CEO & Chairman, Jim Walker of Octagon Research Solutions, Inc., a pioneer and leader in the electronic transformation of clinical R&D in the life sciences industry, today announced that the company has completed a $10 million third round of funding led by Edison Venture Fund. Zurich Financial Services Group (Zurich) and Ticonderoga Capital also participated in this round of funding while Tyler Wick of Ticonderoga Capital joined the Board of Directors of Octagon as part of this financing. The proceeds will accelerate development and fuel the company's explosive domestic and international growth. The company completed a first round of funding for $3.8 million in February 2003, and a second round of $3.5 million in March of 2005 also led by Edison Venture Fund.
"We are pleased and excited that high caliber financial partners such as Edison, Zurich and Ticonderoga recognize us as a wise investment opportunity based on our global presence, our rapidly growing customer base and our overall business strategy,“ stated Mr. Walker. “This latest round of funding validates the effort we've put into developing the industry's most robust offerings, including ViewPoint®, StartingPoint®, and eCTD JumpStart™ to address the changing needs of our growing client base.”
Named 2006 ‘Most Innovative Company’ by American Business Awards, Octagon Research Solutions, Inc., has the experience of over 180 electronic submissions. With pan-European access to submission strategy Octagon boasts the largest cross-functional team of submission professionals in the industry, touting the most in-depth knowledge and practical experience with electronic submissions. Octagon’s award winning ViewPoint solution is currently being used by two of the top ten pharmaceutical companies and has been deployed in the U.S. & Europe. ViewPoint also powers Octagon’s renowned business process outsourcing services and continues to gain market share as the industry’s first enterprise solution for the management and control of complex submission processes.
The $10 million dollar funding includes $2 million each from Edison Venture Fund and Ticonderoga Capital and $3 million each from Zurich and another investor. John Martinson, Edison Managing Partner noted, “We believe in Octagon’s service methodology, technology platform and business strategy. Their integrated solutions are becoming the model for industry and we look forward to continued success as Octagon expands their product and service offerings.”
About Octagon Research Solutions, Inc.
Octagon is a pioneer and leading process-centric solutions provider that offers a suite of regulatory, clinical, process, and IT solutions to the life sciences industry. Octagon synchronizes processes and increases automation to reduce island-to-island inefficiencies within the clinical research and development process. We leverage the power of electronic submissions through cross-functional electronic submission expertise, a holistic process approach, deep domain knowledge, and integrated solutions. Octagon is headquartered in Wayne, PA, with European headquarters in Amersham, UK.
About Edison Venture Fund
Established in 1986, Edison partners with entrepreneurs, service providers and other financing sources to build successful companies. Edison provides capital and value-added services to expansion stage ($5 to 20 million revenue), information technology businesses. Initial investments range from $4 to 7 million. Edison typically serves as a sole or lead investor in financings up to $10 million. In addition to providing growth capital, Edison funds management buyouts, recapitalizations, spinouts and secondary stock purchases.
Edison’s 15 investment professionals are based in three offices: Lawrenceville, NJ, West Chester, PA, and McLean, VA. Industry specialties include application software, communications, financial services, healthcare and pharmaceutical IT and electronics. Edison’s successes include Axent, BTG, Dendrite, ETransport, Gain Capital, Mathsoft, Princeton Financial, Vocus, Voxware and many information technology leaders, which have a combined market value exceeding $5 billion. Edison currently has $480 million under management and is actively making new investments.
Zurich Financial Services is an insurance-based financial services provider with a global network that focuses its activities on its key markets in North America and Europe. Founded in 1872, Zurich is headquartered in Zurich, Switzerland. Zurich has offices in more than 50 countries and employs about 55,000 people. Zurich’s participation in the funding of Octagon was selected by Zurich Alternative Asset Management, LLC, a wholly owned subsidiary of Zurich.
About Ticonderoga Capital
Ticonderoga Capital is a later stage private equity firm with over $200 million of capital under management.
Our capital is used to accelerate revenue growth, make acquisitions, or provide liquidity to shareholders. Our objective is to create long- term partnerships with exceptional management teams who are building growth businesses and require Ticonderoga’s experience and capital to maximize their success.