Investment Summary

Summit Partners and Accelmed Invest In Veranex

On June 16, 2021, growth capital firm Summit Partners and private equity firm Accelmed invested in business services company Veranex

Investment Highlights
  • This is Summit Partners’ 24th and Accelmed’s 1st transaction in the Business Services sector.
  • This is Summit Partners’ 305th and Accelmed’s 10th transaction in the United States.
  • This is Summit Partners’ 6th and Accelmed’s 1st transaction in North Carolina.

Investment Summary
Date 2021-06-16
Target Veranex
Sector Business Services
Investor(s) Summit Partners
Accelmed
Deal Type Growth Capital

Target

Veranex

Raleigh, North Carolina, United States
Veranex is a comprehensive, global, tech-enabled service provider dedicated to the medical technology industry. Offering expert guidance for each of its four concept-through-commercialization pillars: engineering and design, clinical, market access, and regulatory. The company enables accelerated speed to market, controlled development costs, development risk mitigation, and accelerated market viability assessment. At every stage, its customers realize efficiencies in cost and time, while its comprehensive solutions unify the entire development process. Veranex is based in Raleigh, North Carolina.

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Investor(S) 2

Investor

Summit Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

Category Growth Capital Firm
Founded 1984
PE ASSETS 39.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Summit Partners is a private investment and asset management firm focused on venture, growth, credit, and public equity investing. Sectors of interest include business services, communications technology and services, consumer products, energy, financial services, healthcare and life sciences, industrial products, internet/information services, media/entertainment, semiconductors, electronics, and software. Summit Partners is known for having a proactive business development group for sourcing transactions. Summit will consider both minority or majority investment stakes and is willing to commit as little as $10 million or as much as $500 million in combined debt/junior capital per transaction. The Firm's geographic coverage spans North America and Europe. Summit Partners was formed in 1984 and is headquartered in Boston, Massachusetts.

DEAL STATS #
Overall 363 of 386
Sector (Business Services) 24 of 25
Type (Growth Capital) 202 of 218
State (North Carolina) 6 of 6
Country (United States) 305 of 319
Year (2021) 10 of 15
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-06-15 Formative

Santa Monica, California, United States

Formative provides a SaaS platform used by K-12 teachers to create digital exercises and assessments to review student performance. Teachers and administrators use Formative to evaluate students' work in real-time, make instant teaching adjustments, track long-term student growth and drive strategic curriculum decisions. Formative was founded in 2013 and is based in Santa Monica, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-06-29 Sharecare

Atlanta, Georgia, United States

Sharecare is a digital health company that helps people consolidate and manage various components of their health in one place, regardless of where they are on their health journey. Sharecare provides the messaging, motivation, management, and measurement tools to help individuals, workforces, and communities optimize their comprehensive well-being. Sharecare was founded in 2010 and is based in Atlanta, Georgia.

Sell -
Investor

Accelmed

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2009
Size Small
Type Sector Focused
DESCRIPTION

Accelmed is a global investment firm focused on providing investments in small and mid-cap private and public companies. The Firm looks to invest between $20 and $50 million in medical device companies and technologies with revenues between $20 and $70 million. Prospective transaction types include management buyouts and growth financings. Accelmed was formed in 2009 and is based in Miami, Florida.

DEAL STATS #
Overall 14 of 18
Sector (Business Services) 1 of 1
Type (Growth Capital) 4 of 5
State (North Carolina) 1 of 1
Country (United States) 10 of 14
Year (2021) 3 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-04-21 NeuroPace

Mountain View, California, United States

NeuroPace is a commercial-stage medical device company focused on transforming the lives of people suffering from epilepsy by reducing or eliminating the occurrence of debilitating seizures. Its novel and differentiated RNS System is the first and only commercially available, brain-responsive platform that delivers personalized, real-time treatment at the seizure source. This platform can drive a better standard of care for patients suffering from drug-resistant epilepsy and has the potential to offer a more personalized solution and improved outcomes to the large population of patients suffering from other brain disorders. NeuroPace was formed in 1997 and is based in Mountain View, California.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-10-22 Click Therapeutics

New York, New York, United States

Click Therapeutics develops and commercializes software as prescription medical treatments for people with unmet medical needs. Through cognitive and neurobehavioral mechanisms, Click’s Digital Therapeutics enable change within individuals, and are designed to be used independently or in conjunction with biomedical treatments. The Clickometrics® adaptive data science platform continuously personalizes user experience to optimize engagement and outcomes. Click Therapeutics was founded in 2012 and is based in New York, New York.

Buy -
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