PALO ALTO, Calif. and BETHESDA, Md., Jan. 8, 2014 /PRNewswire/ -- Symphony Technology Group (STG), a technology and services-focused private equity firm, and Evidera, a leading provider of evidence-based solutions for the healthcare industry, today announced the acquisition of Archimedes, a San Francisco-based healthcare modeling company and wholly owned subsidiary of Kaiser Permanente. No other terms of the deal were disclosed.
"The acquisition of Archimedes by STG and Evidera opens up an exciting new chapter in the use of quantitative methods to improve the quality and control the cost of healthcare," said David Eddy, MD PhD, Co-Founder of Archimedes. "The work we have done over the last 20 years to build and validate our models will be beautifully complemented by Evidera's skills, experience, current products and services, and commercial strengths. The combination raises healthcare modeling and analytics to an entirely new level."
Archimedes brings a very sophisticated and well validated model to bear on a multitude of health economic questions, public health and policy issues, and on the challenges in the design of clinical trials. The IndiGO division of Archimedes enables the combination of real-world healthcare data and simulation to create compelling and actionable evidence used in individual healthcare decision making. This acquisition enhances Evidera's premier simulation offerings and complements them with advanced software and data interface capabilities. Joining Evidera will greatly expand Archimedes' health economic capabilities, provide a broader international reach, and supply additional data sources via Symphony Health Solutions.
"We are committed to continuing the mission of the original intent of Archimedes and its model of quantitative healthcare," said Jed Weissberg, MD, Senior Vice President, Hospitals, Quality and Care Delivery Excellence at Kaiser Permanente. "The buyer, Symphony/Evidera, is a great home to enable the scientists to further their pursuits to enable personalized care for the future of medicine."
Evidera's plan to add additional disease areas to the Archimedes Model will result in an even more powerful tool to predict the impact of new medical treatments or healthcare delivery systems at a fraction of the cost and time of clinical studies. The IndiGO offering opens new territory for Evidera in providing evidence directly to healthcare providers and patients to better help them to make informed decisions about treatments and preventive care. Additionally, the advanced software development capabilities added with this acquisition will allow Evidera to provide a wider range of tailored products with user-friendly functionality, creating a more robust spectrum of services.
"What a thrill it is for me to be joining forces with Archimedes," said Jaime Caro, Evidera's Senior Vice President of Research. "I have long admired their vision and their dedication to producing the most valid healthcare model possible. I look forward to working with the Archimedes staff to take it to the next level!"
The addition of the Archimedes San Francisco, Calif. location will give Evidera a second U.S. west coast location in addition to their current Seattle, WA office. Evidera is headquartered in Bethesda, MD and also has offices in Canada and Europe.
Evidera, a wholly owned subsidiary of Symphony Technology Group, provides health economics, outcomes research, market access, data analytics and epidemiology services. Evidera partners with life sciences organizations worldwide to optimize the market access and commercial success of their products by leveraging unparalleled knowledge of the global payer and regulator landscape and by developing, capturing and communicating the clinical and economic evidence required to successfully market healthcare products. Evidera's research and consulting services are driven by world-class science and thought leadership and leverage a unique combination of capabilities.
About Symphony Technology Group
Symphony Technology Group (STG) is a strategic private equity firm with the mission of investing in and building great technology and services companies. In addition to capital, STG provides transformation expertise to enable its companies to deliver maximum value to their clients, to drive growth through innovation, to retain and attract the best talent and to achieve best in class business performance. STG's current portfolio consists of 14 global companies.
Lisa van der Pool
InkHouse for Symphony Technology Group
SOURCE Symphony Technology Group