M&A Deal Summary

Simulations Plus Acquires Pro-ficiency

On June 12, 2024, Simulations Plus acquired education company Pro-ficiency from NovaQuest and QHP Capital for 100M USD

Acquisition Highlights
  • This is Simulations Plus’ 1st transaction in the Education sector.
  • This is Simulations Plus’ largest (disclosed) transaction.
  • This is Simulations Plus’ 3rd transaction in the United States.
  • This is Simulations Plus’ 2nd transaction in North Carolina.

M&A Deal Summary
Date 2024-06-12
Target Pro-ficiency
Sector Education
Buyer(s) Simulations Plus
Sellers(s) NovaQuest
QHP Capital
Deal Type Add-on Acquisition
Deal Value 100M USD
Advisor(s) Wyrick Robbins Yates & Ponton LLP (Legal)

Target

Pro-ficiency

Raleigh, North Carolina, United States
Pro-ficiency is an eLearning provider of tech-enabled training and compliance solutions for clinical trials. The Company provides a comprehensive suite of services, including a turn-key offering of customized, virtual training simulations, training, and compliance monitoring tools, and real-time data & predictive analytics. Pro-ficiency was founded in 2014 and is based in Raleigh, North Carolina.

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Buyer(S) 1

Buyer

Simulations Plus

Lancaster, California, United States
Category Company
Founded 1996
Sector Software
Employees192
Revenue 60M USD (2023)
DESCRIPTION

Simulations Plus is a provider of software services to pharmaceutical and biotechnology, industrial chemical, cosmetic, herbicide, and food ingredient industries. Simulations Plus was founded in 1996 and is based in Lancaster, California.

DEAL STATS #
Overall 4 of 4
Sector (Education) 1 of 1
Type (Add-on Acquisition) 4 of 4
State (North Carolina) 2 of 2
Country (United States) 3 of 3
Year (2024) 1 of 1
Size (of disclosed) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-04-02 Lixoft

Antony, France

Lixoft develops modeling and simulation software for advanced model-based drug development. Lixoft was founded in 2011 and is based in Antony, France.

Buy $17M

Seller(S) 2

SELLER

NovaQuest

Investor

Category Private Equity Firm
Founded 2010
PE ASSETS 3.0B USD
Size Large
Type Sector Focused
DESCRIPTION

NovaQuest Capital Management is a private equity firm focused on acquiring and investing in growth-stage middle-market healthcare companies. Specific areas of interest include life science, medical technology, healthcare/facility services, and healthcare focused IT. The Firm targets profitable companies valued up to $500 million with $20 to $100 million of revenue. NovaQuest Capital Management was established in 2000 and is based in Raleigh, North Carolina.

DEAL STATS #
Overall 3 of 3
Sector (Education) 1 of 1
Type (Add-on Acquisition) 1 of 1
State (North Carolina) 1 of 1
Country (United States) 3 of 3
Year (2024) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-11-30 Covenant

Raleigh, North Carolina, United States

Covenant is a novel product development that addresses critical market needs across production animals and companion animals and advances new assets into industry partner portfolios. The company’s experienced team of animal health and technology development and advancement professionals brings decades of expertise in the rapid evaluation, development, and partnering needed to deliver critical solutions to animal health manufacturers and distributors. Covenant was founded in 2018 and is based in Raleigh, North Carolina.

Buy -
SELLER

QHP Capital

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2022
Size Middle-Market
Type Sector Focused
DESCRIPTION

QHP Capital is a private equity firm focused on healthcare businesses in the middle-market. Specific areas of interest include tech-enabled life sciences and pharma service companies. The Firm seeks to partner with management teams in founder or family-owned companies, and invests in buyouts and other transaction types. QHP Capital was founded in 2022 and is headquartered in Raleigh, North Carolina.

DEAL STATS #
Overall 1 of 1
Sector (Education) 1 of 1
Type (Add-on Acquisition) 1 of 1
State (North Carolina) 1 of 1
Country (United States) 1 of 1
Year (2024) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-10-09 Applied StemCell

Milpitas, California, United States

Applied StemCell is a biotechnology company. ASC offers an optimized series of tools for basic research study, drug discovery, bio-processing, bio-production and preclinical applications. Applied StemCell was established in 2008 and is based in Milpitas, California.

Buy -
Mergr

Product

Company

Legal