Clinical Ink To Accelerate Innovation And Growth With Major Investment By NovaQuest Private Equity


Clinical Ink To Accelerate Innovation And Growth With Major Investment By NovaQuest Private Equity
-- NovaQuest Private Equity acquires majority interest in Clinical Ink; Silicon Valley Bank provides new credit facility; RTI International, a leading research institute, also provided a strategic co-investment --

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NovaQuest Capital Management, L.L.C.
May 14, 2018, 18:01 ET
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PHILADELPHIA and RALEIGH, N.C. and WINSTON-SALEM, N.C., May 14, 2018 /PRNewswire/ -- Clinical Ink, the pioneering provider of eSource and next-generation ePRO/eCOA solutions for clinical development, today announced that the private equity team at NovaQuest Capital Management, L.L.C. ("NovaQuest") has acquired a majority of the outstanding shares of the company from existing investors and provided a substantial infusion of additional growth capital. The deep clinical, operational, and financial resources of NovaQuest will allow Clinical Ink to aggressively pursue growth opportunities and fuel investment in new products and operational capabilities.

"The pharmaceutical industry is anxiously seeking technology solutions that reduce costs and simplify clinical trials for patients, sites, sponsors and CROs," said Ed Seguine, CEO of Clinical Ink. "Clinical Ink's new partnership with NovaQuest is a testament to our strong financial performance and validation of our approach to provide a better clinical trial experience. The landscape of emerging clinical technology companies is littered with unrealized potential and we now have the resources, expertise, and relationships to successfully compete with the entrenched legacy providers to establish a new business model for conducting clinical trials."

"Clinical Ink is uniquely positioned to address the most challenging problems associated with conducting clinical trials," said Michael Sorensen, Partner at NovaQuest. "NovaQuest's experience directly funding major clinical programs with the world's largest pharmaceutical companies affords us deep insights into the opportunities to fundamentally improve this complex process. The Clinical Ink management team has achieved notable success and the company is at a critical inflection point where NovaQuest's expertise and relationships can help the company accelerate growth and continue to innovate."

RTI International, a leading research institute, provide strategic co-investment in support of Clinical Ink, to help solve the problem of reducing the cost and complexity of clinical research for sites, sponsors and patients. "We are excited to be a co-investment partner with NovaQuest and extend our healthcare and life sciences expertise to Clinical Ink," said Matt Jenkins, vice president and head of corporate development at RTI. "This deal fits well with our philosophy of investing alongside strong management teams and investment partners in high growth markets with a connection to our core research work and mission."

In a related transaction, Silicon Valley Bank also provided a flexible credit facility to Clinical Ink.

Baird served as exclusive financial advisor to Clinical Ink while Hogan Lovells provided the company legal advice. Wyrick Robbins provided legal advice to NovaQuest.

About Clinical Ink
Founded in 2007, Clinical Ink is dedicated to transforming clinical development with innovative technologies that make clinical research easier for patients, sites and sponsors. Clinical Ink's SureSource® platform directly captures eSource, ePRO, and eCOA data and documents and facilitates risk-based monitoring. Our approach puts the focus on protocol execution by focusing on the critical moments that matter. Clinical Ink maintains offices in Winston-Salem, NC and Philadelphia, PA. Find more at www.clinicalink.com.

About NovaQuest Capital Management, L.L.C.
NovaQuest Capital Management is a leading investor in life sciences and healthcare through its Product Finance and Private Equity strategies. NovaQuest was formed in 2000 with the vision of building an investment platform to provide strategic capital to life sciences and healthcare companies. Today, NovaQuest Capital Management manages over $1.8 billion through its Product Finance and Private Equity strategies. The investment team consists of highly seasoned operational and investment professionals with significant investment experience and deep life science and healthcare expertise. Furthermore, NovaQuest benefits from an extensive network of industry experts and relationships that assist in identifying, analyzing and growing NovaQuest portfolio companies and investments. For more information, please visit www.novaquest.com.

About RTI International
RTI International is an independent, non-profit research institute dedicated to improving the human condition. Clients rely on us to answer questions that demand an objective and multidisciplinary approach—one that integrates expertise across the social and laboratory sciences, engineering, and international development. We believe in the promise of science, and we are inspired every day to deliver on that promise for the good of people, communities, and businesses around the world. For more information, visit www.rti.org.

Media Contact: Jessica Romero
t: 336.728.6541 | Jessica.romero@clinicalink.com




SOURCE NovaQuest Capital Management, L.L.C.



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Edison Partners Announces Exit of Billtrust


