New Company to Drive Innovation in Information and Analytics across Healthcare
Symphony Technology Group (STG), a strategic private equity firm with the mission of investing in and building software, data and technology-enabled services companies, today announced that it has acquired Source Healthcare Analytics, LLC from Wolters Kluwer. Terms of the deal were not disclosed. STG will combine Source Healthcare Analytics with existing portfolio company, ImpactRx, which acquired AlphaDetail and TargetRx during the last year, to form Symphony Health Solutions, which will be focused on delivering high-value data, analytics, and technology based solutions for clients across life science manufacturers, payers, and providers.
“The healthcare ecosystem is undergoing dramatic change,” said Dr. Romesh Wadhwani, Chairman and CEO of STG. “We believe it is critical for major participants in the industry to transform their commercial approaches informed by analysis and insight, and they need innovation from their service providers to drive change. With Symphony Health Solutions, we will create a high-value, high-impact organization focused on the healthcare industry that will help customers dramatically improve their performance, productivity and profitability.”
Source Healthcare Analytics (SHA) pioneered the physician-level targeting environment that pharmaceutical companies use today, providing strategic market data that analyzes the industry from the perspectives of providers, payers and patients to a variety of private and public organizations. ImpactRx, an STG portfolio company since April 2011, provides the biopharmaceuticals industry with insights into the impact of promotion on physicians’ attitudes and prescribing behavior. During the last year, ImpactRx expanded its breadth of solutions with the acquisitions of TargetRx and AlphaDetail, to become the leading provider of promotional effectiveness solutions to the industry.
These four businesses will come together under Symphony Health Solutions. The businesses will be integrated over time, beginning with offering strong joint value propositions for clients. The current leaders of the businesses, Greg Ellis, President and CEO, ImpactRx; Bob Jansen, President Source Commercial & GM and Michelle Woker, President Source Operations, will continue in their respective roles.
“Our strategic intent when we acquired ImpactRx a year ago was to build a differentiated solutions company in life sciences capable of delivering compelling value through insights informed by data,” said J.T. Treadwell, Managing Director with STG. “By taking this step, and building upon our earlier acquisitions of TargetRx and AlphaDetail, we have greatly accelerated our ability to deliver comprehensive value across a range of commercial decisions, and deliver patient centric insights at a unique scale. We are very enthusiastic for the next phase.”
“Biopharmaceutical companies are facing increasingly complex challenges regarding how to most effectively allocate resources across all stages of the life cycle, and commercial models that worked a decade ago are increasingly less useful,” said Gregory Ellis, President and CEO of ImpactRx. “Our vision is simple: to transform biopharmaceutical marketing through delivery of enhanced information, analytics and solutions that integrate across patients, prescribers and payers, as well as promotional activity.”
“We are thrilled to be a part of the larger Symphony Health Solutions vision,” said Bob Jansen. “STG is a strong technology and innovation-driven investor, and they are a uniquely-suited partner for us to continually grow our value proposition.” Michelle Woker noted, “Bringing together SHA’s world-class secondary data assets with ImpactRx’s proprietary syndicated data set and analytical and therapeutic expertise will enable our combined new company to deliver the comprehensive, multi-channel solutions our clients need.”