Covington Associates Announces Role in Sale of
ImpactRx to Symphony Technology Group
April 19, 2011 (Boston, MA) – Covington Associates announced it acted as exclusive financial advisor to ImpactRx, the pioneer in measuring the impact of promotion on physician prescribing behavior, in its sale to Symphony Technology Group (STG). STG has acquired a majority ownership interest in the Company. Financial terms of the transaction were not disclosed.
STG is a Palo Alto-based private equity firm with a strategic focus on data, analytics and technology-enabled services companies. Merck Capital Ventures, the venture capital arm of Merck and one of ImpactRx’s existing investors, will maintain its investment in ImpactRx. Under the terms of the acquisition, ImpactRx will operate as an independent STG portfolio company.
“Symphony Technology Group’s mission is to invest in companies with a compelling set of assets and capabilities, and solid client relationships, and work closely with management to deliver innovative solutions to customers and increase company growth,” said J.T. Treadwell, Managing Director with STG. “We have nearly a decade of experience partnering with our companies to leverage data, technology, and analytics to deliver breakthrough insight for customers and to expand operations in a cost-effective, timely and thoughtful fashion.”
“ImpactRx is a strong company, and a terrific starting point for STG to bring its operations focused approach to investing in the life sciences industry. We are pleased that Merck Capital Ventures shares our vision as a shareholder committed to ImpactRx’s future.”
“We are delighted to be joining forces with Symphony Technology Group,” said Richard Altus, ImpactRx’s President and CEO. “STG has a very strong track record of working with companies to improve execution through leveraging technologies and best-in-class data analytics in other industries. STG will help ImpactRx to improve as a leader in evaluating and interpreting the drivers of physician behavior, as well as help us expand our reach and scope as a partner to our customers.”
Jack Langworthy, Managing Director at Covington Associates, commented, “This is a terrific result as it combines the strong fundamental assets of ImpactRx with the capital and operations focus that STG brings to the table. We are pleased to have assisted ImpactRx in this phase of its continuing growth.”
Founded in 2000 and headquartered in Mount Laurel, N.J., ImpactRx’s longitudinal panels of high value, iPhone-connected physicians are the exclusive source of continuously-captured promotion and treatment data. Through its proprietary methodology, the Company annually captures one million details and three-million treatment decisions, fueling its unique ImpactData industry database. ImpactRx leverages this unprecedented intelligence with custom research and analytics to provide insightful solutions to pharmaceutical marketing and sales decision makers. For more information, visit:www.impactrx.com.
About Covington Associates LLC
Covington Associates is a specialty investment banking firm founded in 1991 serving business service, consumer, industrial, healthcare, and technology companies throughout the country. Focused on mergers and acquisitions, debt and equity capital raising, debt and equity restructuring, and strategic advisory assignments for middle market companies, Covington Associates has completed transactions ranging in value from $10 million to nearly $2 billion for both private and publicly traded companies.