Amersham, UK / Malvern, PA – December 13, 2016 – Phlexglobal, the world-renowned thought leaders and specialists in the provision of electronic Trial Master File (eTMF) systems and services to the life sciences industry, today announced a significant investment by funds managed by Vitruvian Partners (“Vitruvian”). The transaction establishes Vitruvian as majority shareholder of Phlexglobal, while previous majority investor Bridgepoint Development Capital (“BDC”) will exit the company.
BDC has been a supportive partner to Phlexglobal since 2014. The new ownership will enable Phlexglobal to expand the global footprint of its industry-leading service offering and PhlexEview4 technology platform, in order to build on the Company's premier position in a fast-growing market.
Rick Riegel, Chief Executive Officer of Phlexglobal, commented:
"The Trial Master File is at the centre of the clinical trial workflow and crucial to managing increasing regulatory scrutiny. We expect growth across all aspects of the business as pharmaceutical sponsors recognise the advantages of both quality and efficiency in their TMF processes, thereby drawing increasingly on specialist TMF technology and service providers. We have enjoyed significant growth under BDC's ownership, extended our customer and operational base and relaunched PhlexEview, our eTMF platform. As we seek to continue to strengthen and extend our market-leading customer proposition, the investment from Vitruvian allows us to accelerate our plans and further enhance the depth and breadth of our technology and service offerings."
Philip Russmeyer, a Partner at Vitruvian, added:
"Vitruvian is delighted to invest in Phlexglobal at a time of continued rapid market growth for eTMF services and technology providers, and following the highly successful launch of the PhlexEview4 platform. Our investment will allow the company to build on this success and to accelerate growth both organically and inorganically by further leveraging its unique full-service technology-enabled proposition. We are very pleased to partner with Phlexglobal's outstanding management team and look forward to jointly driving the next phase of the company's global development."
Alan Payne, a partner of Bridgepoint Development Capital, said:
"As the outsourced pharmaceutical industry has grown on the back of increased R&D spend and more complex regulation, so too has Phlexglobal expanded with new technology and services. By extending its reach to customers the company is now well placed to accelerate development further under new ownership."
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