm Summit Partners said they are joining forces to create a soup-to-nuts service provider for the medical technology industry. They declined to disclose financial terms of the agreement.
Medtech companies specialize in creating, developing and producing medical devices and diagnostic tools that are used in all kinds of healthcare settings.
Veranex says the new platform is designed to provide the medical technology industry with ready access to integrated strategic support throughout a product’s lifecycle, from concept to commercialization. It’s one stop shopping, so to speak. With that in mind, Veranex has acquired three complimentary solution providers: Ximedica, Quartesian and Boston Healthcare Associates. The company said these businesses bring design and engineering, regulatory, clinical and market access into a one-source solution.
“Veranex is designed to bring a single-partner medical technology solution to our industry for the first time,” said company CEO David Dockhorn. “...We plan to continue building the platform organically and through acquisition in order to enhance our ability to help clients control costs and accelerate speed to market, all while mitigating development risk and delivering rapid global market viability assessments.”
Veranex said the combined company offers extensive experience in the areas of device, in vitro diagnostics, companion diagnostics, digital health, and combination products/drug delivery. Its areas of focus include cardiovascular health, orthopedics, women’s health, wound care, ophthalmology and gastrointestinal health.
“We saw an opportunity to address current market challenges and the lack of a full-scale service provider by combining this solution set of three leading companies to work in a complementary way and redefine what it means to be a comprehensive medtech service provider,” Veranex Executive Chairman Pat Donnelly pointed out. “We believe the Veranex platform will serve to unify the medtech development process, helping clients create synergies across every stage of the development spectrum in ways not previously available to the market.”
Darren Black, managing director at Boston-based Summit Partners, said his company is “thrilled to partner with Pat Donnelly, David Dockhorn and the rest of the Veranex management team to help them execute on their vision of building a fully integrated design, development and commercialization solution for the medtech industry.”