Edison Partners Announces Exit of Billtrust

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Sale of firm’s shares in payment cycle management solutions leader delivers 10x return
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PRINCETON, N.J. (PRWEB) MAY 14, 2018
Edison Partners today announced it has completed the sale of its stake in Billtrust, the leader in payment cycle management, to New York-based private equity firm W Capital Partners. The sale generated more than an 10x return for Edison, the first institutional investor in Billtrust. Additional financial terms of the sale were not disclosed.
Founded in 2001, New Jersey-based Billtrust helps companies automate and accelerate their accounts receivable (AR) processes to increase cash flow, improve operational efficiency and drive customer satisfaction. Since Edison’s investment, Billtrust has grown revenue 30x, built its workforce to more than 500 employees and acquired seven companies, including its most recent acquisition of Credit2B.
“Billtrust Founder and CEO Flint Lane was a visionary in 2001, continues to be the leading innovator in B2B billing payments, and pioneered payment cycle management today. He saw the opportunity in this market before the Fintech ecosystem declared enterprise-focused Fintech a ‘cool’ sector,” said Chris Sugden, Managing Partner of Edison Partners, who led the investment. “Flint and the entire Billtrust team epitomize the founders, CEOs and growth-stage businesses we aim to serve.”
“Edison’s capital helped to finance our growth, while the investments from the Edison team, Director Network and the Edison Edge value-add platform helped us to scale our growth,” said Flint Lane, Founder and CEO, Billtrust. “Chris’ board leadership, mentorship and friendship has been invaluable to the business, and to me personally; and more recently, Kelly Ford’s hands-on participation with our team and board has helped us evolve our go-to-market strategy to achieve the next level of scalable growth. I look forward to many more years working in close partnership with the team at Edison.”
“While we at Edison strove to enhance Billtrust’s business, Flint enhanced ours. He inspired our annual CEO Summit and the expansion of our Edison Edge platform,” said Kelly Ford, Partner at Edison Partners and board member. “We thank Flint and the entire Billtrust team for their vision, tenacity and partnership, qualities that exceptionally position them for continued B2B billing and payment market dominance.”
Robert Farrell, CEO of GlobalTranz and a member of the Edison Director Network, and Ford will both remain on the company’s board of directors. Sugden had previously served on the company’s board for more than a decade.
This exit underpins LendIt Fintech’s recent recognition of Edison Partners as Fintech Equity Investor of the Year. The firm has financed and guided more than 200 private companies, including 40 Fintech companies. Noteworthy exits include EdgeTrade, FolioDynamix, GAIN Capital, Liberty Tax, OptionsCity, Princeton Financial and now Billtrust. Current growth equity investments include: Axial, BFS Capital, Clearpool Group, ComplySci, GAN Integrity, MoneyLion, Predata, Scivantage, Solovis and TraderTools.
About Edison Partners
For more than 30 years, Edison Partners has been helping CEOs and their executive teams navigate the entrepreneurial journey and build successful companies. Through the unique combination of growth capital and the Edison Edge platform, consisting of operating leverage, the Edison Director Network, and executive education, Edison employs a holistic approach to accelerating growth and creating value for businesses ($5 to $20 million in revenue) in financial, healthcare, and enterprise technology sectors. Edison investment objectives also include: buyouts, recapitalizations, spinouts and secondary stock purchases.
Edison’s active portfolio has created aggregate market value exceeding $10 billion. Its long-tenured team based in Princeton, NJ manages more than $1 billion in assets throughout the eastern United States.
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KELLY FORD
Edison Partners
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PhillyTechNews Daily Page 5/14: FanDuel, DraftKings may be big winners from Supreme Court ruling; SAP launching new blockchain supply chain initiative



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QuantaVerse Announces Appointment of Banking Technology Leader Kenneth M. Harvey to Board of Managers.
QuantaVerse, the first in the market with artificial intelligence (AI) solutions purpose-built for identifying financial crimes, today announced the appointment of technology and banking industry veteran Kenneth M. Harvey to the QuantaVerse Board of Managers. In this role, Ken will lend his counsel and expertise to the company’s management team.
Harvey brings to QuantaVerse nearly 30 years of experience, leadership and expertise in the banking and technology industries. Prior to joining QuantaVerse, Harvey served as COO/CIO of HSBC Holdings where he was responsible for technology and operations. He is currently Chairman of the Board for both CLS Group Holdings AG and CLS Bank International as well as holding the position of Outside Director for CLS Group.





















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Veeva establishing new hub near Columbus, but Radnor presence will continue

Tom Paine




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Veeva Systems, the high-flying cloud computing company for the Life Sciences industry, announced in March it was opening a new hub in Dublin, a suburb of Columbus, Ohio. In late April it announced it had leased space. Veeva is headquartered in Pleasanton, CA.

Veeva (NYSE: VEEV) now has a market cap of over $10 billion, and that's not built upon some mythical expectations; revenue increased 23% to $185 million and net profit margin grew 26% in its quarter ending in January.

Its one of most closely watched cloud computing companies on Wall Street. Veeva offers a closely integrated series of apps and data along with a proprietary SaaS database infrastructure (though it uses the Salesforce platform for its CRM business) which helps Pharma companies manage sales and regulatory activities.

Veeva plans to increase to 130 employees in three years across its engineering, IT, services, and finance organizations in the Columbus region.

Veeva also has maintained, since its origin in 2007, a Radnor office headed by President & cofounder Matt Wallach which has contributed considerably to its sales, marketing and product development. Veeva, which employs more than 200 in the Philly area, will continue that presence, a Veeva spokesperson told me.


Veeva currently has about 2200 employees worldwide.


This is a writeup that describes why Columbus may be drawing tech companies:




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Video: LLR Partners on what makes an ideal portfolio company. (Mergers & Acqusitions)



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PhillyTechNews Daily Page 5/3

PhillyTechNews content-sharing partner #NJTechWeekly & its creator Esther Surden were featured on #WCBS New York.

Home meal kit provider #BlueApron made a slight recovery in the first quarter, adding a small number of net new customers.

New Jersey revealed the content of its bid for Amazon HQ2. "But the document’s last six pages — which include details about the $7 billion in tax breaks New Jersey would give Amazon — are redacted," notes Business Insider.

Philadelphia-based Janney Montgomery Scott LLC acquired Baltimore-based middle-market investment bank HighBank.








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