Health Evolution Partners, a manager of healthcare investment funds, announced today that its portfolio company, CambridgeSoft, has entered into a definitive agreement to be acquired by PerkinElmer, Inc (NYSE:PKI).
CambridgeSoft is a leading developer of discovery, collaboration and research management software for the pharmaceutical industry. Health Evolution Partners Growth Fund invested in CambridgeSoft in November 2009. Other investors in CambridgeSoft include Edison Ventures and The Goldman Sachs Group.
Together with the CambridgeSoft leadership team and other investors, Health Evolution Partners worked with company management to develop its product line in the biotechnology sector and to expand its global sales and business development activities. Adam Grossman, Principal in the Health Evolution Partners Growth Fund, serves as CambridgeSoft's Chairman of the Board.
"We invested in CambridgeSoft because we saw its potential to help pharmaceutical developers improve their pipelines," said David J. Brailer, MD, PhD, Chairman of Health Evolution Partners. "The combination of PerkinElmer's global market leadership in human and environmental health technology and CambridgeSoft's best-in-class information technology is a perfect union for the next generation of pharmaceutical development."
The sale of CambridgeSoft marks the first portfolio realization for Health Evolution Partners' $500 million Growth Fund that closed in November 2008.
Deutsche Bank Securities Inc. advised CambridgeSoft in this transaction and Gunderson Dettmer served as legal counsel to CambridgeSoft.
Health Evolution Partners