Albion adds fifth investment to its portfolio of Healthcare IT companies.
Albion announces that it is investing £2.4m in Exco InTouch (“Exco”), a leading electronic Patient Reported Outcomes (“ePRO”) and patient engagement software business. Founder investor, Scottish Equity Partners (“SEP”), also participated in the round.
Founded in 2004 by its current CEO, Tim Davis, Exco provides mobile device-based software to pharmaceutical companies for the engagement and collection of information from patients in clinical trials and real-life settings (ePRO). This rapidly growing sector is being driven by the increasing need to demonstrate actual benefits of medical treatments for regulatory and reimbursement purposes. Exco’s unique offering leads the market in the use of patients’ own mobile devices, reducing the cost for customers and improving user compliance.
The firm currently has approximately 60 staff, is based in Nottingham and Dundee, and has sales offices in the USA and Canada.
Counting 16 of the top 20 pharmaceutical companies among its clients, Exco also serves the BioPharmaceutical sector and works in partnership with several leading global contract research organisations (CROs). To date the company has engaged with over 750,000 patients in 85 countries, delivering over 3.5 million compliant messages and collating over five million data transactions in 70 languages.
Andrew Elder, partner at Albion said: “This is an exciting new investment for Albion; led by an experienced executive team with an impressive track record, Exco has a strong competitive advantage in a fast growing sector. Globally, one in five patients suffers with chronic long term conditions and it is clear that providers need to deliver care more efficiently if healthcare is to remain affordable. Exco’s impressive client base underlines its proven ability to help healthcare providers and pharmaceutical companies overcome this complex challenge. We are excited by the prospect of taking Exco to the next level.”
Tim Davis, Chief Executive of Exco InTouch said: “As seasoned investors in the healthcare IT sector it soon became clear that Albion had the right credentials to support us through the next stage in our development. With the experience, strategic direction and active support of Albion and SEP, we look forward to entering a new phase of growth.”