Arsenal Capital Partners Announces the Acquisition of Research Dataware, LLC

NEW YORK, Jan. 8, 2013 /PRNewswire/ -- Arsenal Capital Partners, a leading New York-based private equity firm that invests in middle market healthcare and specialty industrial companies, today announced the acquisition by its portfolio company, The WIRB-Copernicus Group, of Research Dataware, LLC, software developer and provider of IRBNet, the leading software application supporting institutional review boards (IRBs).

Based in Cambridge, Massachusetts, Research Dataware enables research organizations to comply with regulations and efficiently manage the process and documentation complexities required by federal and state regulations.  Launched in 2005 as a web-based, software-as-a-service (SaaS) application, IRBNet is now the most widely used electronic solution for managing the research compliance practices of institutions that conduct clinical research.  IRBNet has more than 90,000 users within 1,700 hospitals, research sites, defense department facilities, universities and medical schools.  In addition to IRBNet, Research Dataware's proprietary web-based software solutions support Institutional Animal Care and Use Committees (IACUCs), Institutional Biosafety Committees (IBCs), and Institutional Conflict-of-Interests Committees (COICs).  Together, this suite of enterprise-wide research compliance solutions provides institutions a comprehensive, convenient and affordable means of meeting the complex regulatory requirements of the research enterprise, while enhancing process efficiency.

Arsenal has acquired Research Dataware, LLC as an addition to The WIRB-Copernicus Group, an Arsenal portfolio company.  The WIRB-Copernicus Group was formed by the acquisition of Western IRB (WIRB) in February, 2012 and of the Copernicus Group IRB (CGIRB) in June, 2012.  The WIRB-Copernicus Group provides the world's leading ethical and regulatory services that support the clinical research enterprise.

"We are delighted to welcome the extraordinary professionals of Research Dataware into Arsenal and into The WIRB-Copernicus Group," said Donald A. Deieso, Ph.D., Operating Partner and Co-Head of Arsenal's Healthcare Group and Executive Chairman of The WIRB-Copernicus Group.  "IRBNet is a valuable extension of The WIRB-Copernicus Group platform for delivering the gold-standard of IRB review and consulting services to our institutional clients that include hospitals, universities and medical schools," he added.

"We will continue to grow The WIRB-Copernicus Group in ways that add tremendous value to its clients and the industry," said Stephen McLean, a Partner at Arsenal and Co-Head of the firm's Healthcare Group.  "The addition of Research Dataware to The WIRB-Copernicus Group not only provides institutional clients with a first-rate technology solution, but creates the only comprehensive solution suite of ethical review services and technology available today," he added.

"We are proud to partner with Arsenal Capital and The WIRB-Copernicus Group; both organizations bring deep industry experience and a transformational approach to the ethical review process," said Jeremy Katz, President and Founder of Research Dataware, LLC.  "We share their mission to enable institutions to conduct high-quality, efficient, ethical research, and look forward to our accelerated growth in academic medical centers and hospitals."

About Arsenal Capital Partners
Arsenal Capital Partners is a leading New York-based private equity firm that invests in middle-market specialty industrial and healthcare companies.  Arsenal makes investments in sectors where the firm has significant expertise and experience.  Arsenal targets businesses that have the potential for further value creation by working closely with management to accelerate growth and leverage the firm's operational improvement capabilities.  Arsenal currently has over $1.4 billion of committed equity capital.  For additional information on Arsenal Capital Partners please visit www.arsenalcapital.com.

About Research Dataware, LLC
IRBNet offers the world's leading and most widely used electronic solution for managing research compliance for institutions of any size, with more than 1,600 large, medium and small research institutions, boards and research sites registered on the National Research Network®.  National Research Network members benefit from secure online access to comprehensive research oversight tools anywhere, anytime, including real-time collaboration between investigators and institutions anywhere in the world.  The National Research Network Enterprise Portal further enables institutions to navigate the complex federal ethics compliance requirements governing human, animal, and recombinant DNA research, while seamlessly managing Conflict of Interest, Sponsored Programs and other critical research oversight activities.  The IRBNet Ethics in Human Research Protection Award celebrates leadership in the field.  IRBNet and National Research Network are marks of Research Dataware, LLC. For further information, please visit https://www.irbnet.org.

About The WIRB-Copernicus Group
The nation's leading independent institutional review boards (IRB's) are united to provide a comprehensive ethical review solution to sponsors, CROs and institutions.  Guided by a team of ethical and regulatory experts, The WIRB-Copernicus Group deploys decades of experience and best-practices in protocol compliance, operational excellence, financial performance and overall efficiency.  With more than 60 years of combined experience reviewing research protocols and study-related information, it is the mission of The WIRB-Copernicus Group to meet the highest standards of ethics and science, and to ensure the safety and welfare of subjects worldwide.  For more information, visit www.wcgirb.com.

Contact: Chris Tofalli
Chris Tofalli Public Relations
914-834-4334

SOURCE Arsenal Capital Partners